How to Conduct a Target Market Analysis
How much do you really know about your target audience? What about target market analysis? When running a business, identifying your target audience is so vital to your success. It doesn't matter if you are a startup, or an established business looking to break into new ground. Understanding who you are aiming your product at is just as important as the product itself. Your competitors are doing it. Now, it's your turn to learn about the importance of good target market analysis. Let's get started:
Why is Target Market Analysis Important?
With over seven billion people in the world, it's impossible to create a product that will appeal to everybody. To effectively market your product, you need to implement good target market analysis. Understanding your intended audience is key to implementing the best digital marketing practices. You need to understand who is most likely to have an interest in your product. Understanding this will help you answer the question of how you will market your product. Digital market trends are not consistent. Different audiences react to different approaches.
Use Target Market Analysis to Strengthen your Digital Marketing Platform
If you are selling garden furniture, then your product would be most attractive to adult homeowners. You can then add an additional factor to this and target adult homeowners over the age of forty, as research indicates most first time homeowners are thirty-three years old. You have now identified the initial target market for your product. With your target audience in mind, you can now tailor your marketing techniques to suit the needs of your intended audience.
How to Conduct Good Target Market Analysis.
While it may sound daunting, market research can be pretty straight forward.
Take a Look Around the Web
The internet is a gold mine for market research, from looking up competitors to the vital statistics of the market you have identified. As a free resource, the internet is the perfect first step for you to take. Don't forget that social media can be the ideal place to find and identify potential audiences too.
Hit the Streets
Talking to people may be considered old-school, but it is still one of the best ways to not only get great material for your analysis but also to build a connection with your customers. From surveys and questionnaires to simple discussions, you will get a tremendous amount of data to analyse.
Listen to Feedback
While research is important, it is just as vital to listen to the feedback you get. For a new product, that could be listening to the comments made by those using a competing product. For an established brand, listen to your current consumers. Even if it's not part of your eventual target market, feedback is an invaluable source of data.
You may have Multiple Target Groups (and that's okay!)
One thing you might find is that you have more than one core target demographic. Or that your results are so large that you can easily break them down into subsectors. There's nothing wrong with this! This means there's widespread interest in your product or services. You can apply the same target market analysis to these groups and determine the primary segment and direct your initial marketing attempts there.
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