How to Make a Target Market Analysis
To make your business successful, you will need to perform a target market analysis. This analysis helps you figure out who the target market of your business is supposed to be and it helps you make sure that you can attract & engage with them well. Now, let’s see the following explanation.
Tips How to Make a Target Market Analysis
If you understand more about the target market of your business, the information will be more helpful to lead your business a success. Here is the step by step you need to follow in making a target market analysis template properly and effectively.
Firstly, you have to take a look at the current customer base. Here, you have to realize with whom you mostly do business. This is the simplest way to identify about your target market. Therefore, you will understand the type of customer usually visits.
Besides that, you will also know what makes them become your loyal customer. Then, you also need to find the common interests and characteristics about your customer. In addition, it is also important to see the customers who mostly bring in your business.
Secondly, you need to understand about your competitors. In this case, you have to get as much as information about them. You can begin with the biggest threats in your business area. You can classify them into top 3 or top 5 competitors that can dominate the market.
It is also important to know whether they try to get the same type of customer or not. If they try to get the same customers like your business, you have to find the strengths of your business that others do not have. So, you can plan strategies to make your business more inviting.
Thirdly, writing a target market analysis report requires you to analyze the products & services of your business. Here, you have to make the list of product or services first. Then, identify whether they meet the customers’ need or not. You also need to identify the benefits of each service/product.
Fourthly, it is very important to select specific demographic you will target. In this case, you may need to consider some factors. The factors may include family or marital status, occupation, location, age, education level, income level, gender and ethnic background.
Fifthly, you have to consider the psychographic of the target market. Even though you have known about specific demographic, you still need to consider the psychographic one. You should look into hobbies or interests, values, behavior, lifestyles, attitudes, and personality,
Lastly, you will need to evaluate your decision. In this last step, you have to be sure to who the products & services of your business need to focus on. So, you will not spend unnecessary expenses. You may consider whether your customers gain anything from the products or services you sell.
Besides, you also must know whether they can afford the offer of your business. You also must know whether they can access your establishment or not. If you have got it all, now, your target market analysis will be very effective.
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