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Your company’s success, from your pricing policy to your promotional strategy depends on how successfully you cater to the needs of consumers. Kinex asks: how do you identify your target market?
Start by working out which problems your business solves for consumers. In other words, ask yourself; how do the products and services you provide make a customer’s life better? Marketing Donut writes that “once you have a good idea what these [problems] are, you can start to work out who is most likely to suffer from these problems,” helping you determine your business’ target market.
List all the different types of consumers who may be effected by these issues. Strive to find commonalities between these consumers. Do they, for example, all operate in the same sector or live in the same postcode? By adopting this approach, you will be able to start painting a picture of your average consumer. Ask yourself relevant questions about these consumers so you can cultivate as much knowledge as possible on what your target market is.
Look at companies that offer similar products and services. Who are their customers? This will give you a clearer indication of which consumers your business should be targeting to succeed. By researching your competition, you can also determine how best to cater to this market. How do similar businesses market to their consumers? How do they price their products to ensure repeat custom?
What are their unique selling points (USPs) and how can you differentiate yourself? Later down the line you may wish to adopt and improve upon these companies’ successful policies, to ensure you gain the attention of the same customer base they cater to.
Conduct market research to paint a specific picture of your average consumer. Speaking to the Guardian, Debbie Bray, a director of research and creative development at Morph Research, explains: “online surveys can be quite cheap to do and you can put questionnaires up on Facebook and LinkedIn.” This allows you to reach your consumer base cost effectively, so you can gather as much intel on your target sector as possible.
With your target market established, you can write a business plan which focuses on attracting the right customers for your company. Your business plan will serve as a blueprint for investors, so they can see how they can secure return on investment. If you know your target market, you can ensure that investors understand why your business can succeed, allowing you to accrue vital start-up capital.
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