How to Effectively Target the Market May 1, by Jesamine A customer analysis is also known as a customer profile or target market analysis; and, it is an essential element of your company business plan. This analysis will determine your marketing strategy by identifying your customer base and ascertaining their needs, something which helps you develop your product or service in a way that specifically meets or exceeds those needs. You can use a customer analysis not only to better understand your current customer base, but also to draw in new customers. You do this by studying why people buy certain products, the method by which they make their purchase, how often they buy those products, and under what conditions they make their purchasing decisions.
By AllBusiness Editors In: Instead, you must reach specific customers and satisfy their particular needs. As an entrepreneur, you must identify those customers and understand as precisely as possible what they want.
In a nutshell, it requires you to find out everything you can about the customers whom you intend to pursue.
Demographics Begin your research by checking the demographics of the region that you plan to target. This research will give you the most recent census data on the area you wish to target.
Geographic and Lifestyle Factors Give some thought to where and how your target customers live. Are they urbanites who walk everywhere foot traffic will bring them into a store or suburban soccer moms who spend most of their time in the car do you need to provide a lot of parking space?
What is the weather like? Are people more likely to spend a lot of time outdoors, or are indoor activities more popular? Are these people conservative with their money, or are they spenders? The answers will help determine what you can sell to them, how you should sell it, and at what price.
Customer Needs Consider all of the reasons why people might purchase your product or service. Do they want to take exercise classes, work out with a trainer, or play racquet sports with friends? Will you need to be open early in the morning to accommodate commuters who need to leave for work?
Are there a lot of stay-at-home or work-from-home parents who need child care services in order to attend classes? Find out by talking to people in the local fitness industry and by quizzing friends or acquaintances who go to health clubs.
Then you can design and market your club accordingly. Thinking about opening a coffee shop? Notice the traffic, car and foot, at various times throughout the day to see how many people might frequent your shop. Do people dash in and out of shops, or would they linger?
This might help you determine whether you should also sell small pastry items or full meals as well as coffee. Consult that profile when you make decisions about issues such as what products and services to offer or advertise, how much to charge for various products, and expansion plans.Jun 27, · Demographics is the statistical foundation for all marketing efforts, targeting prospects based on age, marital status, income and a host of other parameters.
Marketing budgets ensure that your marketing plan or campaign is realistically costed. Some pre-budget research into your industry and market, your competitors and your business's historical marketing metrics helps marketing . Using Demographics to Improve Business. Understanding customer demographics is one of the most important things for improving your overall business, but it also has a particular influence on the effectiveness of your marketing strategy. Do You Know Who Your “Ideal Massage Client” is? When I ask people this question, I usually get answers that are broad. For example, a massage therapist or energy worker may answer, “Anyone who has stress and lives in this area.“.
From Customer Personas to Customer Journey Maps. “Over 50% of global marketers report that they have fair, little, or no knowledge of the customer demographic, behavioral, psychographic and transactional data. Just 6% say they have excellent knowledge of the customer.” 6 Customer Journey Mapping Examples: How UX Pros Do It.
This first segmentation example uses age group (demographics) and then benefits sought to construct nine different market segments. Obviously, each of these segments would be of different sizes and attractiveness, but it does give a good overview of the range of consumer needs in the market.
For example, the Arab Spring was an extreme, but important reminder of what can happen when you have a young and able workforce with little access to jobs.
India is a "demographic darling. Explore survey and questionnaire examples. Use our FREE sample survey questionnaire templates and get your research started today. Each section below includes examples that you can copy and paste into your next survey so you can collect data with confidence.
Your Goals Guide Your Demographic Survey Questions Before we jump right into crafting these questions, I want to remind you that each and every survey question should be mapped back to your larger survey goals.