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Market Research will help you understand more about the needs, tastes and spending habits of different groups of potential customers.
What is there gender?
How old are they?
What are their interests or hobbies?
Where do they live?
How do they make a living?
How much money do they make?
Do they own their own homes or
do they rent?
Ask yourself:
• To who will these problems be most troublesome?
• Who will have the most to lose by not dealing with these issues?
Do you have particular areas of expertise?
Do you have unique knowledge of a specific geographical area or are you better at getting along with certain type of people?
If you are unable to answer the question, you either have the wrong target market or the wrong offering.
1. Identify the Best Channels to Use to Communicate with These People.
“How Does Your Target Audience
Get Information?”
What if you Market to Businesses?
Not only research and profile the businesses you are targeting, but also …
Uncover the key characteristics of the purchasers within these businesses.
• What type of businesses do we target?
• Who are the decision-makers in each?
• Who are the gatekeepers to a purchasing decision?
Profile Your Target Businesses
Which businesses are the best fit for our product or service?
Criteria could include:
• NAICS codes
• Company size
• Geography
Who inside the company typically approves purchases of your product or service?
• Purchasing Manager
• CEO? CFO?
• Personnel clerk
• Somebody else?
(Gatekeeper)
Who are the Decision-Makers?
To get at whom you target within a company, answer these questions:
• Which department(s) or job titles will actually use the product (or service) you provide?
• Which peoples’ job performance are directly affected by using your product?
• Is there a committee that must approve purchases of your product
or service?
Whether You Are a B2B or B2C, Develop a Target Profile
In 30 words or less-“Stay-at-home parent who feels stressed for
time and wants to save themselves time and hassles.”
“CEO’s of companies with sales between $1M and $10M and employee counts between 10-100.”
“Physical therapists who work at independent facilties.”