Target market groups – Do you know your market? Have you taken the time to understand your customer, the problems and challenges they are confronted with on a daily basis?
When you create your marketing strategy plan there are some common mistakes you should better avoid from the start. One of them refers to defining your target market.
Choosing the right target market will certainly make a lot of difference in the success or failure of your business.
Avoid the following mistakes when focusing on your target market groups
Are you ready to invest time and resources into getting to know your clients? Are you fed up with wasting your valuable marketing budget?Target Market Groups: Mistakes to Avoid
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In order to know the market, a company has to understand his audience first. Here are some basic questions to help you analyze your clients’ profile:
- Who is my customer? (seniors or children, business women or business owners, Business-to-Business or Business-to-Consumer etc.)
- How can they find my company? (online via webpage, magazines, affiliates, ads on TV, local area or going global etc.)
- Who are my competitors? Where are they located? What is the difference to your company, service, product? What can you learn from them and what can they learn from your business? Why are they pulling business away from you?
- Why do customers prefer my products & services while others are buying from the competition?
- Where is the market going? Where is your market going? Is the economy growing, stalling out or holding steady?
- How much are your customers willing to spend on your products and services? What’s the price range?
Ferociously study the behavior and the habits of your customers. This will allow you to notice changes faster and react accordingly. Paying close attention pays off. The market and the customers leave clues!
“Business is not just doing deals; business is having great products, doing great engineering, and providing tremendous service to customers. Finally, business is a cobweb of human relationships.” ~ Ross Perot
Do you have access to market research data? What is the data telling you about the profile of your customers? Who are your target market groups?