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Recognizing Target Markets
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Learn How to Target Your Niche Market!
Achieving good sales is the ultimate target of any firm. Many criteria, such as competitive pricing, near perfect product, reaching out to correct audience and motivational advertising, are responsible for this and should be dealt with in marketing.
First things first, all the efforts will go futile if the correct audience is not recognized. It is the major factor in getting abundant sales, because the right customers aren’t targeted, they won’t buy the product.
The right customers are known as targeted customers or niche market, those who will be happy to buy products that fulfill their needs and is also less pricey.
Small businesses shouldn’t fear competition with large companies as they produce products considering a bigger spectrum, which sometimes won’t be customer specific as the products are more generalized and they don’t much care about the competition they might get from others.
This gives an opportunity to the smaller firms to produce products, which can cater to the need of a section of people whose needs aren’t met specifically by the large companies.
Although it seems like a silly question, but firstly, a firm should understand who are the people they want to target. The success lies behind understanding this, which requires thorough research and analysis. Various factors must be considered.
The age group is the first factor, whether the product will be useful to babies or children or teenagers or youngsters or middle aged or old. Sometimes there is a possibility that the product will cater to the needs of all age groups. Next thing to consider is gender. Marital status, occupation, ethnic background, health status, income status, education, hobbies, etc., are some of the factors that should also be pondered upon.
After decided upon the customer group to be targeted, the benefits that can be provided by the product to this group should be jotted down. A thorough examination of the service or product should be done for this purpose. If there is sufficient time, a survey can be conducted on the current customers and pose them with questions like what they liked in the products they are using, anything discomfort they are facing, do they want anything to be changed to make the product better, etc.