by Samuel Gitukui
The savvy entrepreneur knows the importance of defining the target market. It allows the business to reach out to a section of the market that has the best chance of buying its products or services.
But there’s a problem.
While many business owners will tell you who they sell their products to, they often do not understand their target audience.
What do they love and despise? What problems do they face? What changes would they prefer in the current products that they buy? What challenges are they facing on a day to day basis?
These are just some of the questions that when answered, would help entrepreneurs understand how their target audience thinks.
In other words, their psychology.
Let’s learn a few tips to better understand the needs of your target audience.
1. Get rid of assumptions
This is a mistake many business owners make. For example, if you develop and sell products for middle-aged women. Simply assuming what they would like based on their age alone is not enough.
Assumptions are never a good criterion for making business decisions.
Instead, get real, concrete evidence of what such a demographic likes by interviewing them directly.
2. Go through previous studies
One of the most cost-effective ways to obtain information on the market is reading through findings and research done by those that have come before you.
The information, however, needs to be up to date and should be relevant to your target market.
3. Come up with a persona
This persona should be a reflection of what your average customer is going to be. It is a fictional creation of gender, age, likes, education, method of thinking and lifestyle.
You can then imagine what would be most attractive to them and make better decisions.
4. Do your own research
Now that you have secondary data, what you now need is primary information which you obtain yourself.
You will do this by going to the customers and interviewing them on large scale about the type of products that they need.
Make sure you obtain enough information to make the best business decision.
5. Conduct small-scale research
Unlike the big scale research above that is quantitative in nature, small-scale research is qualitative. This means asking questions from a smaller group of your target audience and giving them time to provide you with longer more in-depth answers.
This allows you to learn more about how they think. An example of a question you would ask is, how do you feel about the product?
6. Study your competitors
Find out how other business in the same niche as you are marketing to the audience. They will already have conducted their own market research and came up with a strategy.
By analyzing their marketing campaigns, you can learn how to approach the target audience in the most successful way.
The great thing with studying your competitors’ actions is that the strategies are tried and tested.
The savvy entrepreneur knows the importance of defining the target market. It allows the business to reach out to a section of the market that has the best chance of buying its products or services.
But there’s a problem.
While many business owners will tell you who they sell their products to, they often do not understand their target audience.
What do they love and despise? What problems do they face? What changes would they prefer in the current products that they buy? What challenges are they facing on a day to day basis?
These are just some of the questions that when answered, would help entrepreneurs understand how their target audience thinks.
In other words, their psychology.
Let’s learn a few tips to better understand the needs of your target audience.
1. Get rid of assumptions
This is a mistake many business owners make. For example, if you develop and sell products for middle-aged women. Simply assuming what they would like based on their age alone is not enough.
Assumptions are never a good criterion for making business decisions.
Instead, get real, concrete evidence of what such a demographic likes by interviewing them directly.
2. Go through previous studies
One of the most cost-effective ways to obtain information on the market is reading through findings and research done by those that have come before you.
The information, however, needs to be up to date and should be relevant to your target market.
3. Come up with a persona
This persona should be a reflection of what your average customer is going to be. It is a fictional creation of gender, age, likes, education, method of thinking and lifestyle.
You can then imagine what would be most attractive to them and make better decisions.
4. Do your own research
Now that you have secondary data, what you now need is primary information which you obtain yourself.
You will do this by going to the customers and interviewing them on large scale about the type of products that they need.
Make sure you obtain enough information to make the best business decision.
5. Conduct small-scale research
Unlike the big scale research above that is quantitative in nature, small-scale research is qualitative. This means asking questions from a smaller group of your target audience and giving them time to provide you with longer more in-depth answers.
This allows you to learn more about how they think. An example of a question you would ask is, how do you feel about the product?
6. Study your competitors
Find out how other business in the same niche as you are marketing to the audience. They will already have conducted their own market research and came up with a strategy.
By analyzing their marketing campaigns, you can learn how to approach the target audience in the most successful way.
The great thing with studying your competitors’ actions is that the strategies are tried and tested.
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