How to effectively identify your target market

Customer Analysis

Customer analysis is undertaken for the management of the business to understand its current and future customers. This can be carried out by knowing and predicting customer behavior such as information search and methods of product evaluation and so on. Thereby this provides your business with better opportunity to formulate marketing strategies that will improve the customer satisfaction and loyalty.

There are few key areas that need to be addressed when conducting a customer analysis. This will include elements like segmentation, customer motivation and consumer behavior. All these information that you obtain could easily help you to formulate the necessary strategies.

 

Market Segments

You Must realize that’s its highly unlikely that your product cannot appeal to all consumers in the market place. Therefore you may be required to identify the type of buyers with similar needs so that you can focus more in serving each group in the market effectively. Mostly the non mainstream segments are often niches served by other niche marketers. For example The market you serve can be segmented into several different dimensions such as income, gender, age, geographical location etc. These segmentation will have its own limitations. For example not all males above 25 with an income above $25,000 will respond similarly to a given marketing strategy of a adventure tour to summit mount Everest.

Increasingly now more than ever “behavioral determining” dimension are used to find out segment of buyers who will respond positively to a business’s offerings. These dimensions will include life style, motivation, attitude, situation etc.

 

Customer motivation and unsatisfied needs

In any purchase situation the consumer will first enter “problem recognition”. You will first have to identify what’s the motivation for the purchase. The consumer will have a certain way of evaluating these features and looking for various product features. All these factors have to be considered when developing a marketing strategy to facilitate the customer’s decision making process.

A consumer’s decision making process is by no means static. Therefore with time the customer preference will change and the customer will develop a different purchasing behavioral pattern.

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