How a target market analysis can help your business

Key quotes:

• "As a small business, your product should be designed for a specific target audience, encountering a known issue."
• "Many businesses are launched without prior knowledge of their target audience, and target market."
• "Maximizing your Time and Resources Just as a fast food has its ideal clients, the luxurious Asian restaurant, also has its target market."
• "Defining the target market, that needs your services, will go a long way, to help you better understand it, and position your product or services accordingly."
• "Knowing the motivations your ideal clients have, in patronizing your services, will help focus your marketing strategy."
• "Since, products’ features are most of the times similar to a niche, your value proposition, and product benefits will help you entice your target audience."

Transcript: Hi again everyone how are you another great video of the day and this one is gonna be about how to identify and type and find your target market and this is I think a topic that I've been really I wouldn't wanted to do it for a long time because all my apps there's so many people that make this mistake and this is a very common business planning mistake and it's a very common business mistake because I keep doing identify your target market who are you in the market to how are you gonna marketed them right and how are you gonna make a product that delights them so almost everything well so many things just depends on the correct identification of your target market in your business it starts from planning to when you know forever until your business going on right you gotta be focused like laser focused on them make sure they love your product make sure you know how to target them with your marketing and that will be part of the foundation that's gonna be great without it it's gonna be very difficult so in this video I'm going to explain the... See more →

Transcript: Hey, Marianne DeNovellis right back herewith the Six Figure Mastermind. Thanks for coming back today. We're going totalk about your target market and more importantly how to identify it, so staytuned. I love this conversation of identifyingthe target market because it is so important in your business. If you don'thave this figured out, close your doors. Like you've got it just pause everythinguntil you know exactly who your target market is. So let's break it down andkind of figure out how to know who they are. First things first. You're going to askyourself a series of questions here. So you might want to write some of thesedown. You need to know who needs your business that's the first question towrite down. In fact you might want to just pause this video while you'rewriting these down and formulating these answers. Because I'm going to give you a lotand if you don't have anything written down, then you could just you know watchthrough the end and not be any better off. So like do your homework while we'redoing this together, okay? So write down this question. Who needs mybusiness? Who needs what I have to offer? Okay, I'll wait here if you... See more →

Transcript: Hi there this is Andrea still eyeing us again from st. Fox today we're going to talk about target customers so why need to have them and how you can create them working with a with a company that has no target customer profile created is basically like running a ship in the ocean without any direction so when you're targeting your market you have plenty of customers to choose from right and if you would talk to it all of them you would find a certain degree of them that will buy from you and some that will not buy from you so creating the target customer profile is all about efficiency and making it easy for you to identify which ones that are more likely to buy from you and which ones that are not most likely going to buy from you so instead of targeting and calling emailing it's at a hundred people you can call or email the twenty ones that are most likely right for you instead so remember if you want to scale and work with efficient sales you need to have your target customer profile documented if you agree with me that that's... See more →

Key quotes:

• "Leveraging target market analysis can help companies determine the target customers form a pool of customers to whom you would want to sell your products or services."
• "In this context, identifying lucrative customer segments and creating personalized marketing strategies can help you to efficiently utilize your marketing budget."
• "This is one of the major benefits of leveraging target market analysis."
• "For instance, with millennials becoming the generation with more buying power in the United States, it’s becoming imperative for major companies in the United States to identify their unique needs and demands and devise personalized strategies to attract this segment of customers."
• "In today’s competitive marketplace, rather than trying to reach a large audience group, focusing on niche market segments can help achieve maximum profitability."
• "Target market analysis helps businesses to identify the needs and requirements of niche customer segments, tailor products in the right way, and communicate efficiently with the target group."

Key quotes:

• "It will provide you with all the information you need to make a better business decision."
• "We outlined the 5 things that market research can do for you in the process of product development & business growth: Who will buy your product? Market research will help you map out the full profile of your ideal customer."
• "Knowledge of your customers will help you determine the market size and what triggers them to buy."
• "Market research helps you comprehend the demands of your customers, detect more business opportunities, plan the perfect marketing campaign, minimize losses, and keep track of the competition."
• "Effective market research will not only help you predict some of the pitfalls that can occur but also it will save you a lot of money too."
• "The process of market research itself is designed to reduce the risk and to make the marketing strategy cost-effective for your business."

Transcript: Hi everyone how are you this video is going to be a good one because it's an issue that every entrepreneur faces and that is how do you calculate your target market every entrepreneur has faced this with every business they've started this is very important because it's actually a little bit tricky to calculate your target market and I'll explain many of the mistakes people make and then we'll get into how to actually calculate your target market and what if some tools are sub services are and what generally are good practices to do so let's get started so first of all your target market is exceptionally it's extremely important to identify because that's the market to wish you will sell now in my I have a video of how I have a separate video explaining the importance of your target market hi I'm identifying it so I won't get into that I have a whole video for that so in this video I'm just going to assume we've identified our target market and it's not everyone it's some segment of some relation right and the difficulty is to know how big that is how do you count... See more →

Key quotes:

• "The goal of this guide is to provide an easy to follow, in-depth information on everything you need to know to conduct a proper target audience analysis as a content marketer."
• "While defining demographics is important, in the context of content marketing, you should give more thought to what kind of people you’re talking to, what they like/dislike, what are their problems, pain points and so on."
• "As a content marketer (and a user, for the purpose of this example), you are interested in tools that can improve and speed up your target audience analysis."
• "It doesn’t matter if you’re creating an interactive content like a quiz or a calculator, posting an infographic on your blog or guest posting on authority website — if the subject you cover isn’t useful to your target audience in some way and if it doesn’t trigger them on an emotional level, the results of your marketing campaign will be greatly diminished."

Key quotes:

• "Coca-Cola identified an opportunity for a new product which was supposedly their biggest launch since Diet Coke."
• "Coca-Cola missed out a very important part in the entire research process, which is asking the right questions to the right audience."
• "This is done by collecting and analyzing data about the product, service, and market."
• "You help your business to set up a new channel of communication with the customers via research and feedback surveys."
• "The data collected would help you to understand the exact customer needs so that you can customize your business and provide more value."
• "The first step to start collecting customers feedback would be to create a contact list with all available contact details, use case and data of their existing products and services."

Transcript: Hello and welcome trial management skills courses my Linda Pauline Hayes this is course one starting a business and lesson one market research market research or business intelligence as it is sometimes called is a vital weapon in ensuring your new business survives to become a strong profitable entity it is about anticipating and minimizing risk understanding your potential customers and so helping to ensure success for your new venture don't skip this important step in the rush to get your product to market finding customers is the most difficult part of running a business so it is vital to research your market identify potential clients and have a strategy for attracting them before you invest your time and money in the new venture only about half of new small businesses will survive five years here are some of the factors that often contribute to a new business failure lack of capital often due to poor planning or unexpected costs poor cash flow management unexpected market factors growth or reduction in market science under estimating the competition new entrants to the market technological problems not having a strong business plan in place lack of understanding of the market poor advertising... See more →