Although it is a general concept that attempts to encompass all the audiences that a brand can reach through its messages, products and services, when defining the target market in the business plan you must be guided by a wide variety of criteria .
Some of them are:
- sex;
- location;
- age;
- socioeconomic level;
- level of training;
- physical conditions;
- consumer habits.
In addition, to achieve a real connection with the public and understand what they need, it is important that you take into account their preferences, needs, problems and ailments.
What is the process for defining the target market?
In addition to taking into account the above criteria, thailand telegram data to define the target market you must carry out a process consisting of 3 major steps.
1. Market definition and exploration
Before you start collecting audience information, you need to define which market you plan to target, for example:
- mass consumption,
- automotive parts,
- digital products,
- technological devices,
- education,
- among many others.
Once you define this aspect during your market study , you will know what types of people are recurring consumers of the segment and which ones match your resources and the business idea you want to launch.
2. Information gathering
This is the key point in the process of defining jonathan sicklick managing director the target market. To get to know your audience and determine which will be your segment, you must use different information gathering techniques , such as:
Personal survey
This is a really targeted survey, concerned cob directory with getting as much information as possible from each user.
Some of the questions it addresses are:
- What is the first thing you take into account when purchasing a product?
- How much are you willing to spend on X product?
- How often do you buy X product?
- Where do you usually buy the product?
As you can see, this is a survey based on identifying consumer habits.
Personal data such as age, educational level, preferences and area of residence must also be obtained.
Satisfaction survey
If your business idea is just starting out and you need a target market to create a good business plan, you can base the satisfaction survey on product lines, models or types.
Basically, it’s about finding out how comfortable consumers are with goods, services or proposals similar to those you hope to launch on the market.
In addition to this type of survey, you can also use the classic observation technique to study the consumers of your potential target market.
One of the common practices is to visit the establishments where these users usually make their purchases to identify their questions, the amount of money they usually spend and other aspects.
3. Market Testing
This step is key to determining the viability of the project and confirming that the audience has been defined correctly.
For example, software and app companies employ this technique through free and basic versions of their products. This is how they determine whether their products are actually useful to users and, in general, how they are perceived.
In this way, organizations can analyze whether they have defined the market correctly or whether they have developed their products that are truly tailored to the characteristics of the people in the segment.