Your SlideShare is downloading. ×
  • Like
Is your target market on target
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×

Now you can save presentations on your phone or tablet

Available for both IPhone and Android

Text the download link to your phone

Standard text messaging rates apply

Is your target market on target

  • 365 views
Published

 

Published in Business , News & Politics
  • Full Name Full Name Comment goes here.
    Are you sure you want to
    Your message goes here
    Be the first to comment
No Downloads

Views

Total Views
365
On SlideShare
0
From Embeds
0
Number of Embeds
1

Actions

Shares
Downloads
14
Comments
0
Likes
3

Embeds 0

No embeds

Report content

Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
    No notes for slide

Transcript

  • 1. Is Your Target Market on Target? Research Edge June, 2013
  • 2. Target Market The consumers a company wants to sell its products and services to, and to whom it directs its marketing efforts. A target market can be separated from the market as a whole by geography, buying power and demographics, as well as by psychographics. (Investopedia)
  • 3. Understand your product
  • 4. What product or service do you sell? What features set it apart from similar products? Why would someone want to buy your product or service? What benefits does it offer to them? What problem does it solve?
  • 5. Is your product something that customers want versus need? Is it typically bought year round or seasonally (holidays, summer, back-to-school)? And so on….
  • 6. Define your niche
  • 7. Who are your major competitors? Why is your product or service better than that of your competitor? (Cheaper, additional features, more convenience, better customer service, etc.) How is your competitor’s product better than yours?
  • 8. Who are your competitors targeting? Is your target market the same or different than your competitors? If different, how so?
  • 9. Reality check  Is the market large enough to allow a reasonable profit? Have you explored its size? If the same market, can you appeal more than your competitors? What makes your product stand out? What percentage share would you need to divert to be profitable? If a different market, is it viable?
  • 10. Unique Selling Proposition (USP) A description of the qualities that are unique to a particular product or service and that differentiate it in a way which will make customers purchase it rather than its rivals (The Economist).
  • 11. Refining the Target Market
  • 12. Do you sell to businesses (B to B) or individuals (B to C)?
  • 13. If B to B - Industry Size – revenue or employees Years in business Headquarters vs. branch
  • 14. If B to C - Geographic scope Demographic characteristics Psychographic characteristics
  • 15. Geographic scope Neighborhood City wide State/region National International
  • 16. Demographic characteristics  Age  Gender  Income level  Education level  Marital/family status  Occupation  Ethnic background
  • 17. Psychographic characteristics  Personality  Attitudes  Values  Interests/hobbies  Lifestyles  Behavior
  • 18. Market Segmentation  A marketing term referring to the aggregating of prospective buyers into groups (segments) that have common needs and will respond similarly to a marketing action. Market segmentation enables companies to target different categories of consumers who perceive the full value of certain products and services differently from one another. Generally three criteria can be used to identify different market segments: 1) Homogeneity (common needs within segment) 2) Distinction (unique from other groups) 3) Reaction (similar response to market) (Investopedia)
  • 19. How do I find all this information?  Primary Surveys Blogs, forums Competitor websites  Secondary Market research reports Suppliers Industry or trade associations
  • 20. Create Personas or Profiles
  • 21. Example New condos for sale in the Warehouse District
  • 22. Claritas PRIZM Analyze your current customers to understand who is purchasing your product or service. With insights into which types of consumers are buying your products, you can refine your strategies according to marketplace demands.
  • 23. Young Digerati (left) vs. Cosmopolitans (right)
  • 24. Research Edge is a New Orleans based consulting firm specializing in business research. We help clients understand their customers, their competition, and the environment in which their business operates so they can make smart decisions. Cynthia B. Fromherz, Principal Contact us at: Info@ResearchEdgeConsulting.com © Research Edge 2013