Identify Your Market

Every successful business can point to the fact that they are supplying their customers with the right product at the right price.

How though do you make sure that you are targeting the right people with your product? This is where market research is invaluable. Talking to potential customers about their needs is the best way to spend your time before launching a new business or product. A survey is a good way to find out rather than just a general conversation with people.

Here are some key points that you will need to include.

  • Demographic information — Includes age, sex, nationality (if necessary), etc.
  • Psychographic information — Includes lifestyle data like hobbies, interests, opinions, etc.
  • Geographic information — Includes information about where the subject lives and where he or she purchases products. This can be as broad as the country or state in which they live, or as narrow as the county, city and neighborhood.
  • Behavioral information — Includes information about how the subject uses products.
  • Benefit information — Includes information about the perceived benefits the subject receives from products.

You may of course commission a market research company to carry this work out for you depending on your funds available. The Internet too can allow you to create an online survey. You will usually need to offer an incentive for people to complete it such as a free prize draw with a prize worth winning!

Identifying your market will enable you to focus your resources in the right direction when you launch your product. This can save you countless wasted hours and huge amounts of money spent in the wrong areas of promotion.

The tendency for some businesses is to rush a product to market and this can be a costly mistake when just a few days of research could make all the difference in launching a product successfully.

Have you launched a new product or service recently? How did you identify your market and target it?

Roland Millward
The Entrepreneur Club

Image: graur razvan ionut /

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