To achieve greatness and success of a product or idea heavily depends on the placement and audience to whom it is being sold to. For example, a product being sold in good amounts in Dubai will have a huge different performance than the product being in Japan.
Therefore, to identify the ideal market for your product, there are various considerations to keep in mind.
Here are the top key items to keep in mind and understand your target market:
Who will be using your product?
Start off by figuring out not only on who has a need for your product or service, but who is most likely to buy it. Think about the age, location, gender, income level, education level, occupation, ethnic background and marital or family status. Focusing on these will successfully enable a savvy marketer to optimize placement of the product and campaigns.
By gathering data, you can use the analytics to pinpoint the preferences of your customers and their habits. It is suggested to for highly defined narrow target markets to get the best analysis and also better rates of business success. Using consumer reports, trade shows and conferences are a good way to gather data.
Analyze your product/service
Start off by writing out a list of each feature your product or service. Then list the benefits it provides and the benefits of those benefits. An example given by Inc. a graphic designer offers high-quality design services. The benefit is a professional company image; therefore, a professional image will attract more customers because they see the company as professional and trustworthy. After listing your benefits, move on and make a list of people who have a need that your benefits fulfill.
Consider the psychographics of your target
This category is more about personal characteristics of a person, which includes their personality, attitudes, values, interests, hobbies, lifestyle and behavior. Therefore, consider how your product or service will fit into your target’s lifestyle. If your target reads the newspaper, searches online, what features are most appealing and many more.
Check out your competition
Most products or services will find themselves competing with others for attention and desire of customers. A smart way to market is to look at who these competitors are targeting, what are they doing and establish an alternative. For example, looking at online reviews, ratings, and other sources left by customers will allow you to find the drawbacks of these competitors. Therefore, this will allow you and your company to create a better more desirable version.