Today the world of business is very competitive, everyone wants to have their own business which makes it difficult to run on a long term basis, therefore before going on this journey it is important to understand and know our customers to provide them with the right products and service.

Introduction

Before delving into this subject it is important to understand what marketing means- It refers to all activities that a company will undertake to promote and sell their products or service to consumers. Long ago traditional Marketing techniques were at the forefront but with the advancement in technologies and the evolving market taste and preferences businesses had to adapt for e.g. More businesses are making use of social Media Platforms to advertise their product and to reach out to their customers.

In the next part we will be looking at the steps that marketers have to go by to understand their market. Because a product does not come on your table like this there is a whole team, a dedicated one who works towards achieving customer satisfaction / making customers happy and feel valued.

Understanding your Target Audience

Before starting a business or the marketing process it is important for the owner of the business to know the following:

Demographics: Who are my customers, Income level to determine how much they are willingly to spend on a product. 

Psychographics: What are their hobbies and interests?

Behaviour traits: Purchasing habits, do they have a preference between traditional store or online, brand loyalty. 

Understanding customer needs, and wants will help businesses in developing and creating the right marketing strategies, one that will allow you to have a unique relationship with your potential customers. Marketers need to know if they will be able to provide customers with affordable products or offer products at different price points to enlarge their audience and not be limited. 

Conduct Market Research

Once a business have an idea of the market segments they wish to target they can refine their research by focusing on those they wish to be the prospects this can be done either by carrying primary research or secondary research but it’s better for a first time and not gain rapid insights on a market to make use of secondary market research.

Let us take a look at the difference between Primary and Secondary Market research: 

Primary Research: It refers to collecting and analysing data gathered from surveys and Interviews the advantage of carrying such research is that it is focus on a specific market rather than a Mass Market, therefore, it allows a business to better understand their potential customers and create advertising message / Strategies that will connect with them and their needs, this is a way of creating new, innovative products too. 

Secondary Research: Also known as desk research is done by using the internet to gather information, and many people will use this method to kick start their business as this gives them an idea about their market.

They can get the following information:

  • Trendy and popular products.
  • Statistics
  • Identify their competitors
  • Demographic data, Purchasing behaviour, and customer preferences
  • Learn successful business practices

 Market Research Technique:

When conducting research to better understand the targeted market it is important to make use of good marketing research techniques such as Questionnaires ,and  interviews which are most common, but you also have observations, and experiments.

Let us have a look at some Market Research techniques:

  • Questionnaires
  • Interviews
  • Focus Group
  • Competitive analysis 

If you wish to delve deeper into the subject of Market research simply click on the following link: ‘Market research technique ‘.

Create a Value proposition

What is a value proposition?

It is a clear statement that explains the unique product or service that a brand is offering to potential customers. This document focuses on convincing a customer that they should buy the product by outlining its numerous benefits and over competitors’ products. 

Importance of having a value proposition:

  • Differentiation: This can help a business to stand out from competition and ensure that they attract customers, since they will have a unique feature.
  • Customer focus: Marketing strategies will be focused on customers needs, problems, and desires.
  • Foundation of Marketing: As mentioned earlier in this part creating a value proposition will also help a business to create good marketing strategies and plan ensuring that they reach their target market.