You need to know and understand your target market if you want to maximize your sales and revenues. For that, you need to know the answer to these questions:What is the type of your target audience?
How can you reach to them, that is whether through social media, press media or through personal interaction?
What is so special in your product that the people should buy your product?
What do the people gain if they buy your product?
So, to get through the concept of identifying your target audience, here is a list of points that will help you in your market survey:
Determine the needs fulfilled by your Product: Who is most likely to use your product? To know the answer to this question, you need to know various factors like the age group of your customers, their buying capacity, geographical location, and income. This will give you a clearer idea of what your targeted customers, their choices and preferences and their capacity to spend.
Know the Specific Demographics and Psychographics to Target: Not only you need to figure out that who has a need for your product or service, but you also need to know that who is most likely to buy it. Think about the following factors before determining your target audience:
Family Status (Marital Status)
Moral and Ethics
Interests, Tastes, and Preferences
Determine how your product or service will fit into your customers’ lifestyle. You need to know when and why your customers will use the product. What features of your product will make the customers buy it? How can you make your products reach to the media which will ultimately provide the information to your target customers? Also, you need to analyze that whether your target customers read the newspaper, watch television, search online, or attend particular events to properly advertise your product.
Influence by your Primary Value Propositions: You need to know that who is most likely to show interest behind the values for the products or services you offer. You need to know whether the concept of your work is acknowledged by your customers or not and whether they are influenced by your value propositions or not. You need to survey all this so that you can know the exact position of your product on the market.
What will be the special benefits that will be provided by Product to your Customers: How will be the customers specifically benefited from your products. How your products will resolve the problems of your customers. Considerations like cost, quality, and emotional connectivity can influence the demand for your products. Through this, the customers might find the unique benefits that they can avail from your products.
What’s the Field of your Expertise: What’s your field of expertise? Do you have a unique knowledge of a particular concept or area? Do you know about proper marketing techniques for handling the particular part of society? All the answers to these questions can help you to know about your target market. Also, you are capable of creating good offers for your customer as your expertise in the particular field will have an edge over your competitors in the market.
Who are your Competitors: Once you know that what type of product you need to sell, you need to know that what other options are available in the market. Through this knowledge, you can concentrate on the distinction of your product. You need to create a unique identification for your product so that the customers prefer your offerings than that of the competitors.
Use Surveys: You can use customer surveys to find out information about your target audience. Through such surveys, you will not only know about your target customers but you will also be prepared for their existence and henceforth, you can make their shopping experience better. You can get information related to their: demographics, psychological traits, and geographical location.
Take advantage of Analytics and Other Sources: For this, you need to own a website. Through the mode Google Analytics you can know that who is visiting your website. The traffic generated on your website can be linked to your target customers. Above that, there’s many more information on which you can have an access to sessions, bounce rates, pages per session, average session duration, transactions, and new users.