How to Conduct Marketing Research
Are you searching for a way to figure out the target market for your business and the most effective marketing techniques that appeal to them? Marketing your products to the people most likely to buy them generates you the most revenue, so it only makes sense to choose them wisely and appeal to their particular demands.
First: Segment your market
First, study the particular industry in which your business intends to compete. There are many potential target markets within that industry, and you may only have the resources to sell products or services to one or two of those markets. Segments of an industry's generalized target market may include the type of product sold, the services offered or the group of customers served.
Second: Determine your target market
Once you have figured out how your industry's general market is segmented, you need to choose which specific market segment your business can serve the most effectively. This segment should consist of a relatively homogeneous group, such as suburban women aged 30 to 50 or boys aged 11 to 15.
Third: Establish your unique appeal
How does your company differentiate itself from the rest of the competition? What do you think makes people want to buy your products rather than someone else's? Figure out how you can best make your business more appealing than another business targeting the same market segment, and focus most of your promotional campaigns, advertising and other marketing on that unique characteristic. The ability to appeal to a niche market is very lucrative.