“the best way to predict the future is to create it”
Now although we encourage spontaneity and not getting caught up in the “analysis paralysis” of starting your business, it does set you streets ahead knowing exactly who, where and what your target market is like. This will help you in everything from choosing your kinds of products and services to tailoring your marketing to cater exactly for the type of person you want to market to. Being prepared like this will make your sales efforts far more efficient.
Character profile the type of person of who would buy/benefit from your business
This is simple and may seem a little like a waste of time, however if you are able to describe in words the exact details of the type of person who would buy/benefit from your product, then you will begin to aim all your efforts specifically in their direction. This will also help prevent you from wasting valuable time and money on marketing to the wrong people or at least those less likely to convert into paying customers.
What is the competition doing?
Now although we all strive to enter the market in such a way that minimizes competition, this isn’t always possible. However, this can be just as much of an advantage as it is a disadvantage. By studying up on the competitions products and marketing approach, you can see which methods and tactics have been the most successful so far in making sales. Now we don’t encourage direct copying of the competitions methods, but rather use them as a starting point and then find a way to better them.
As always, Google and it’s Trends can be helpful here…
A great way to do market research is to use Google trends. Yes we have mentioned this before, a few times, but we need to stress the importance of using all tools available at your disposal! Google trends allows you to study search terms in various ways. You can find out who is looking your for your product or service, where they are searching from, what kind of device or platform is used the most and many many more specific and helpful criteria. This information can even include age and demographics!
Primary Research… Boring and fairly slow to some but still important!
Primary market research refers to actively collecting data (via phone calls, interviews, poles and other surveys) from and about your target market. This data includes their exact character profile – including age, income, profession, interests etc. as well as what they buy, where they shop the most, why they buy the products they buy, why they spend what they spend, the most effective marketing campaigns that are aimed at them and much much more. Some of this information can be found online and we recommend doing research first and foremost before actively taking up primary research.
Use social media, Now that’s an obvious one…
A great way to get to know the likes and dislikes of your target market is to follow them on social media and get to know exactly what they like and dislike… obvious right? This gives you first hand experience with what interests them, what they find appealing and what they strongly detest or do not respond well to. This can be important when planning the most efficient marketing campaigns in order to generate the highest return on investment of time and money.
Knowing all about the consumer who would benefit from your product will enable you with the power to efficiently target him/her with what they might actually like and respond well to. Being prepared can often times save you from big losses and lessen the risk involved with any business venture.
As always, let us know what you think of the information above and what else we can write about. All the information and advice is gathered from extensive research and experience, and of course it is written with the aim to help other start out entrepreneurs succeed and unfortunately not necessarily guarantee returns or success as much as we wish we could. If you are currently working on a start-up, write to us via our contact page and we will be sure to publish all the info you would like to include about via our platform for nothing else other than the chance to help you reach more people!