As described in the weight-loss example, knowing if someone is trying to lose a few pounds to look better in a bikini is different from a diabetic who must lose 25 pounds to prevent serious medical repercussions.
The client who wants to look better at the beach is looking for products based on fulfilling her ego, whereas the person who has a medical condition is looking for products based on fear of loss.
You can't market the same way to both. Often, the group you're targeting has similarities when you look at the personal lives of those in that group.
This includes marital status, education levels, type of career, as well as family size and income levels. A life insurance agent knows that a married couple with young children is more likely to buy life insurance, compared to a single man who's still in college. But somebody who engages in an extreme sports program is more likely to go bungee-cord jumping than a married man.
Although your buyers aren't clones of each other, they might seem very similar to each other in some ways, so that you might feel some familiarity when you're speaking to a new prospect. A marketing plan should consider the geographic and cultural elements of your target group. These could have a significant difference on how what the buyers want to buy or even how they buy it. For example, a bridal shop in a small Midwestern farm town might not have the price points that a Beverly Hills bridal shop has because of the difference not only in affluence but also in cultural perspectives.
Someone from a small town might be more fiscally pragmatic even if he has the money to spend on what he wants. Marketing plans have become more dynamic with the expansion of social media and digital marketing. As a business owner, you can learn about the size of your market, based on very specific information. Essentially you can segment your market to enable you to develop marketing campaigns that target specific buyers.
For example, if you own a pet store that caters to parrot owners, you probably don't want to target cat owners.
A cell phone accessory store that sells Apple products exclusively doesn't want to waste marketing dollars on Android users and vice versa. Narrow your niche to be more successful. Kimberlee Leonard has been helping businesses for more than 17 years with business planning, team development and sales training. She lives in Hawaii with her son and dog.
Skip to main content. Size of Market You need to know how big your potential market is. Building your knowledge guides Small Business Friendly Projects guides and tools Building your support team guides Business templates and tools Commercial leasing guides Small business briefings.
You will need to upgrade or access from a different device in order to get the best experience. Define your market research objectives Sources and types of information Collect, analyse and act on the results Successful businesses undertake market research on a regular basis to: Sources and types of information There is a variety of data sources to assist you in researching your: Australian Bureau of Statistics industry and trade publications social media and websites marketing and consumer lists newspapers and media IBISWorld The types of information you collect through these sources may be quantitative or qualitative.
Collect, analyse and act on the results After identifying the source and type of information you need, you can start to collect it. When processing data make sure you: You may need to collect additional information if your results are inconclusive. Analysing the data should allow you to draw some conclusions regarding your initial objectives.
More information Collect your own market research using a survey. Find market and industry data at the Australian Bureau of Statistics. Find out about other government statistics at business. Contact your industry association for industry benchmark data.
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In fact, strategies such as market segmentation (identifying specific groups within a market) and product differentiation (creating an identity for a product or service that separates it from those of the competitors) are impossible to .
How to Conduct Market Research. Various methods of market research are used to find out information about markets, target markets and their needs, competitors, market trends, customer satisfaction with products and services, etc. Businesses can learn a great deal about customers, their needs, how to meet those needs and how the business is doing to meet those needs.
Market research is an effective tool to assist your business planning. It is about collecting information that provides an insight into your customers thinking, buying patterns, and location. In addition, market research can also assist you to monitor market trends and keep an eye on what your competition is doing. Market research, which includes social and opinion research, is the systematic gathering and interpretation of information about individuals or organizations using statistical and analytical methods and techniques of the applied social sciences to gain insight or support decision making.
ADVERTISEMENTS: Need and Importance of Marketing Research! The most important task of a marketer is to get the right product at the right place with the right price to the right person. Besides, it was also necessary to go back and find whether consumer is getting optimum satisfaction, so that consumer remains loyal. These aspects [ ]. Jun 29, · Learn to identify market needs by reviewing these examples. Size of Market. You need to know how big your potential market is. This is the group of people who are likely to buy your product or.