Defining the specific customer type most viable for a product or service allows concentrating sales and marketing efforts where they will best convert. Follow this process for creating an actionable target market analysis:
Start by outlining broad qualifying geography, demographics, and psychographic traits of current customers based on existing sales data and customer research. Common attributes include location, age, gender, income level, education status, interests, values and more.
Construct a detailed fictional buyer persona encompassing the most prominent attributes to humanize the target market and recognize their motivations. Give them a name, photo, background, goals and obstacles they face. This persona becomes decision making guide.
Analyze competitors selling to the same persona. Which seem most successful to model and why? Identify any dissatisfaction with existing options representing potential opportunity. Reverse engineer what exactly makes their offering work or falter.
Interview current customers aligned with the persona through surveys, focus groups or one-on-one chats to identify what exact pain points the product alleviates and why they selected it over alternatives. Ask for referrals to similar connections for further insight.
Compile research into a succinct yet robust written report detailing: defining persona specifics, influencing trends with data forecasts, granular insight into their needs and desires,USAGE
Compiling key research into a robust yet succinct target market analysis report provides reference to concentrate product development, messaging, advertising and future growth initiatives towards the buyer group offering maximum return potential. Refer back often as the market evolves.
Start by outlining broad qualifying geography, demographics, and psychographic traits of current customers based on existing sales data and customer research. Common attributes include location, age, gender, income level, education status, interests, values and more.
Construct a detailed fictional buyer persona encompassing the most prominent attributes to humanize the target market and recognize their motivations. Give them a name, photo, background, goals and obstacles they face. This persona becomes decision making guide.
Analyze competitors selling to the same persona. Which seem most successful to model and why? Identify any dissatisfaction with existing options representing potential opportunity. Reverse engineer what exactly makes their offering work or falter.
Interview current customers aligned with the persona through surveys, focus groups or one-on-one chats to identify what exact pain points the product alleviates and why they selected it over alternatives. Ask for referrals to similar connections for further insight.
Compile research into a succinct yet robust written report detailing: defining persona specifics, influencing trends with data forecasts, granular insight into their needs and desires,USAGE
Compiling key research into a robust yet succinct target market analysis report provides reference to concentrate product development, messaging, advertising and future growth initiatives towards the buyer group offering maximum return potential. Refer back often as the market evolves.
