It is impossible to build an effective marketing strategy without knowing your target audience. By finding out as much as you can about existing and potential customers you can work out how they make their buying decisions. You can then adapt your sales methods and techniques to fit your customers’ needs.
That’s where market research comes in. Researching your market helps you to understand the buying habit and behaviour of customers. Since the customer behaviour and buying habits keep changing according to the trends in fashion and new innovations, your market research should be undertaken on a continuous basis.
There are many different ways to gather information about people. Whether you choose primary research methods (such as getting customers to fill in a feedback form or questionnaire) or secondary research methods (using existing resources such as data from the central statistics office) depends on what you need to know about your customers.
Once you have gathered your information you will need to process it into a format that you can use. Its often a good idea to try to categorize your target market into different segments.
Once you have done this you will be able to build a strategy which will target specific categories and enable you to reach your target audience. Now you have to ask yourself which groups of people you want to sell your product or service to.
No matter what size your company is, you can’t develop an effective “catch-all” marketing plan. Every business has limited resources.
Some firms have more money but they may not have resources such as time or manpower. Therefore every business no matter how big must choose specific target categories to market the product or service to.
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