The bottom line is..

If you really don’t know the real needs of your target market…

how can you expect to sell-to and then prosper-from your target market? Todays consumers are smart and savvy. What’s key for you as a new product developer is adopting your initial target market research strategy to complement the way today’s consumers research, shop, and buy?

Your Target Market can be best defined as your “ideal” clients or customers that would consider buying your new product.

to meet your potential buyers where they are — you must have a deep understanding of who your buyers are, your specific market, and what influences the purchase decisions and behavior of your target audience members.  Enter: Market Research. 

Identifying your target market can be challenging if you don’t have an effective strategy. Here are a few helpful tips to consider; 

What does market research tell you? 

Market research provides insight into a wide variety of things that impact your bottom line and here are just a few…

1. Where your target audience conduct their product research
2. What seems to be trending in your product market
3. Who makes up your market and what their challenges are
4. What influences purchases and conversions among your target audience 

Here are a few more helpful target market research tips for you to consider…

Step 1: Know the market Problem, Challenge or Frustration do You Want to Solve with your New Product

The secret to knowing your target audience is to identify how your product can help people to eliminate a certain issue, problem, frustration or challenge from their life. Ask yourself, “will my new product concept help people overcome their challenges and make their lives easier?” If the answer is a big, firm yes to this question, then you have a product that can actually cause ripples! 

After you have clarified the top industry problems or challenges that your product can solve, and you’ve identified what obstacles might be in their way, start drawing up a list of people who might face such problems on a day-to-day basis.  Your target market audience will come from those individuals who have the problem or challenge that your new product can provide a solution and many benefits to. Voila! You have a rudimentary list of your target demographic! 

Step 2: Build A Customer Profile & Demographics

Identifying the typical end-users of your product will help you to build customer-focused campaigns and engage the right kind of audience. Build a customer persona by creating a list of their interests, age, gender, marital/family status, occupation, education and income level, job roles, geographical locations, socioeconomic status, related aspirations.

This data will be instrumental when designing your new product Sell Sheet, Explainer Video, content, packaging, price, social media posts, marketing and advertising messages. 

Step 3: Study The Competition 

Learn from the existing competition’s mistakes and research what they are working on to overcome them…if they are. Read about their initiatives, their market positioning, and pricing, conduct customer surveys to understand their experiences, study their social media profiles and product reviews so that you are well-equipped to provide your customers with a much better alternative.

Step 4: Identify The Type Of Market 

Who will be the potential buyers of the product? Individuals and households, companies and organizations, or wholesalers? It is important to take into account whether your product is for personal use, will be a part of another product, or is meant for use in a factory’s daily operations. This strategy will stop you from promoting your products to faceless crowds and help you to segment your target market properly. 

Step 5: Why Should Customers Buy From You? 

Are you the fastest, the cheapest, the most accessible, provide the best benefits, or the best in class in your product category? What drives them to purchase? These are opportunities that will grab your target market’s attention and give them a reason to choose your product instead of a competitor’s. 

Knowing your target audience, if they will benefit from your new product and how to reach them, can help you make better decisions when creating and selling your products. 

When you know exactly who you’re going to sell to, you can make strategic decisions to attract their attention and make more sales.

Connect with us on a complimentary strategy call and build your business strategy with BASE Strategies today.

The post How to find the Right Target Market Audience for your Business appeared first on BASE.

It’s important to know what sets you apart. The secret, according to those in the know, is to understand what attracts your customers in the first place…

• Always be visible
• Always keep ’em happy
• Stay effective at it! 

Here are some tips to attract and retain valuable clients: 

Don’t confuse a feature with a benefit

A major mistake that many budding business owners commit is trying to attract customers by enthusiastically talking about their product’s features rather than informing them of the problems it can solve for them. 

For instance, telling them that the watch you’re selling has gaskets made of Teflon won’t get them interested. But if you tell them that they can swim for hours wearing your water-resistant watch, they will definitely stop to hear more about it. 

Position your product as the best answer 

With so many other competitors, give your clients a compelling reason to place their trust in you. This is what will lead to repeat business. 

Put their needs first and focus on offering value. At the same time, connect with them and be a resource by uploading blog posts, videos, webinars, and more regarding the problems in their lives that your products can solve for them. The key is to be visible, empathetic and position yourself as an industry expert. [reference: How to get more clients?]

Utilize testimonials

Let the world know that your existing client base loves your offerings! A customer is more likely to believe the reviews of another fellow customer. So when they see that your past clients have had extremely positive experiences while interacting with your brand, they might be convinced to take your product home! 

Go the word-of-mouth marketing way 

Identify your top clients and ensure that they are happy with your offerings. These are the ones who will recommend your business to others if they are getting positive results from you. Offer discounts to them. In addition to this, create a sense of community and share user-generated content to keep the leads coming! Consistently upload on social media and make your presence felt across forums so that remember your product.

Know what the competition is doing…do yours better! 

Watch your competitor’s moves like a hawk if you want your business to succeed! If you feel that clients are not happy with their offerings, you can swoop in to offer your product as an alternative, Also, if the company has increased its pricing structure or is unable to satisfy their demands, you can position yourself well to attract them as soon as they sever ties and end partnerships. 

Finding new clients is definitely not an easy task. But by keeping these techniques in mind, you might be able to make the journey a whole lot easier! 

To learn more about building a robust target market client list, converting them to paying clients and keeping them let’s connect and collaborate! 

The post How to Attract, Convert and Keep Great Clients appeared first on BASE.