If there is one thing that’s going to help product developers meet their business goals, it’s always having a finger on the pulse of the Target Market!
The key is to understand their needs, anticipate their problems they might face, and offer product benefits in a way that will appeal to the target market buyer. These actions will ultimately lead to a viable product that has all the benefits to be a hit in the market.
Knowing your target market buyer needs from the beginning will help you to save up on your two most valuable resources: time and money. However, this practice is getting even more challenging as people’s tastes are changing frequently.
Customers are now more empowered because of social media and yet, at the same time, may become less loyal to older brands. They are more likely to ditch a market veteran and choose a newbie brand if the former does not take into account their changing needs and their demands.
So, to surge ahead of your competitors in the marketplace, you need to keep up with your target audience, knowing what they want even before they start expressing their need, challenge or current frustrations!
Here are several tips on how to understand what the average customer wants:
Build detailed customer personas
If you are looking to create a likable product or develop promotional campaigns that resonate with customers, build an extremely comprehensive buyer persona.
Go beyond the conventional demographics such as age, gender, profession, and region, so that you can customize your product idea to satisfy specific needs or to complement particular behaviors and habits of your target audience. Dig into their aspirations, their attitudes, their hobbies, the activities they normally indulge in, and their lifestyles in general.
Focus on their buying habits
A lot of factors influence an average customer’s buying decisions. For instance, a particular age group might be more attuned to a specific product after seeing billboard ads featuring their favorite celebrities. Or there might be others for whom customer testimonials are important. And then, of course, there are the millennial and Gen Z generations that turn to YouTube influencers and latest trends.
In addition to these pertinent questions, another external influence that informs buying decisions is your messaging and branding. In other words…is it actually relevant to the average customer you’re targeting?
Also, conduct research on how often and where your target audience goes shopping. Does the average customer get things home-delivered instead of walking into a physical store? How much do they spend on a shopping trip? Are they more likely to go shopping alone or with a friend? Leverage this information to build a product that’s ready for the market!
Check on competitors
Study the products that are already in the market in the niche you are interested in. Are they actually solving the problems completely or is there room for improvement? Do they need additional features to make the lives of customers easier? This is where you can jump in with an improved product. Spot the needs that the competing company is unable to solve and use it to your benefit.
We hope that these tips will help you to pinpoint lucrative opportunities and pave the path with product ideas and marketing campaigns that will amaze your target audience!