Step by step market selection How to define the target market? The first step in this process is customer analysis. A newly establishe company should prepare a model of an ideal customer. The model must take into account: the nees of recipients, the values they follow, demographic data, the language they use, purchasing power, lifestyle and shopping preferences. Entrepreneurs who have been in business for some time should start by gathering information about their current and former customers. The next step is to identify the common features of these customers and create a persona, a model customer.
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If the company directs its activities to business customers and not individual customers. Pay attention to: company size – whether they are small, meium or large enterprises. Location – where they are locate, market – in which industries and in phone number list what areas they operate. Finances – how they raise money, how much they are willing to spend on the company’s products/services. Customer analysis identifies common customer characteristics and market trends. This, in turn, is the basis for the selection of appropriate tools and communication channels in order to conduct effective marketing activities.
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In the process of defining the target market, the product offere by the company is of key importance. Proper market segmentation requires the company to understand the customer’s purchasing motivation, determine what makes them interest TWD Directory in purchasing. Through market research and direct interviews with customers, the company should identify the features of its product that distinguish it from the competition. Understanding the advantages of the offere goods is the basis for creating an effective business strategy . We recommend Product marketing – how to stand out in a market saturate with novelties? A helpful tool in choosing the target market is the SWOT analysis.