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Determining the right marketing strategy is one of the keys to the success of a business. Starting with knowing the target market to be addressed.
What is meant by target market? The target market is the group of people who will sell your product. Generally, the target market will have the same characteristics both in terms of habits, demographics, and others. By
knowing the target market, the marketing strategy becomes more
effective and efficient, as well as saving costs because the promotion
of products or services is more targeted.
Then, how do you determine the target market? Here are the steps you need to know, including:
1. Starting with Assumptions
If you already have a product being marketed, try to analyze your current customers by making a potential target market for your product. For example, you sell youth fashion products that have attractive designs on marketplaces and e-commerce at relatively affordable prices. So most likely your target market is young people who tend to want to be different with unique designs, who are active smartphone users and who like to shop online. In addition, your target market is those who buy products considering the price factor.If you are just about to make a product, you can try to assess the products to be sold and who the target market is like the method above.
2. Observing Market Competition
Every product must have competitors. Therefore you must be observant in observing the competition. This will give you the opportunity to win customers over to buy your product.The competition that occurs can be in terms of features, price and ease of purchase. By studying how the market responds to your product and how competitors offer similar products, you can create or develop the best product and differentiate it from the rest.
3. Communicating with Customers
Communication that is built with consumers is not only to ensure satisfaction with the services provided. There are lots of strategies that can be prepared by reading market movements, including competitors. In addition, closeness to consumers can also help read trends as well as find out what steps are being taken by competitors. However, if there is no good relationship and communication, then the business cannot know what consumers want and will not be able to compete with competitors.For example, you own a travel business. You may find that customers want travel packages in a bundled form. With this information, you can be creative to make attractive travel package products so you no longer need to offer tours with locations specified by customers. Because, customers also need your recommendations regarding the best tourist attractions.
4. Explain the advantages of the product
This point is no less important. As a businessman, you must really understand everything related to the product or service you want to sell. For example, want to sell coffee. Out there, there must be millions of people selling coffee. People will be much more interested if you are able to describe coffee in detail compared to other competitors and can show concrete evidence. In this case market research is very important to find out what types of coffee are currently on the market, this will really help you to more easily find the superiority or uniqueness of the product you are selling compared to others. .
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