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Evaluate what needs and for whom the product or service is fulfilling and what is the long run objective of that product/service as a brand. There has to be a clear value proposition that the product/service delivers which is why the consumer will pay (a certain price) and re-purchase or provide referral.
This will provide an outline of the target person.
Next look at the geographical market where the product of service is offered and take on board:
1. the industry trends
2. the regulatory issues
3. technological usage (in that geographical city/country).
4. Then get consumer purchasing behaviour in terms of preferences for buying other products/services at the same price points.
Lining this information up will provide a rich platform of data from where one can do a execution plan in terms of communicating to the consumer and leading to purchase.
Its a complete process and evaluation of product/ service you have in your basket to target the right audience.
To find your target customer segment, first of all the product or service that you design has to have full & absolute compliance with the4Ps of Marketing. If the Product, Price, Promotion & Placement do not synchronize evenly you can forget about any customer!!
Once you have got your Product, Price & Placement done, on the Promotion front you can reach out to your target customers through ATL & BTL activities.
If you understand the living styles/habits/aspirations of your target customers you can easily target the activities to reach out to them, e.g., if you are selling a" burger" and you know your target customers would be the extremely busy working class, try to have the promotions at the busy cafes, if you are selling an extremely "rare scotch whisky" try the Mercedes/BMW showrooms!!
I always start with environment Analysis ( Internal and external )
The target customer segment can be best found out thru the Social Media as all sorts of demographies of clients are now available in the Social Media.We can easily find out the customer preferences based on the profile of the customer in all forms of Social Media.So if we are targetting a particular group of client's viz. Wealthy Investors then we can take help of HNI netwok in the Social Media & find out about their preferences to enable us to target them accordingly.Based on the same you can design your product/service offering.
first we begin with1 the need because it is the source of business2nd market emargnce we refere here to the opportunity in the market3rd and most critical step is to identify the market boundaries knowledge is ever thing ( your campany customers _compatriots )4th choose the segment knife ( the way or the base in which you will segment the the boundared market )5th design a marketing program for each segment it means the way which you will dell withthe targeted market this approach will lead to" customeration " in away we can dell with one customer as an entire segment
The first and foremost is to analyze the capabilities that your product is offering. From there you can define the target market which suits the distinct benefits of the product itself. There is the Customer Relationship Management in which you are going to specifically profile your Target Customers, observe their buying behaviour over a certain period of time, define the factors that trigger them to purchase and to know their purchasing power as well. From these, you can also devise and develop the product, services and right promotional tools for your target market.
It depends very much on what your company sells. If you are Apple, you don't. You just build crazily appealing, tech rich, cool and game changing products and let the clients sort themselves. If you are Tesla, pretty much the same. If you are none of those kind of companies, then you should think twice about being in business.