Researching Your Target Audience

Darts Researching Your Target Audience

Researching your target audience is essential to being successful in business, because not knowing your potential market is no different than throwing a dart in the dark. The purpose of business is to satisfy the wants and needs of consumers. However, if an entrepreneur is unaware of who would want or need their product, then they are wasting their time and money when trying to sell and advertise.

Research the Needs and Wants of Your Target Market

Your goal in researching your target market is to discover who would want or need your product. You can also consider a "problem-solver" approach by asking the question: What problem does my product or service solve, and who has this problem?

Identifying the Demographics of Target Audience

Once you identify what needs and wants the product satisfies, or the problem the product solves, you can begin to learn about the consumers who have this problem in order to develop a typical customer profile. You will want to research information on your audiences' demographic, geographic, psychographic, and behavioristic characteristics.

  • Demographic: Age, Gender, Education, Income, etc.
  • Geographic: Country, City, etc.
  • Psychographic: Interests, Values, Lifestyle, Social Class, etc.
  • Behavioristic: Habits, Buying Pattern,etc.

Depending on the situation, certain pieces of information will be more valuable than others. Is your target market mostly young? Is your target market mostly female? Is your target market mostly frugal?

Understanding your target audience is important for advertising and marketing of your product. If your audience is mostly male, then using the color pink in your advertisements is an unwise decision. If you know your target market is mostly frugal, then you can better target your advertisements to address the issue of why they need your product and explain why it is a financially wise decision.

Researching Your Target Audience for Product Development

Researching your target audience is also important for further product development. When researching your audience, you may discover that you can solve another problem your audience has. Company Product Research and Development (R&D) often focuses on solving consumer problems as the start to their product development process.

Researching Competition for Target Market

Once you understand who your target audience is, you will want to understand the competition in order to know how competitors are satisfying your target audiences' needs and wants. Is your target audience satisfied with the competitors' products? Does your product satisfy a need that the competitors' products do not satisfy? Knowing your competition can help you discover your competitive advantage, and allow you to target your advertisements to emphasize what needs your products satisfy that competitor products do not.

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