Identifying your target market will help you later decide how to advertise and maximize the value of your marketing resources. Write down clear statements of who is going to be using your product and how they’re going to feel when they’re using it to get a better sense of your target market. [2] X Expert Source Archana Ramamoorthy, MSChief Technology Officer, Workday Expert Interview. 26 February 2019.
U. S. Census Bureau, www. census. gov www. business. gov, contains links to state and national data about businesses Bureau of Labor Statistics, www. bls. gov U. S. Department of Commerce, www. commerce. gov
Demographic information can often be found online as a compilation of different reports from the federal government. Check the Census Bureau and Commerce Department websites. You can find a useful resource from the U. S. Census Bureau at https://www. census. gov/quickfacts/table/PST045215/00. If you are marketing to other businesses, demographic information includes where the business is located, how many branches they have, their annual revenue, number of employees, industry, and how long the business has been running. You can usually gather this data from annual reports, which are public record. Contact the secretary of state’s office in your state and ask for corporations data.
Psychographic information is often found through surveys or focus groups. Though you can set these up yourself, it would be beneficial to hire a marketing research firm to help you structure the surveys, word questions carefully, and engage with focus groups in an effective way. [6] X Research source For businesses, psychographic information can include the company’s values or motto, how they wish to be seen by their own customers, and how formal or informal their work environment is. You can gather some of this information from your own observations if you visit their stores, or by reviewing their websites. You can also review the company’s annual reports from the secretary of state’s office.
Determine how important brand or company loyalty is to your target market. Find out if your audience most heavily values convenience, a good price, or quality. Discover how your target market usually pays for your product or service via market surveys. Ask if your customers prefer face-to-face interaction or an online store. For this sort of data, you may conduct your own research or hire a marketing research firm for assistance. [8] X Research source
For example, a strong title might be something like, “Target Market Analysis for Consumers of Apple Communication Products. ”
For example, you may begin with, “This target market analysis report is being prepared to consider whether Acme Company should revise its marketing efforts and focus on a younger target audience. ”
Introduction, identifying your general industry and defining your target market. Description of your target market, including its size and description of the general characteristics. Summary of your market research that went into drafting this analysis. Analysis of trends in the market and any anticipated shifts in your target’s buying habits. Risks and competition that you anticipate. Projections and predictions for future growth or shifts in the market.
How many customers will come back? How with the aging of your target market affect their interest in your service or product? How would economic changes in the community affect your target market? How would your target market be affected by governmental changes, new regulations, or so on?
If you are providing the market analysis for someone in higher administration in your company, you probably will be expected to provide recommendations. Based on your analysis, what steps would you recommend that the company take going forward? Should they increase or cut back on advertising in any particular area? Should new target markets be expanded? Bear in mind that your analysis could be an important step in the future of your company.
