A business must have a good idea on who its target market is so that it will know what strategies will help lead to successful transactions. By conducting a target market analysis, one can easily gain all the information needed to learn everything there is to know about the intended target market. This article will teach you what it is that you need to do in order to properly conduct one.
6 Steps for Conducting a Target Market Analysis
When the time comes that you need to conduct a target market analysis, you are going to know exactly needs to be done to get all of the important information. The following steps should provide you with all that you need to know:
Step 1: Figure out who your potential customers are.
The first thing that you will need to do is to assess the type of customers that frequent your business. You’ll need information such as their age, gender, education level, occupation, etc. This is very important as it will tell you exactly who your business is supposed to be catering to.
Step 2: Know what your target market wants.
When you have an idea as to who your business should be targeted, then the next thing to do is to understand what it is that this specific group of people want. What kind of products and/or services do they usually avail? What are they interested in purchasing? Is there a buying pattern that you’ve managed to notice? These are just some of the questions that your analysis should answer.
Step 3: See when your target market buys from your business.
Find out when your customers are most likely to buy your products or services. It’s possible that they only buy what you have to offer during certain seasons or they only purchase what you have during spontaneous moments of desire. You should also take note of when and where your target is most likely to view your marketing materials. This will help you come up with marketing strategies that should always get their attention.
Step 4: Take note of why they keep coming back to you.
If you know that there is a specific type of customer that keeps coming back to do business with you, you’ll want to understand why this is so. What is it about your business that always makes these customers come back? You should also find out why they decide to do business with you instead of your competition. This is very helpful for when you need to improve certain aspects of your business or fix whatever weaknesses it has.
Step 5: Assess their behavior.
The best way to learn about your ideal target market is to observe their buying behavior. This is where you’ll have to obtain more detailed information on when they purchase from you, what it is that they specifically purchase, and even times when they do not show up to do business with you at all.
Step 6: Use the information you have gathered to develop actions and strategies.
Now that you pretty much know everything that you need to about your business’s target market, the next thing to do is figure out what you should do with it. Are there areas that your business needs to improve on? Are there areas of opportunities that you can take advantage of? If so, how should they be done? Provide detailed descriptions of every action and strategy that needs to be implemented.
5+ Target Market Analysis Templates
1. Target Market Analysis Example Template
For those of you who are tasked with conducting a target market analysis, then know that this template is something that can definitely help you out. With it, you can create a document that allows you to organize all of the information you’ve gathered on your target market so that you can determine the best course of action.
2. Target Market Analysis Template
In the event that you would like to make a document that holds the results of your target market analysis, then consider downloading this template. All you need is either Google Docs, Microsoft Word or Apple Pages so that you can start editing it until it has all of the information you want it to have.
3. Sample Target Market Analysis Template
Should you ever need a document that tells you all that you need to know about a specific type of consumer, then this is the template for you. Use it so that you can place the results of your target market analysis and use it to figure out how you can best appeal to your ideal customers.
4. Target Market E-commerce Analysis Template
Although not impossible, learning about which one of your business’s online customers and determining which one of them should be your target market can be difficult. By downloading this template, you should be able to perform an analysis that allows you to gain all the information you need on your customers, thus allowing you to determine the best course of action.
5. Simple Target Market Analysis Template
When learning about your target market, you’ll want to gain as much information as you can so that you can cater your products, services, and strategies to them. By downloading this analysis template, you can create a document that you can use to identify what data you’ll need to gather on your target market and use what you have managed to acquire to determine you should do.
6. Target Market Research Analysis Template
If you have to conduct thorough research on your target market, then whatever information you acquire must be properly analyzed so that you can figure out what actions need to be taken. By downloading this target market research analysis template, you can make a document that will help you use all the information you’ve acquired on your target market to benefit your business.