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How to Write a Target Market Analysis?
A target market analysis is an analysis of the specific audience a business or company will target. Having a target market or target audience does not mean that customers who do not fit the target market are not included but you only focus on a target market to market funds effectively. According to the Entrepreneur Asia Pacific website, "resist the temptation to be too general in the hopes of getting a larger slice of the market." So, that is why having a target market is better for businesses. There are kinds of competitive analysis aside from the target market analysis, these are comparative market analysis, stock market analysis, share market analysis, market trend analysis, and market share analysis.
It is important to remember that there are steps that can guide you to write your business analysis. You need to start your market segmentation for your analysis. You can use your analysis as your marketing strategy. Hopefully, these steps can help you.
1. Who Do You Want to Target?
You need to have a marketing plan. Study your product first. What are the features of your products? Who are the people who can use your product? What are the benefits of your products to the customers? You should make sure that you know who the possible people are most likely to be your customers. Who is your target group? For example, your company sells babies' clothes, so the target market should be the parents of babies and toddlers. You can find this data easily through quick data analysis.
You must know the locations, climate, and others. This is important in order for you to check if your products are accessible to them or if they need your product catalog based on their locations or addresses.
Demographics is a study and research analysis of a group of people or populations through characteristics. You can start here. You can choose the specific demographics to target. You can analyze their ages, families, disabilities, ethnicities, genders, educational attainments, occupation, social class, and other characteristics. Among these people, who have the potential to buy your products?
Study and draft a customer analysis. Psychographics is the study of the more personal information about people. Include in your analysis of their personalities, attitudes, hobbies, lifestyles, and behavior. This is more into asking why customers behave the way they do, why they stop going to a certain store, and other whys.
4. Analyze Your Data
Once you have gathered the data of your customers, you can now start analyzing them through a comprehensive datasheet. You can recognize similarities and dissimilarities in the data. This will guide you in realizing the number of people who fit your target market.
The next step is to create an evaluation checklist. Think about how many people will fit your target market criteria. If ever you have only a less number of people who specifically fit your target, revisit your risk analysis. Contemplate the benefits your customers can get from your services or products. Make sure that your target market can afford your products. Evaluate how your target market can reach you. Are your products accessible to this audience? Don't forget you can have more than one niche market.