4 Key Steps to Determine The Target Audience For a New Product
You have a great product to sell in the market for which you have already undertaken a fair study of the market or what we say an in-depth market research. In fact, you have even gone one step ahead and sold a few products in the market to gain a direct understanding of the market situation. But now you feel the knowledge gathered about the market is insufficient to market the product. This usually happens if you haven’t taken help from experts.
There is absolutely no need to feel defeated. For any business to succeed, a clear and fair understanding about the target audience is of paramount importance. Once the target audience is determined, you will not only be able to introduce a new product easily in the market but also be able to secure the benefit of immediate sales.
The secret to immediate sales lies in getting an answer to the question of who is the ideal customer for your newly launched product. In case, you wish to undertake the market research on your own, you can do so but the money, time and the effort involved to access the market information can be used for better productive activity.
The below stated 4 guidelines will act as a light house for anybody who wants to determine the target audience for their products:
This market research study is undertaken to understand the key features about the product to be launched –
• Lifespan of the product
• The raw materials required to make the end product
• The end result of the finished product
• The prospective section of consumers for whom the product is to be launched
The study about the demographic details helps gain insight about the specific group of consumers who are likely to buy the product. This market study involves gathering details pertaining to –
• The gender of the consumer
• The age group under which the consumer falls
• The educational background of the consumers and the income category under which they come
3. Target audience
This study involves gaining specific details about prospects such as –
• How does the target audience spend their leisure hours
• The place where the target customers reside
• The books they like to read
• The movies they like to watch
• The music they love to hear
• The values of their life and their religious beliefs
4. Competitive Analysis
The best way to determine the market for your product is by doing a competitive analysis including –
• Comparison with other products of similar nature
• Market share and brand value of the competing products
• Pricing and other benefits to the customers
• Positive and negative features of the competing products
• Get an idea about the target market for your product
The more detailed knowledge you have about your target audience such as their preference, habit, likes, taste ,dislikes and lifestyle, the better will you be able to know their needs and desire and take steps accordingly to improvise or launch a better product. This in turn will help increase the sales revenue.
On the basis of the analysis undertaken, a market report on target audience can be prepared. This gives a clear understanding about the prospective market share of sales you are likely to get from the sale of a specific product.
At iResearch Services, we conduct in-depth analysis of the market, consumer preferences and behavior and competition. By preparing such an analysis we enable our clients to zero in on a particular targeted segment at one time and concentrate on the same for gaining better business results. Find out more about what all our market research services comprises by visiting our market research services page.