Market Research: Keep Your Eye on the Target

We all need customers.    They make our business successful.   The important question for both existing and new business is, “how do I find and keep customers?”  You need to research who your target market is.  What is a target market?   It is a group of customers that the business has decided to direct its marketing efforts towards.  It is a customer that you know needs your service or product.  Picture in your mind a bull’s eye.   The centre is very small and hard to hit but if you use the right technique making a bull’s eye will become very possible.  Precision is the key.  Bull’s eyeing your customer will help you to reach them directly.

You will need to take into consideration:

  • demographics (age)
  • location
  • lifestyles (income)
  • behaviour (spending habits)
  • family status
  • education

All of the above will help you to create an accurate picture of who your client is and how you can reach them.   Sounds easy right?   It would be if our economy and world would just stop revolving.   Unfortunately trends change things and along with that change so do your customer’s needs.  I have observed over the past few decades how the marketplace can swing quickly from one side to the other.   It is because of this that you need to continually research your market and be prepared to be flexible.

Today’s customers are more educated and competition is high for their attention.   They view things from a very different perspective because wants vs. needs are constantly changing.  With the Internet at their fingertips, they can research and find out what they need and keep up-to-date with market trends so you need to as well.

If you are an existing business you should be asking your present clients what they love about your service or product.  They are the real experts here.   You can use their information to help expand or perfect your service or product.

Budget is also something that can affect our marketing efforts.  Doing the leg work and researching your market can help you to not only save money but use time effectively.   Hitting the bull’s eye takes precision and accuracy but when you do hit it you can feel the success of your efforts.

Focus your efforts on finding the right customer.  Don’t just aim for the board and wish.  Aim for the bull’s eye and hit the centre.  Do your market research!

The Halton Region Small Business Centre is here to help.  Check out our schedule of upcoming seminars, including Marketing and our online tutorial, Marketing Strategies for Success.

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