When marketers first enter the market, they must have a thorough understanding of their target audience. They must, in particular, identify and specify their target audience from the entire marketplace. They must conduct market research and a situational analysis to investigate this. This is the first step in launching a marketing campaign. Marketers put more effort into this step because the entire marketing campaign is based on it.
To begin, marketers should have a firm grasp on the features and attributes of their product or service. Product briefing is critical during this stage. Each detail must be defined and utilized in order to establish a distinct selling point. Then they will have a better idea of who the target audience for this product or service should be. This is known as segmenting. Marketers divide the marketplace in this stage based on demographic, psychographic, behavioral, and geographic factors. Then there could be multiple segments.
In this segmentation process, marketers create personal personas based on their assumptions. They must also have distinguishing characteristics that set them apart from one another. It is useful for defining the segment. Marketers can then decide which segment should cater to their target audience. Furthermore, it inspires future development of the existing product or service.
Social trends and traditional norms have a rapid impact on society. As a result, marketers closely monitor the market during the identification stage. It establishes a connection between the marketer and the marketplace. Regardless of whether you are providing products or services to new customer segments without knowing the gaps, it is critical to conduct customer research to gain a comprehensive understanding of each segment. When conducting customer research, it reaches the reality of the world and how marketers should adapt to customer requirements. It means the marketer is identifying the right target audience rather than wasting time on ineffective experiments.
According to this point of view, if a marketer can supply and satisfy the needs of the customer, the market becomes the ideal target market for that specific product or service. It is, on the other hand, the start of the customer life cycle journey.
Following these steps, marketers can easily identify their target market. In the following articles, we will go over how to conduct market research, situation analysis, segmentation, and positioning in depth. Let’s do some quick homework before then. By conducting your own research, can you identify well-known brands and their target audiences? Well. Choose brands that appeal to you. No one needs to know!!!