Finding one’s market is tough in this vast world. However, there is a vague conventional assurance that every product/service has market somewhere and all that you need to do is find it! If you think that to find a market, you need support from search engines, websites, marketing collaterals, knowledgeable consultants, path showers/makers/breakers/ disrupters, etc., then you can safely assume that you are not on the right path as you can use these entities only after you find the market but not before finding it. At the moment, the logic is to think from your product/service side to understand where your market is located.
How to find a market and what is the first step to do that? You need to start with your audience demography details like age of your product/service buyer, his location, income, etc. details. You need to collect all the details of your buyer so that you can create a persona of him. For some products, you may have to create not just one persona but multiple personas. After defining the demography, you need to segment your target audience based on their needs. This step really gives you lot of marketing insights to position and market your product. Here, you need to understand what your buyer’s next step is if at all he cannot satisfy his need. What are his current priorities (life/culture)? And how do they affect your business? Finally, you need to understand what your buyer thinks of you? What sort of priority is he giving you? If at all he gets a chance to buy the product, does he go for your product or for some other brand (read as ‘competitor’)? These details help you to separate the wheat from the chaff; indirectly, it helps you to identify your target potential prospects.
It is important to perform all the above steps to identify the market for one’s own product/service.
Did you find your market? Or is it still proving itself as an elusive one?
@socialmediasz
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