As part of any marketing strategy, it is important that you
gain an understanding of your potential customers. By
looking at your target audience you will be able to
determine the choices they have to make and therefore who
your competition is. Identifying your competition will
allow you to look at their marketing strategy so that you
can be one step ahead of the game.
Toys "R" Us
Despite the importance of knowing your market, you would
be surprised by how overlooked this part of marketing can
be. Investigations have shown that most companies fail to
complete all of their intended research by as much as half.
The more research that you can complete the better your
chances of marketing success.
Learn About Your Opposition
Without actually stealing their ideas, you can learn a lot
from your opposition. You want to be different, so simply
mimicking them will not help. However, you can learn a lot
from simply looking at and understanding their marketing
methods.
You need to look at other companies and businesses that
offer the same product or service as you and compare their
marketing techniques. This will give you a great way of
seeing what works and what isn~t.
Know your Customer
By identifying who your competitors are, you can more
readily determine who your potential customers are. This
is a vital part of marketing; without this you will not
know who your target audience is.
Observation is key to understanding your potential buyer.
Watch how people behave with your product, or similar
products. Are they enjoying the experience or does it
simply fulfil a purpose? Who is using your product, does it
seem to attract similar types of people, or does it appeal
to a wide range of individuals?
Next, you can ask questions. Either in person or through
surveys, you can ask the customers questions about what they
want and how they feel about a product. You can ask
questions directly related to your product and also about
other products in the same field.
Do not underestimate this stage of the marketing process.
Doing you homework and knowing your industry is absolutely
crucial if you are to make the most of your advertising.
Take the time to do it properly!