what are the challenges of identifing target market?
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You not only have to be thoroughly familiar with your product or service, you have to know how your potential clients use your product or service.\n\nThat means you may need to do research by contacting every client you have or hope to have and asking them what they like or do not like about your product or service.\n\nThis way you can get an idea of what is working and what is not.\n\nThere may be people using your product or service that you do not even know about, because they read something you wrote or visited your website, but they did not sign up for your newsletter or request more info.\n\nAlso, as you grow and change, your clients needs change or your services change, the market that you serve also changes.\n\nFor me, the hardest part of all of this is being able to use the information I have in an effective way to reach the people who are willing to buy my services.  I know who some of them are, but the people I think need me and the people who actually do need me are often very different.\n\nMy latest attempt to deal with this problem, besides paying a marketing person what I'd originally planned to pay a divorce lawyer is this book, which I just started reading:\n\nMarketing Your Services for People Who Hate to Sell, by Patrick Crandall.
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There is no quick and easy way to do this. You would need to engage an agency and work with them on what/which aspects of your brand you want to measure and they will go out there to do the benchmarking for you.
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The first step in identifying your target market is understanding what your products/services have to offer to a group of people or businesses. To do this, identify your product or service's features and benefits. A feature is a characteristic of a product/service that automatically comes with it. \n\nFor example, if a toothpaste has a stain-removing formula, that's a feature. The benefit to the customer, however, is whiter teeth.\nWhile features are valuable and can certainly enhance your product, benefits motivate people to buy. \n\nAn example is anti-lock brakes; they are features on a car, but the benefit to the consumer is safety. \nBy knowing what your product/service has to offer and what will make customers buy, you can begin to identify common characteristics of your potential market. \n\nFor example, there are many different consumers who desire safety as a benefit when purchasing a car. Rather than targeting everyone in their promotional strategy, a car manufacturer may opt to target a specific group of consumers with similar characteristics, such as families with young children. This is an example of market segmentation. \nIn one column, list the features of your product/service. In the other, list the benefits each feature yields to the buyer. \n\nFeatures: Benefits: \nList six of each.\n\nStep Two: Segment Your Overall Market \n\nIt is a natural instinct to want to target as many people and groups as possible. However, by doing this your promotional strategy will never talk specifically to any one group, and you will most likely turn many potential customers off. Your promotional budget will be much more cost effective if you promote to one type of customer and speak directly to them. This allows you to create a highly focused campaign that will directly meet the needs and desires of a specific group. Again, this is called market segmentation. \n\nNow you need to look up market segmwentation.
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Most of my team simply tracks ROI. We really work towards an average cost to acquire a customer. Then we look at overall customer profitability: average annual profit per customer - acquisition cost. We have unqiue telephone numbers set up for each advertising campaign we run offline and we have web beacons on our website so we can tie all revenues and profit online to where the advertising dollars were spent.
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The best way to move into new markets to find markets that are adjacent to the market you are already in. Don't try to stretch to completely new markets - it is too expensive. \n\nFind customers within your existing business who fit in both your current and adjacent markets and ask them how they learn about new products/services in their other market (what they read, what sites to they visit, what keywords to they use on Google, etc).  All this will help you find sources of media that best target these buyers.\n\nThen I would try to get PR before advertising. It is often less expensive and more effective.  If you have never used PR (Public relations) before, I have a suggestion. My friend opened up a business in a new market. To get local newspaper coverage, he went to the newspaper and asked which local PR specialists the newspaper liked to work with. Then he hired their recommendation to get him ink in the local paper. It worked like a charm.
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marketresearch.com has information for sale.
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strengths, weaknesses, opportunities, threats. its a teachnique used in marketing to analyize the business environment.
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totally depends on what the product is and who the target market is! you need to look at what other products are already in the market and if they are competition for your product. theres lots of books available that explain the different methods that can be used to market a product.
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The results of any advertising or promotions is more targeted when you do your research. Why waste money when you can find out what doesn't work! Learn about matching your product or service with specific customers looking for what you have with articles, data and reports. And use reputable sources like eMarketer for web based business.\n\nDon't spend too much time looking at competition, you don't want to miss opportunites or trends, but keep an eye on what they do and see if its adaptable in a better format for you.\n\nDoing market research is about working smarter not harder. Good luck, I hope you achieve your goals!
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I would say the continual shift of control from marketer to consumer.  Consumers are controlling how and when they access marketing messages, so marketers have to be more and more relevant and targeted.
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It is purely dependant upon who the advertisers are trying to target.  Age, race, gender, marital status, ect.  Gender alone is not an accurate way to compare advertising suseptability I do not believe...
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Define a brand, unique particular range of uses/services of your product, position your product/services against similar brands, define the target users.customers, find our where to find them locally and globally, think global but act local, classify your customer categories, by type, location, capacity and accessibilty. select te different methods to reach your customers , ADS, Net websites, direct contacts, catalogues , on lice business, select a team to work for the brand .. prepare prochures and site informations, approach your target market in 360 strategy, avail your product /service in a reasonable price, perfect packing, fastest delivery methods, complete set of Customer support.
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Look into SDLC.\n\nIt starts with requirements - defining what is expected - not only on what is needed as far as functionality, but when it is needed and how it is delivered.\n\nSuccess is determined by the approval of the customer.  Make sure you nail down what their expectations are.
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Start by analysing the market in which you wish to enter (assuming a market already exists for the product) This will let you consider the problems you may encounter and always consider competition, if there is already someone providing your product/service can you deliver it better, more efficently etc...\n    Perhaps start with P.E.S.T analysis - this considers the following factors affecting the Market and your product/service - POLITICAL, ECONOMIC, SOCIAL, TECHNOLOGICAL....consider the implications of these factors on your idea (e.g with selling an product that could be banned by the government in the future you could have a political problem).\n    Consider something called S.W.O.T analysis....Strengths, Weaknesses, Oppourtunities and Threats...this will look at the market in terms of your business and for you to consider your competitors in threats. Also consider you competitors strengths and weakness (can you compete and what oppourtunities does this present)\n    To further your understanding of the market and where a gap may exist why don't you try drawing something known as a perceptual map. It would have to axis and look much like a cross drawn on a page. To take an example of supermarkets the two axis may be labelled "quality of product's" and "cost" (Very basic examples, you can change these to fit your market) - You can then plot at various points on the graph where the various supermarkets sit. For example in my opinion (if the greatest quality is on the vertical axis at the top and lowest at bottom, whilst cost on the horizontal axis is greatest on the right and lowest on the left) Marks and Spencer may lie in the top right hand corner. Once you fill in all your competitors you may see a gap in the diagram (hopefully where your product/service could lye)
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it actually depends on the product that you would like to market. there are other products that take a short time to market simply because they are easy to sell and attract customers. these products can sell themselves (basic commodities and the like). \ni suggest you study similar products in the market, the behaviour of these products, how they are sold, the strategies used by the company selling these products, among other considerations. in other words, studying the behaviour of your future competitors would be a good source of information.\n\njust my two cents.. :)
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It does the work of prescreening the customer. When you get a contact as the result of advertising, they are already sold on the idea/need. All that's left to do is close the sale. Targeted traffic requires less time and effort and prevents the sales person from having to weed through rejection after rejection to find the potential customer. Advertising lets the customer find you.
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I think the best way to start is to first determine what your product or service is.  once you have determined this, find out who your target market is.  What type of people will purchase this prodct or service.  Once you have figured this out you must get in front of those people by provding advertising and banners on other websites that people that fit your target market will hit.  One of the most important things about an eBusiness is having a website that does not look like it's home grown.  It should be professional and easy to use.  I worked with a company that specializes in startup companies called ScienStream.  They might be able to help you out, you can check out their website at www.scienstream.com/index.php