The following questions will help you assess your market analysis. Use the internet to conduct research.
Who is your target audience?
1. Where is your target audience located?
2. What do they think about your current brand?
3. What would you like them to think about your brand?
4. How will you attract them to your products or services?
5. Who else is competing for their loyalty and devotion?
6. Are you targeting business or consumer sectors?
Using the questions below write a target market description. Be as specific as you like.
What is the age of your demographic? Is it a child, teenager, adult. You don’t want to market a product to a child that is most suitable for an adult.
What is the gender of your audience? Is it male or female? You can’t very well sell female products to males.
What is the income level of your potential customer? Are you trying to market luxury items to them? You need to determine what your customers can and cannot afford, and that way you can better market to that demographic.
What is the family situation? Are they married, widowed, divorced, college graduate? Is your product or service a luxury item or a need?
Is this something that they’re willing to save money for or that they have to purchase at this specific time?
Which, if any, special features are most appealing?
What do they like or dislike about the product or service, in general?
Is this an impulse buy or something they’re saving for?
Once you’ve answered these questions you are ready to draft a statement on the type of target you want to go after and the relationship you would like to have with your clients and customers.