Knowing the target audience or the customers is the major step while conducting market research. In order to know how your business will flourish, you must verify customer segments that share mutual characteristics. These properties can be “hard” factors such as gender, age, educational level, place of residence, level of income, and occupation, or “soft” factors such as attitude, lifestyle, purchasing motivations, and values. Out of the two factors, the hard factors are essential and are necessary to know the potential consumers a business can have. In addition to this, a business can also get 3 types of different consumers. The first type is the “savvy customer”. This type of user only exists to know the best value of your product that he can buy. He does not have to do anything with the quality of your product. This type of user knows the prices of your rivals too. Hence, you need to perform a deep market research to know the best value of your product before selling it to the user. The next type of user you will encounter is the “industry influencer.” This type of customer has the inside-out knowledge of your target area. In addition to this, there is a certain set of users who depend on this customer for their opinion. Hence, they have the ability to influence the market, and hence the name. Last, but not the least, the third type of customer is the end-user. This is a type of customer that will use your product or service on a daily basis. This type of customer must be the major target of any market research. This will eventually allow you to know their limitations and frustrations, which is perfect if you are still in the process of designing and developing new goods. This will in return offer you the edge over the rivalry and a vanguard position in the competition.
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26 Feb 2021