Welcome to
Target Marketing like a ChampHow to identify your target audience and create your ideal customer profile
The essentials of
Market Research
The essentials of market research
5 Methods of Online Market Research
How to Use Online Surveys to Research Your Market
Learn about Your Market through Your Blog
How to Use Email to Better Understand Your Market
Where to Go Online to Listen to Your Market
Offline Methods for Conducting Market Research
Your Perfect Customer – How to Create a Target Market Profile
Market research gives you a picture of your target market so that you can create and grow a business that meets their needs. You have to know the people in your market perfectly so that you can connect them to the products and services that are best suited for them. In order to do this, you need to gather and analyze hard data about your audience.
Quantitative vs. Qualitative Data
A traditional method in quantitative research is the survey. Through your survey, you may discover, for example, that 70% of the sample finds your new product attractive. You’d then assume that 70% of all consumers would think so as well.
Qualitative research is tricky, but it yields important data that you don’t get through quantitative methods. It deals not in numbers but in words, images, impressions and feelings. It’s a more in-depth, objective approach where you interact with your sample audience.
A common qualitative method is the focus group. This is where you gather a small group of five to ten people from your customer base and encourage a discussion about your products using a set of questions. Qualitative methods also include interviews and projective techniques like role playing.
Your Target Market Profile
The goal of market research is to create a profile of an imaginary person who is your perfect customer. The profile has to be as complete as possible. It should include not only demographic and geographic information, but also how they feel about things. This is called psychographic data and it’s equally important. Psychographic information includes things like how people in your market see themselves, how they use your products, what they’re most afraid of, what they hope for in the future, and so on. Some businesses even give this imaginary person a name, like Fred or Simone.
One added benefit of creating a personal profile is that you can write your sales copy directly as if you were speaking to someone in your market face-to-face.
What You Don’t Know
Market research is a process of discovery. You need to be objective and let the data you discover inform you. The deadliest mistake is to make assumptions. Go into your research process openly, assuming that you know nothing about your audience. Rely on the data you discover and not guesswork.
Learning Activity:
- Looking back at the target market description you just wrote, list information you are missing that you’ll need to research in order to build a more complete profile of your ideal target customer.
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