LONDON--(BUSINESS WIRE)--A well-known customer intelligence company, Infiniti Research, has announced the completion of their latest article on target market analysis and strategic planning. The article gives a comprehensive overview of what target market analysis is, why it is important, best practices, and the key steps involved in an ideal target market analysis.
Target market includes those customers in a market that a company wants to target, it does not involve the entire population of a particular market. Focusing the selling and marketing efforts on the customers in the target market saves the business time and money that would otherwise be spent on customers who are not potential buyers for the company’s products/services. Leveraging target market analysis will enable companies to figure out exactly whom to market to and what to market.
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Steps involved in target market analysis
Identify target consumer market
This step involves identifying the potential customers of the business in terms of their demographics (age, gender, occupation, and marital status) and their needs and preferences. Then gather information that is more specific to the company’s products/services such as the products of the company used by customers and how often they replace these products.
Divide the market
Identify and define similar characteristics of customers in a particular market. This step in target market analysis process will help companies to refine their messaging and communication to specific customers.
Conduct market research
Market research makes target market analysis more accurate. It can either be taken in the form of primary research or in the form of secondary research. Primary research involves collecting information directly through observation or by interviewing the customers. Secondary research, on the other hand, involves gathering information that has already been collected by third-parties and using it as a reference to formulate strategies.
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Choose the markets
The next step in target market analysis is to choose the markets the company wishes to serve. The company may choose to serve as many markets as possible provided they are equipped to meet the demands of these markets.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies. To know more, visit:https://www.infinitiresearch.com/about-us
