The solution and the audience are complimentary. Actually all aspects of this series are all co-dependent. Do not look at only one aspect as an individual entity. With that said let us delve into who are you solving the problem for.
Many business how to articles and books will tell you there are three broad markets you can choose from:-
- Mass market – where you shall experience high numbers of people and the product or service provided is not really customized. For example salt is a mass market commodity.
- Target market- As the name suggests you group people with similar behaviors and characteristics and sell them your products.There is moderate customization.
- Lastly niche market- the numbers are low but customization of product is very high.
There is also multi-sided platform market Mpesa is the best example. You as the user pay Safaricom and the Mpesa Agents pay Safaricom as well.
We shall concentrate on target market as most businesses can place their customer under this category. Let us assume you have a certain group in mind that you want to target. The next step is to get intimate with your target market. What do I mean? Here are some of the questions you should know.
- What are their daily movements like? Where do they go? The club? The office? Church?Sports Club? Salon/Barber? Where do they frequent regularly?
- What are their decision making process? Do they consult? Are they impulsive? Is your product/service utilized with another product? If yes, what makes them buy that product? It stands to reason when they buy the other product then chances are they shall buy yours as well.
- Who does your target market surround themselves with? I mentioned this in the“there’s no need” post.
- What captures their attention? What colors are they drawn to. What significance do they associate colors and symbols with? For example, red is a color of love in some societies and danger in others. This is critical when branding your service or product.
When Inteco started Its market was mensuration active women from 13-50 years. Wherever a woman is that is where Inteco shall provide its services. Though, as the business grew sub groups started emerging. Furthermore, they all had different reasoning, drive factors and influences. The product has not changed the target is still 13-50 years However, how Inteco delivers the business marketing communication has had to change.
If you are starting this may be very difficult to identify. You may have to rely on assumptions to guide you. However, It is important to ask yourselves these questions and more so that you are constantly monitoring any change.
Until next time.