Websites Melbourne » Online-marketing » How to Know Who Your Target Customer Is (Part 2)

---

How to Know Who Your Target Customer Is (Part 2)

Author: Guest Total views: 18 Word Count: 464

Granted that The Total Available Market (TAM) is the whole set of customers that buy a product. This whole set can be further subdivided into subsets using many factors that are are common among the subset.

sex toys | rabbit vibrators | pocket rocket

The first part of this article discussed niche marketing to know potential target buyers of products and services. This other part discusses segmenting the market to determine the target customers of a product.

Granted that The Total Available Market (TAM) is the whole set of customers that buy a product. This whole set can be further subdivided into subsets using many factors that are are common among the subset. For example, a marketer can find out that a particular age group ( between 25 and 45) actually consumes his products more than other groups. He might even further find out that this age group come from a particular geographical location. All these findings are possible because the marketer is able to segment his target market.

A new marketer will stop at this level thinking that he has all enough information to be able to determine his target market segment. But an experienced marketer will go further to know more about his potential customers. He will find out about his customers' lifestyles, political or religious believes and many more.

When employing segmentation of market, the marketers need to determine their customers' demographic (age, sex, income, education level, geographic locations, etc) classes, Beliefs (religion, political class, cultural and national), lifestyles (hobbies, interest, activities, etc) and many other key factors.

Some well established companies even go further to segment their markets by extensively conducting market research. Through this research, the company will be able to know the number and brands of product the customers buy, the reasons for buying, impact of the products on the customers lifestyles and also attitudes of customers to different products of the company.

The companies will use the data and information obtained above to determine correlations between products purchased and other factors to define a "niche market". This way advertising and promotional messages are appropriately applied to the right target market segment.

The companies also use the information to determine the viability of the market focus in terms of sales volumes, profit expected, cost of production and development of products. The company will determine if focusing on this group will improve its reputation in the market.

Need less to say that smaller or new firms also have access to the same information about customers as that of large organizations.The smaller firms can further carry out qualitative research which are almost free and inexpensive.They only need to watch their rivals and copy their methods of marketing. They can provide questionnaires to their customers to know their reactions to new products and be able to analyze their needs.

Article Source: Websites Melbourne

About the Author

---

Rating: Not yet rated

--Choose-- 0 1 2 3 4 5

Comments No comments posted.

Add Comment

You do not have permission to comment. If you log in, you may be able to comment.


Copy and Paste Article Code.

Remember: The article body, title, author bio and links may not be changed or removed. By publishing this article, you agree to all the terms in our Terms of Service.

More articles in this Category

1: 3 Advantages of Working Large Niche Markets
2: Finding the Path to Internet Marketing Success Overwhelming?
3: Make Money Online Fast With These Insider Tips and Strategies
4: Why Arent You Using Viral Marketing in Your Business?
5: What is Your Business Model?