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Your
eBusiness Target Market
Research
Your Intended Customer Market
I
know that researching your ebusiness target
market is often
difficult and time consuming especially when you try and focus on the
groups of people you want for your business. The type of product or
service you are promoting will always influence the choice of market
you are aiming for.
Maybe its a local business
then your
ebusiness target market is not so difficult to research. If it is going
global then this is more difficult and you will probably need help from
a specialist research company.
Your eBusiness target
market is
simply the market (or group of customers) that you need to focus on in
order to make sales. When you define your aimed market, it is important
to narrow it to a manageable size; many businesses make the mistake of
trying to be everything to everyone. Often this leads to failure.
In
this section, gather information which identifies the:
-
Distinguishing
characteristics of the major/primary market you are targeting.
-
This
section might include information about the critical needs of your
potential customers,
-
The
degree to which those needs are (or are not) currently being met, and
the demographics of the group.
-
It
would also include the geographic location of your intended market, The
identification of who makes the decision,
-
Any
seasonal or cyclical trends which may impact the industry or your
ebusiness, or business.
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The Size of your ebusiness market
What
you need to know
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The
estimated number of potential
customers in your primary market.
-
The
number of annual purchases they make whether it be products or services
similar to your own, and the geographic area they reside in.
-
The
forecast as to your ebusiness target market growth for this group.
-
How
you will be able to gain market share and the reasons why. You would
determine the market share percentage and number of customers you
expect to obtain in a set area. You should also explain the logic you
used to develop these estimates.
-
Your
pricing and gross margin targets. Here, you should define your pricing
levels, your gross margins, and any discount that you plan to
set
up for your business, such as volume/bulk discounts or prompt payment
discounts.
-
Resources
for getting information about your market. These resources
might
include directories, trade association publications, and government
documents.
-
What
type of media you will use to reach your target audience. Such as
publications, radio or television broadcasts, or any other type of
credible source that influence your target business, or market.
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How
often will your potential customers purchase. You will need to identify
the needs of your intended ebusiness target market, do research to find
the solutions to
their needs, evaluate the solutions, and identify which section of your
ebusiness market has the authority to make the purchase.
-
Make
a note of trends and potential changes which could influence your
primary target market. The key characteristics of your
secondary
markets. Again you need to identify the demographics, and
trends
which would influence your secondary ebusiness markets in the future.
If
you require any advice or information about how
you go about targeting your eBusiness
market, please use the contact us page and we will be pleased to
answer you query.
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