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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:
  1. Distinguishing characteristics of the major/primary market you are targeting.

  2. This section might include information about the critical needs of your potential customers,

  3. The degree to which those needs are (or are not) currently being met, and the demographics of the group.

  4. It would also include the geographic location of your intended market, The identification of who makes the decision,

  5. Any seasonal or cyclical trends which may impact the industry or your ebusiness, or business.

The Size of your ebusiness market

What you need to know

  1. The estimated number of potential customers in your primary market.

  2. The number of annual purchases they make whether it be products or services similar to your own, and the geographic area they reside in.

  3. The forecast as to your ebusiness target market growth for this group.

  4. 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.

  5. 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.

  6. Resources for getting information about your  market. These resources might include directories, trade association publications, and government documents.

  7. 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.

  8. 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.

  9. 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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