How To Understand What Your Target Market Wants
Have you truly ever sat down and pondered the question: “What do my customers want?”
In this article, we’ll explore this question along with strategies for uncovering the deepest desires of the ones that keep your business running.
Why the market matters
Thousands of industries, millions of products, and billions of consumers is what you’re up against when you take the entrepreneur leap; a bad choice in the products you create (or promote) will lead to a disastrous venture.
Knowing what your market wants reveals the following:
- The solutions to a consumers needs (aka: the product)
- How much consumers are willing to spend
- Where you will find your desired customer
The answers all stem from the single question as stated in the beginning of this article but knowing this information is just the beginning – how do you implement these ideas generated from this query?
Five ways to discover a buyers market
Knowing the products to promote, how much consumers are willing to spend, and where you will find these individuals is only the first half of the equation that is … business. Now, let’s example five different methods for discovering a market of hungry buyers.
- Keyword Research. Use keyword tools to discover the exact phrases and keywords consumers are using to find products and services on the web. The keyword, incidentally, will also reveal your market because it shows the buying habits, competition from advertisers, and related search terms they use for their online research.
- Social Monitoring. Begin monitoring social networking websites like Facebook and Twitter for both existing advertising campaigns and what real people are discussing such as their problems, ideas, and goals. Align your business to answering common problems and the ideas will lead you to the perfect product or service selection.
- Ask Them. Don’t rely on your own judgment – ask your existing audience what they’re willing to buy – find the solution to the problem. Few businesses pay close attention to their community; they should because the next big idea could come from within.
- Lurk Forums. Get active on hot-spots and online forums to see what users say about existing products from your competitors; find an alternative solution and begin marketing to these same individuals.
- Mirror Industries. Call your competitor on the phone and use social engineering tricks to reveal their direction for business; mirror the moves they’re making but put your own spin on its approach. Beat your competitors to the punch with a better offering.
There you have it. You’re not ready to conquer your market – go get ‘em!