We live in a time when information is readily available at any given moment. As long as we have access to the internet, we have a wealth of data and knowledge at our literal fingertips.
However, as businessmen and entrepreneurs, we cannot simply rely on Google if we want to know more about the consumers we are trying to reach. The Pew Research Center might have conducted plenty of surveys about our target age range, but what we find on their website is not enough if we truly want to create services and products that will change the game.
If you are in the research and development phase of your business start-up, here are some tips and pointers to know more about your target market this 2022.
Find out what they value in a brand
Because we live in a time when consumers are so much savvier and more conscious than ever before in history, thanks to the availability of information, the state of the world, and how capitalism affects people and the environment, we need to find out what our target market values most of all in the brands they support. Here are some examples, but this list may not be exhaustive:
- A brand’s ethos in terms of sustainability, labor, ethical sourcing, and social responsibility
- The types of suppliers and manufacturers the brand works for, like if they make use of a machine like a piston filler and if the equipment they use is properly maintained and performs to the highest standard
- How choosing your brand will provide them with the best return for their money or investment
These are just some examples, and your target market, whoever they may be, will have a long list of values and priorities when choosing a brand. You just have to ensure that you gain a keen understanding of those values and priorities so you can meet them. Another thing to note is that these values and priorities will also change as the world and circumstances change, so you and your team also need to watch out for how they will react to current events and the state of the global economy.
Read up on the available information
Every market research needs to undergo a review of related literature. This phase will help you understand the information and data that’s already out there, and you can supplement what you find with more details as your research and development phase continue. Here are some sources you can look into to gain a deeper understanding of your target demographic:
- Case studies and psychological analyses by marketing professionals who have already done their homework before you
- Your sources can be general market researchers, industry reporters, and even sociologists
When doing your research, just make sure you sort through the date and choose the most recent to ensure that you’re only looking into the latest and most relevant data.
Establish a customer persona
After you’ve collected all the necessary data, it’s now time to go deeper in your understanding of your customer. Think of this as a person that exhibits all the key characteristics of your target market. The most basic information is their age, gender, education level, income, and the supporting characteristics include their sensitivity, temperament, curiosity, values, priorities, and others. If you want to go even deeper, you can come up with a schedule of how they spend their day or week, and when they would require your products and/or services.
It’s one thing to gain access to and parse through relevant numbers, but it’s another to see beyond the percentage and see the human beings beyond the statistics. You can do this by creating a customer persona or profile, or establishing the kinds of people you want to engage through marketing. Create a customer persona so that you and your team can have a clearer view of the people you’re trying to reach.
Create your own survey
Once you’ve created a customer persona, it’s now time to send out a survey to further zero in on your brand’s specific market. Every piece of research you have come across until now has been more general, but this time, you want information on the people that you will be serving directly. Because Google is banning third-party cookies by 2023, brands need to get the information they need directly from their customers.
If you want to be a successful businessman or entrepreneur, then you need to understand your target audience or demographic. Follow these steps to ensure a smooth and successful market research phase for your business.