How to Identify Your Target Market
India's Business to Business (B2B) e-commerce market is expected to reach US$ 700 billion by 2020. Online retail is expected to be at par with the physical stores in the next five years.BY Nibedita Mohanta | Aug 19, 2017 | comments ( 0 ) |
Customer is the ultimate finish line, upon which the entire race of businessmen competes with, for survival.
Jerry Gregoire said, “The customer experience is the next competitive battleground.”
India’s retail market is expected to nearly double to US$ 1 trillion by 2020 from US$ 600 billion in 2015, driven by income growth, urbanisation and attitudinal shifts. While the overall retail market is expected to grow at 12 per cent per annum, modern trade would expand twice as fast at 20 per cent per annum and traditional trade at 10 per cent.
India’s Business to Business (B2B) e-commerce market is expected to reach US$ 700 billion by 2020. Online retail is expected to be at par with the physical stores in the next five years.
The Indian fashion accessories segment, the market was worth around US$ 3 billion in 2013 and is expected to grow at a CAGR of 12 percent touching US$ 6 billion by 2019.
The game of money depends wholly and solely on the customer demand and supply.
Here are a few ways to help you identify your target market:
Bridge the Gap:
Damon Richards said, “Your customer doesn’t care how much you know until they know how much you care.”
There lies a huge gap between the customer and the business, which is bridged by the business owner through research and research only.
One needs to have a thorough research done from grassroots level to know the customer, its needs, and its desires and at reasonable price.
Not just theoretically but practically, one has to go and identify the major need of the customers and how it is being fulfilled.
One has to do the leg work to know the product, which the customers are using and how he/she can produce better products than the existing.
It might take longer duration than planned earlier but it is all worth it. A thorough survey will help in further developing the product and enhancing it in future as per customers’ need and requirements.
Ross Perot said, “Spend a lot of time talking to customers face to face. You’d be amazed how many companies don’t listen to their customers.”
The business has to find out ways to reach to the customer because it won’t happen the other way round.
The customers come to know of the product only through advertisements and fid the common relation, which is where the bond is made between the business and the customer.
The advertisement should focus on the basic problems being faced by the customers and how easily the product solves it. The reasonable price, which fits in the pocket of the customer, will help in growing the business.
Advertisements generally hit the human emotion, thus the human angle will help in connecting with the product better. It will even help in gathering applauds, if the advertisement involves the user as well, reflecting true and raw emotions.
Choose a wise and creative advertisement team to get connected with the customers.
Evaluate Your Rival:
‘No one is perfect but one can try to be almost perfect.’
Before you set your foot in the market, evaluate the existing products or services. If possible experience or use the product yourself and sit with the team to brain storm.
Find out the loopholes and how you can fill it with your unique ideas or methods to please the customer. This can also be used in advertisements, which has the power to influence the mass at one move.
If you could not trace any loophole, try to collaborate with the rival or work with them for some time, this way they can use your method and you can use their market base to form your brand.
There are many rivals who are working under the shadow as you to make their entry in the market, so beware of being fooled or from getting your ideas stolen.
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