whatismarket

They all share a common characteristic which leads them to need what you have to offer.  Whilst a market is one group of people, you will find with your research that there can be many markets for your product or service.  Each market will have it’s own wants/needs from you, and will require it’s own message and quite possibly a different media set.  It’s important that you identify your market and understand them as granular as possible, as it makes the other steps much easier as well as effective.

 

whoIf you have an existing business, discovering your market(s) could be easier, as you already have a customer base which you can look to, in order to discover the
‘Who’.  You’ll be able to paint a picture of your customer, and look at what characteristic they all share, what problem you solve for them, or what service they need.  It is good practice for you to create a customer avatar, for each market (customer type) you have, as it will enable you to look back and keep referring during subsequent campaigns.  For those of you who are just starting a business, you will need to be a little creative, maybe through research, to discover your customer avatars.

A customer avatar should be completed in as much detail as possible, the more you understand them, the better you can craft your message, and get to know where they can be reached, and so the media to use. To help you, we have crafted this customer avatar worksheet.


whatTake a look at what you are offering.  Look at what it is able to do for your customers, look at it’s unique selling point.  What needs does your product or service fulfill? What problem does it solve, or what can it do to improve their lives? By answering the what, you may be able to identify new customer groups which need your product or service.  The what will also give you the first steps to creating the message for each market.  


whenThink about when the customer may need your product or service, or when they might buy it, or even when is it the right time to introduce your offering.  Getting the timing right, can help craft the message, can help make it more effective, thus reducing the ROI.


whereThe Where is also very important, where are they, where do they need the product/service? Where are they when they are ready to buy?  Where may they read more information about the product or service before they buy? Where is both the physical geographic location of your market, but also think about the where in relation to their route to purchase, you want to make sure that you are in front of mind when they are ready to buy.  Where as well as the message, helps with discovering the media to use to convey your message to your market.


whyWhy is related somewhat to the what question, so why do they need your product or service, why will it help them, why is it better than other solutions, why buy from you.  You can also look at why do they buy at a particular time, or period in their life, or even at  a particular place.  The why, along with the what feeds the message.


howHow is the last of the questions which need answering, how do they access your service or how do they purchase your product?  How will your product make a difference to their lives? How are they feeling when they need your product? How will they feel after using your offering?  When you think about how, pay particular attention to the emotions, these will again help you with the message.

As you can see from all the questions, the answers all lead you to a better understanding of your market.  They all provide you with insight into your customers, they offer insight into your product or service too.  Using the information you glean from answering these questions will lead you to be able to craft a killer message, designed for a specific group of potential customers (a market) and you’ll be able to go some way to finding the best media, the best way to convey your message to this select group of potential customers – or Your Target Market.