Targeting who your customers are is the future of your business. Figuring out what motivates them to purchase goods or services, where they buy them, and who buys them are parts that need to be determined to gain a foothold. By collecting data on specifics such as age, gender, location, economic status, who buys your products both currently and in the future, among other information, will determine who your customer base is and how to market them and retain them. By specifically targeting these categories, it paints a clearer picture of how to target. By taking the four P’s into consideration; Price, product, promotion and place, this also helps you figure out what your value drivers are that makes you understand what drives the customer’s decisions for the purchases and what the most important factors are to them. Understanding the customer’s needs is the basis of selling your products. Designing your products, pricing and marketing efforts with your customers in mind puts you in a far better position to win their business. By collecting data as well as sales data, both past and present, you can collect enough information to evaluate their needs and hone in on your target market. Apple Products is an outstanding example of how they use customer information to track their consumer and what drives their purchases behavior based on previous sales and through downloads from iTunes. It allows them insight and leverage as to their customer purchasing behavior.
Some of these areas of customer analysis could be:
• Education – Each nation has different literacy levels so being aware of it will allow you to understand your market and how to communicate your message, either an audio or visual message versus a written camp...
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...makes you stronger especially learning from their successes and failures. By looking at their business including their on-line presence, including social media sites, retail locations, their products, services and prices, company objectives, promotions and campaigns, will uncover the business strategies of your competitor as well as the feel of their customer opinions. This will identify what types of customers they may be targeting, whether it’s a specific customer or the mass market. Competitive analysis can also help you identify changes you should make to your business strategies. Learn from competitor strengths, take advantage of competitor 's weaknesses, and apply the same analysis to your own business plan. Also be aware of potential competitors and be ready to take advantage of any opportunities that arise with those that fail and be ready for new challenges.
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