Finding Your Customers - Market Analysis

Prior to promoting your business to customers, you should know who these customers are, where they are located and how to reach them – target market segmentation. A market analysis will provide information that is vital to understanding your customers. Using the Five W's and H will help you in this effort

• Who are your customers – age, income, gender, interests & etc.
• What products, services or features interest your customers?
• When your customers are most likely to purchase?
• Where your customers are located?
• Why your customers purchase from you?
• How do your customers behave (lifestyle)?

If you are an existing business, you likely have good data stored in your customer relationship management database for a market analysis. If not, Mike Kappel recommends the following sources to gather additional information.

• Bureauof Labor Statistics and Economics& Statistics Administration
• State and local commerce websites
• Articles in trade journals
• Interviews, focus groups, questionnaires, and surveys from your target market and trade associations
• Competitor strengths and weaknesses

Learn More: http://bit.ly/2jpivjl

Contact Us: http://bit.ly/dTcContactUs