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)?
- 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
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