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

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Social Media And Your Business - Snapchat

Attracting new customers to address churn and grow revenue is a challenge faced by all businesses. It is important to understand the respective social media platforms in regards to the audience, how you can leverage and the potential negative impacts. Whether you use Twitter, Facebook, Instagram, LinkedIn, Periscope and etc, it’s extremely important to develop a social media strategy prior to posting. By doing so, you will promote a consistent message aligned with your brand, target the right audience and establish metrics to measure performance. According to LeilaLewis, Snapchat has moved from personal use to business where you can engage your customers using Geofilters for events, behind-the-scene looks and more.

 

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