To start a business is easy, but to have a business that can sustain for long-term and successful needs more than just an idea and capital. It requires investment in time, effort, and understanding of the market. One key to a successful business is to master the target niche market inside out. The first technique is to apply S.W.O.T (strength, weakness, opportunity, treats) analysis for every market segmentation; demographic, psychographic, behavioral and environmental. With the S.W.O.T analysis data, business will have a clear focus in courting potential customers.
Identifying a target audience provides a clear focus of whom the business will serve and why those consumers need the company’s goods or services. Determining this information also keeps a target audience at a manageable level. It also helps in term of prioritizing resources, current and future business plan. Target marketing helps businesses evaluate which segments of their audiences are most likely to buy their products, and prioritize resources accordingly. With consumers’ help, however, companies can determine which foreign audiences are worth targeting.
For example, Google’s volunteer network has helped the company become the world’s most translated for-profit website, with 148 languages and counting. This relationship, in turn, enables Google to learn what aspects of their products or services matter most to customers. The next technique is to identify positioning and competitive differentiation. This technique is to identify where competitors are positioned, and which attributes are most important when customers are making a purchase. One of the ways for this technique to be effective is to apple the 4’P (product, price, place and promotion) in marketing.