What is Target Market Research?
Target market research answers the question
"Who needs and wants your products or services and who
can
afford to buy them?"
The Benefits of Knowing Your Target Markets
Clearly defined target markets are critical to
the penetration of existing and the development of new markets.
Marketing has the critical function of finding
and defining target markets for its products and services. Marketing must be able to match the product
to specific groups of people that are willing and able to buy
the product and to know the differences of each of these
target markets.
Overall, target market information allows a
company to:
-
increase revenues
-
better plan their
business, marketing and sales activities
-
better define who is
a prospect and who is not
-
better positioning of
products or services
-
find new customers
for current applications and current product or service
-
find new applications
and new customers for current product or service
-
uncover market
changes
-
speed adoption rates
Research Methodology
Steiner Marketing finds target markets by
matching benefits and features of existing products to needs:
-
To increase market penetration, we evaluate the market fit of
your products with your customers as well as with people that
bought a competitor's product. We evaluate the current target
markets' ability to pay. We determine which attributes,
features and benefits match your existing target market's
needs. We provide positioning statements that address
your customers' needs.
-
To enhance market development, Steiner
Marketing evaluates the market fit between an existing product
and new markets. We determine which attributes, features and
benefits address the needs of other people. Once we find new
potential users, Steiner Marketing evaluates the group's
overall ability to pay for the products and services. We
provide positioning statements that address the needs
of your new target markets.
Research Options
To prioritize business, marketing, and sales
planning, target market research needs to be followed up with
market sizing studies.
Get Your Questions Answered
If you have any questions about target markets, give us a call or
send us an email.
We will be happy to answer your questions.
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