I recently had a conversation with a friend who runs an agency in the UK on the challenges of accurately identifying the right target market for campaigns. Whether the US, the UK or India, knowing your market today – not last year or three years ago – and what their needs are can make or break your campaign efforts.
It’s seems obvious but often times that involves some deep soul-searching with your senior leadership to determine what the challenge or opportunity is that you are trying to address. What your leadership or client’s leadership perceives may not be what the market perceives.
Here are a several tips to help you zero in on your market:
Go back to the drawing board. With your senior leadership team, determine what it is that you actually offer today whether a product or service. How has the market responded to that product/service? What shifts have occurred within your company and within the market that you may need to adjust for? What are competitors offering and what markets are they targeting?
Let the data speak. If your leadership thinks your market is the same as it was two or three years ago, you may want to conduct primary research to confirm those assumptions. Primary research includes focus groups, questionnaires, surveys and interviews. Do not be afraid to bring to the table those that may not always agree with the product or direction of your company.
Look towards the future. Identify where the opportunities for expansion are. Analyze your quantitative data on your product/service to see any patterns that are emerging and/or shifting. Work with in-house market researchers or hire a firm to help you delve into those trends further to determine future potential.