Know Your Target Market

  • 17th Aug'20
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What is Target Market?

 

Before launching a product or service, the company conducts a survey and tries to figure out who are the potential customer for the said product or service. These customers basically form the target market for the company. The company then focus more on its taste and selection criteria to further design the product or service. 

 

To know what is a target market in business, you can be read these links:

https://www.investopedia.com/terms/t/target-market.asp

https://www.oberlo.com/blog/target-audience

https://www.shopify.in/encyclopedia/target-market

 

What is Market Segmentation?

 

Market Segmentation is a criterion on which basis the target market of a business is divided. The population is distributed under several categories and then looked upon separately. Market Segmentation helps a business to know the exact behavioural pattern of its target market. 

 

Read the below links to know more about market segmentation and its types:

https://www.qualtrics.com/au/experience-management/brand/what-is-market-segmentation/

https://www.lotame.com/what-is-market-segmentation/

https://www.feedough.com/brand-positioning/

 

How to do Market Positioning?

 

There are numerous brand present in the market with the same product or service. Standing out of the line and being the first choice of at least 50% of the target group is an achievement, but a tough task too. To achieve this tough target, the companies use Market Positioning strategy to have the maximum number of customers. 

 

Read below to know more about Market Positioning:

https://www.thebalancesmb.com/how-market-positioning-connects-with-customers-4158186

https://www.entrepreneur.com/article/227445

https://www.bl.uk/business-and-ip-centre/articles/how-to-develop-a-market-positioning-strategy

https://strategiccfo.com/market-positioning/

 

Reading case studies is the best way to understand a concept and use it for self. Market positioning has widely been used by several companies to attract more of the target group. Here are a few examples of Market positioning. Read:

 https://www.newbreedmarketing.com/blog/7-examples-of-strong-brand-positioning-and-why-they-work

 

We, at OpenGrowth, are constantly looking for trending start-ups in the ecosystem. If you want to know any further information about the startup ecosystem, then do let us know in the comment section below.

 

Contributor: Amrita Sinha

Amrita is in the field of media. She has a deep inclination towards writing and public speaking. She aims to remove the stereotypical mindset of society. She loves to read and photography is her passion.

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About the author:

Editor , OpenGrowth Content Team

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