By identifying and understanding your customers, you can assess their needs and determine whether your business concept will meet those needs.
Research will help you determine the customer group most likely to purchase your product or service. This is your target market. Your target market may be businesses or consumers. By identifying your target market, its demographics, and its buying and spending habits, you can focus your marketing and advertising efforts more effectively.
In the preliminary stages of your market research, you may have many potential markets for your product or service. Use a variety of methods to pinpoint the markets most likely to receive your business concept well. Creating a customer profile is one method of describing the individuals who make up your target market. A customer profile can provide a clear picture of the type of person or business you are planning to serve. This information helps to drive your marketing strategy, promotional design, and sales process.
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