Most companies make the mistake of trying to sell to far too many people, and consequently they communicate a bland and generic message that fails to cut through the noise.
Of course there are some businesses that truly do have the potential to sell to everyone, but the vast majority need to laser in on their perfect customer. We need to give them a name, job, personality type and daily routine. The clearer we can paint this picture of your ideal target, the more likely it is that we’ll be able to speak to them effectively.
For those businesses that have a range of different target segments, we then need to identify the common themes that tie these seemingly disparate groups together. McDonalds, for example, sell to teenagers, families and business people – three groups that on the surface have almost nothing in common. However, the reality is that impatient teenagers, frantic parents and busy business people, all value convenience. That’s their common ground.
Once we have mapped out these audience segments we then need to get a feel for what they think about you and your competitors. For this analysis we need a combination of qualitative and quantitative survey questions that are addressed to the following groups:
Your existing customers.
Your lapsed customers.
People who fall within your target audience but have never been a customer.
We need to get a sense of what they like about you and what they don’t like? Why do some of them prefer your competitors? Above all, what are the differences between how you wish your brand to be perceived (your brand identity) an how your audience actually perceives it today (your brand image). The bigger this gulf, the harder we will have to work together to bridge the gap.
Other important areas of research involved in our market analysis include:
YOUR BUSINESS
THE COMPETITION
THE BROADER MARKET CONDITIONS
SERVICES
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