The ultimate hymn to a successful business is to stop doing things that turn off your target market. Not being able to recognize and segment the audience is the most significant mistake a company can suffer from. A savvy market does not depend on a SWOT analysis. A comprehensive market research analysis has to be done before launching a product.
Here, THREE Inexcusable Target Marketing Mistakes have been elaborated.
1. Trying to be Everything to Everyone:
No matter how excellent and delectable your product is, it will never allure everyone. You cannot sell everything to everyone. True, your product gets maximum exposure, but in reality, you are spending thousands of dollars on an audience who is not interested either. The Pareto Principle states that 20% of your customers buy 80% of your products. If one can analyse the 20% of customers in-depth, it will be easier to recognize similar customers and target them.
2. Narrowing Down your Target Market:
Restricting your target market will lead to losing out your potential customers. You might have your niche market, but soon enough it will get saturated, e. sales opportunities will get tethered. Expanding your market, keeping up with the technology life cycle, focusing on needs depending on the demography or geography are some ways to improve or have an idea about the future needs of your existing as well as the potential customer.
3. Making too Many Assumptions:
Do not presume your customers. Just because the target audience is elderly doesn’t mean they don’t use the latest technology smartphones. Extensive research and direct or indirect market surveys must be done to determine the target audience. Knowing your customer the only path to a successful business.