Whether you’re preparing a business plan, developing an advertising campaign or wanting to get more visitors to your website, you need to have a comprehensive understanding of actual (ideal) customers, prospects or users.
Traditionally, Target Market Analysis has been limited to having a few demographic details (such as age, gender, income and education etc), some geographic conditions (city, state, country, urban, rural climate etc) and maybe a little bit of psychographics (lifestyle, hobbies, interests, activities, behaviours etc).
In our increasingly interconnected mobile world this flat 2D type of understanding of prospects and users is limiting for business decision-makers.
At Semantia, Target Market Analysis is the cornerstone of how we get the amazing ROI and bottom-line results we achieve for our client. These results are only possible because of the different new and modern way in which we undertake Target Market Analysis.
By acknowledging the interconnectedness and complexity of people’s lives we’re able to bring to light more believable and detail rich understandings of prospects, customers and users for your business.
Rather than just focusing on Australian working mothers; looking at their lives as a whole, including how they interact with others and the possible impacts and influences others and their environment has, resulted in a fundamental shift in how products were developed, the way they were marketed, how support was delivered and complementary products & services were recommended and sold.
When you look beyond demographics to discover motivations, interactions and emotions you get greater insight and understanding… This is what Semantia does.
It’s the behaviourial and emotional nuances uncovered by this modern approach to Target Market Analysis that makes the difference for business decision makers.
Reduces the risk of making bad business decisions
Risk enters the decision making process when information is missing or the wrong information is thought to be true.
With a better understanding and more detailed information about your target market, it’s easier to make decisions about how to grow your business, which strategies and tactics to use for increasing market share, which investment opportunities are right for your business as well as how best to direct new projects, customer service objectives, product development and service offerings.
Reduces cost blowouts and time delays on projects
When your team is crystal clear on who they are creating value for; problems with design that cause scope creep and over engineering evaporate, while guesswork is replaced with informed decision and customer priorities become the focus for projects.
Team members who want to grandstand or don’t have the businesses interest at heart rise to the surface and can be quietly sequestered which increases innovation and productivity in the rest of the team.
Clarity around who your target market is, in detail, gives you the ability to assess the value of project proposals quickly as well as evaluate the accuracy of forecast outcomes for projects.
Increases the quality of communication
Communication, whether it’s how your team communicates internally or externally with customers, prospects, users, suppliers, partners and others, is a vital part of brand, reputation and customer service in the modern business world.
With a believable realistic picture and story of who your target market is, you’re able to stop the use of internal jargon, industry acronyms and technical terms when communicating, in favour of the words, language and style of communication your prospects, users and customers use. Matching the communication style of your target market results in immediate gains in positive customer opinion, improved brand reputation, trust and loyalty.
You are also better informed, to recruit team members who understand and can relate to your target markets problems, which further increases your internal understanding of your target market, the niche and value opportunities. Which fuels innovation and creativity, which drives business growth.
Increases innovation and productivity
The ability to focus team efforts on the needs and desires of a specifically described person, removes the distractions, uncertainty and procrastination that troubles many business teams, executives and entrepreneurs when it comes to innovation.
It’s with laser beam focus on customer driven outcomes that you erase questions and doubts which lead to indecision or directionless activities that waste resources. When you really know the ‘ins and outs’ of your target market your activities are concentrated, creative and inspire innovation.
Increases marketing efforts and effectiveness
Having your marketing message heard in our increasingly crowded, attention-demanding world is challenging and the reason why being specific and detailed about who your target market is is so important today.
Through carefully choosing the channels, audiences and strategies your marketing campaigns utilize so that you are getting in front of the right people is vital for managing marketing budgets… And when your marketing message is in front of the right prospects your analytics and data also become more meaningful and actionable.
Improves customer service processes
When you know the behavioural and emotional traits of your target market you can predict the issues, objections, problems and complaints most likely to affect your customers, prospects and users. This gives your business the ability to write scripts, design processes and program workflows that support your target market in ways they never guessed they needed or wanted.
Being pro-active with customer service in this way puts you in control of your business reputation, it allows you to respond quickly to the unexpected and streamline after sales activities. All of which improve the customer experience.
Improves your ability to create products and services your customers want
Guessing at what your customers want or even delivering the wants of a vocal group on the fringe of your target market can take your business off course.
Precise and unambiguous information about who your prospects, customers and users are stops product development from ‘hit or miss’ syndrome. Detailed target market analysis allows your team to create sophisticated models and scenarios to create innovative new products and services that your market is hungry for.
Target Market Analysis Consulting
Designed to meet the needs of new start-ups, organizations that are restructuring and those companies who are experiencing dramatic changes in their industry.
The Semantia Target Market Analysis consulting process consists of two, two-hour workshops with key members of your team, ethnographic research, interviews, data analysis, information representational modeling and a two-hour Q&A presentation with presentation pack for your team.