Demographic analysis
Posted: Sun Dec 22, 2024 6:32 am
In the selected segment, the first thing to do is to study the audience. To obtain statistical information about potential buyers, surveys, focus groups, testing or website parsing are used. The main task is to identify the characteristics of a specific target audience by which it stands out from the general mass of consumers. Most often, these include gender, area of residence, lifestyle or occupation. The description of a typical target client should be based on approximately ten criteria. This number is enough to identify a segment of a suitable size.
Demographic analysis
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Once you have a clear idea of your thailand whatsapp number target customer, conduct a test to study their opinion of your product. This will help you figure out where to start promoting and what actions are appropriate to take. At the same time, before you start selling, you will already be able to estimate the approximate demand for the product.
Release of a trial batch
So, all that's left for you to do is launch the product into production. Keep in mind that it's not always advisable to develop a completely new product for a specific market segment. The best solution is usually to modify an existing product. Let's say a company that owns a chain of sports bars has decided to switch from all sports fans to fans of a specific game. In this case, it will only show visitors certain competitions and decorate the hall in the appropriate style. A test option here could be opening one such bar and sending out exclusive invitations to regular customers.
Launching a trial batch allows you to understand whether the new product will be able to meet the needs of the selected target audience. Before starting large-scale production, there is an opportunity to make any changes to the technological process. The improvements should result in a product that solves all customer problems.
Advantages and Disadvantages of Concentrated Marketing
The strategy under consideration provides undoubted advantages in terms of rapid market coverage. Due to precise segment selection, audience description, and product development, it is possible to take leading positions in the industry in the shortest possible time. At the same time, advertising costs are reduced in technologically more developed areas. Another positive aspect is that in a limited production niche, the company can confirm its professionalism. Therefore, even in the event of a transition to another segment, the business maintains a high reputation.
Advantages and Disadvantages of Concentrated Marketing
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However, there is a possibility of losing positions. With a small number of competitors, each of them can get ahead by offering a better service or product. In addition, a negative consequence of using the strategy is the inability to expand the business. Due to the limited target audience, sales will gradually reach the maximum volume at which the product will be sold to all potential customers. If the product is quickly consumed and needs to be purchased again, it becomes possible to establish stable sales in the selected area. However, the demand for expensive and technically complex goods in a narrow segment at some point falls to a minimum.
Certain difficulties may be associated with the company's attempts to test effective promotion schemes in another segment. Due to the narrow focus of the market, it is characterized by specific requests and methods of influencing clients. Such methods do not work on another audience, in addition, a successful manufacturer of specific products does not enjoy universal recognition. For example, the name of a company that produces sport rifles is unlikely to be familiar even to passionate fans of biathlon.
Demographic analysis
Source: shutterstock.com
Once you have a clear idea of your thailand whatsapp number target customer, conduct a test to study their opinion of your product. This will help you figure out where to start promoting and what actions are appropriate to take. At the same time, before you start selling, you will already be able to estimate the approximate demand for the product.
Release of a trial batch
So, all that's left for you to do is launch the product into production. Keep in mind that it's not always advisable to develop a completely new product for a specific market segment. The best solution is usually to modify an existing product. Let's say a company that owns a chain of sports bars has decided to switch from all sports fans to fans of a specific game. In this case, it will only show visitors certain competitions and decorate the hall in the appropriate style. A test option here could be opening one such bar and sending out exclusive invitations to regular customers.
Launching a trial batch allows you to understand whether the new product will be able to meet the needs of the selected target audience. Before starting large-scale production, there is an opportunity to make any changes to the technological process. The improvements should result in a product that solves all customer problems.
Advantages and Disadvantages of Concentrated Marketing
The strategy under consideration provides undoubted advantages in terms of rapid market coverage. Due to precise segment selection, audience description, and product development, it is possible to take leading positions in the industry in the shortest possible time. At the same time, advertising costs are reduced in technologically more developed areas. Another positive aspect is that in a limited production niche, the company can confirm its professionalism. Therefore, even in the event of a transition to another segment, the business maintains a high reputation.
Advantages and Disadvantages of Concentrated Marketing
Source: shutterstock.com
However, there is a possibility of losing positions. With a small number of competitors, each of them can get ahead by offering a better service or product. In addition, a negative consequence of using the strategy is the inability to expand the business. Due to the limited target audience, sales will gradually reach the maximum volume at which the product will be sold to all potential customers. If the product is quickly consumed and needs to be purchased again, it becomes possible to establish stable sales in the selected area. However, the demand for expensive and technically complex goods in a narrow segment at some point falls to a minimum.
Certain difficulties may be associated with the company's attempts to test effective promotion schemes in another segment. Due to the narrow focus of the market, it is characterized by specific requests and methods of influencing clients. Such methods do not work on another audience, in addition, a successful manufacturer of specific products does not enjoy universal recognition. For example, the name of a company that produces sport rifles is unlikely to be familiar even to passionate fans of biathlon.