Understanding target market

Clemence Mutembo

You see, understanding the target market is important for several reasons. First, it allows companies to tailor make their offerings and messaging to the specific needs and wants of the target market.

Second, it helps companies to identify the right channels to reach their target market and make the most of their marketing efforts.

Third, it allows companies to segment their target market and create more personalised experiences.
Fourth, it helps companies to set the right pricing for their products or services.

Ultimately, understanding the target market is key to success in today’s competitive marketplace.

There are several risks associated with not understanding the market. First, companies may waste time and resources on marketing and product development that is not relevant to the target market.

Second, they may miss out on opportunities to capture market share or gain new customers.

Third, they may set prices that are too high or too low leading to lost revenue. Fourth, they may make strategic decisions that are not aligned with the needs and wants of the target market.

Ultimately, not understanding the market can lead to a company’s failure to compete effectively and may even threaten its very survival.

Serving the correct market helps you build the right associations. In simple terms, brand associations are the thoughts, feelings and images that a customer associates with a particular brand.

These associations can be positive or negative and they can be based on the brand’s logo, advertisements, customer experience or other aspects of the brand.

For example, a customer may associate a brand with a positive emotion such as happiness or excitement.

They may also associate a brand with a negative emotion such as disappointment or frustration.

Never forget that brand associations can be influenced by a number of factors such as the customer’s personal experiences, their culture and the media.

It’s important for anyone to know that brand associations are a key driver of brand equity.

The more positive and relevant the associations that a customer has with a brand, the stronger the brand equity will be.

This is because brand associations affect how the customer perceives the brand and whether they feel a connection to it.

Strong brand associations can lead to increased customer loyalty, willingness to pay a premium price and higher perceived quality.

Conversely, negative or irrelevant brand associations can erode brand equity. Therefore, companies must focus on building positive and relevant brand associations in order to strengthen their brand equity.

Knowing the right market allows you to create more positive customer experiences also.

Customer experience is a very exciting field in marketing.

You see, customer pain — points are any areas of friction or frustration that customers experience when interacting with a company.

They can be caused by a variety of factors such as long wait times, complicated procedures or a lack of information from staff.

Identifying and addressing customer pain — points is crucial for improving the customer experience and driving satisfaction.

Addressing pain — points not only makes customers happier but it can also increase efficiency and drive down costs.

As a result, it’s in a company’s best interest to find and fix any pain — points their customers may be experiencing.

Customer pleasure — points on the customer journey are areas where a company’s products or services bring joy or satisfaction to customers.

They are the opposite of customer pain —points and can include things like personalised experiences, quick and friendly customer service.

Identifying and enhancing customer pleasure — points is an important part of creating a positive customer experience.

By focusing on the things that make customers happy, companies can build loyalty and increase revenue.

Creating moments of pleasure for customers also helps to build a positive brand image which can lead to more word-of-mouth marketing and more business.

My books are good examples of customer touch-points, a book is a product and a product is a fundamental customer touch-point.

I am now increasing the font in my very first book entitled : MILLION DOLLAR CUSTOMER SERVICE.

I have had some people saying it needed to be increased.

This is an example of improving a brand touch-point.

There are several reasons why customer touch-points should be improved in business. First, improved customer touch-points can lead to increased customer satisfaction and loyalty.

Customers who have a positive experience are more likely to return and recommend a company to others.

Second, improved touch-points can help businesses stand out from the competition. In today’s competitive marketplace, it is important to find ways to differentiate yourself from the competition.

Finally, improving customer touch-points can increase sales and revenue. By improving the customer experience, businesses can increase their bottom line.

If a business doesn’t improve its customer touch-points, it can have several negative consequences. First, customer satisfaction and loyalty will likely decline.

Customers who have a negative experience are less likely to return and more likely to share their experience with others. This can lead to a decrease in sales and revenue.

Second, the business may lose market share to competitors who are able to provide a better customer experience.

Finally, the business may develop a poor reputation, making it difficult to attract new customers.

In short, failing to improve customer touch-points can have a negative impact on a business’ bottom line.

You see, brand associations are a key driver of brand equity. The more positive and relevant the associations that a customer has with a brand, the stronger the brand equity will be.

This is because brand associations affect how the customer perceives the brand and whether they feel a connection to it.

Strong brand associations can lead to increased customer loyalty, willingness to pay a premium price and higher perceived quality.

Conversely, negative or irrelevant brand associations can erode brand equity. Therefore, companies must focus on building positive and relevant brand associations in order to strengthen their brand equity.

Marketing excites me as there are many new things coming up all the time.

Every day I am always learning something new around this very broad and dynamic subject.

You see, brand loyalty is closely linked to brand equity.

Brand loyalty refers to the degree to which customers are likely to continue to purchase a particular brand over time even if there are other options available.

Brand equity on the other hand refers to the value of a brand in terms of customer perception and market share.

In other words, a brand with high equity will have more loyal customers who are willing to pay more for its products and services.

Brand loyalty can also be seen as an outcome of brand equity as loyal customers are more likely to make repeat purchases and recommend the brand to others.

It’s also true that brand loyalty does feed into brand equity. The more loyal customers a brand has, the more valuable the brand will be overall.

This is because loyal customers tend to be more profitable for the company and their word-of-mouth recommendations can lead to increased market share.

In addition, brand loyalty can also help to increase the price premium that customers are willing to pay for a brand’s products and services.

Therefore, brand loyalty can be seen as a key driver of brand equity. It’s important to note, however, that brand loyalty can also be influenced by other factors such as price, quality and convenience.

There are several ways in which brand loyalty can drive brand equity. Firstly, brand loyalty can increase customer lifetime value which is the total amount of money a customer is expected to spend on a brand over the course of their lifetime.

This is because loyal customers are more likely to continue buying from the brand rather than switching to a competitor.

Secondly, brand loyalty can increase brand awareness and recognition.

This happens as loyal customers are more likely to talk about the brand with friends and family which can lead to more people being aware of the brand and its products.

Finally, brand loyalty can lead to increased market share as loyal customers are less likely to buy other brands.

Who doesn’t want more customers? There are a few strategies that businesses can use to increase their customer base. One is to focus on customer retention or keeping the customers they already have.

This can be done by providing excellent customer service, making it easy for customers to do business with the company and rewarding loyal customers.

Another strategy is to focus on customer acquisition or bringing in new customers. This can be done through advertising, promotions and other marketing efforts.

Finally, businesses can look for opportunities to expand their market by reaching new segments of customers.

You already know that market segmentation is so tied to customer satisfaction.

Everyone knows that market segmentation is the process of dividing a market into different groups of consumers who have similar needs or characteristics.

It’s important for a few reasons. First, it helps companies better understand their customers and tailor their marketing efforts to specific groups.

Second, it allows companies to target their resources more efficiently rather than trying to reach everyone with a “one-size-fits-all” approach.

Finally, it can help companies identify new market opportunities and develop new products or services that better meet the needs of specific segments.

If ever one has not formally studied marketing, they should not worry at all because marketing is not hard to understand in terms of its basic essence.

Marketing is all about customers. It looks at how to find out what customers need and how to deal with them in a way that also makes you capture value from the engagement with them.

Understanding customers is essential for any business that wants to be successful. By learning about the different types of customers and their needs, businesses can create lasting relationships and drive long-term growth.

A person in business needs to understand the different types of customers and their needs. The person also needs to know their wants and how the business can best meet those needs.

One must also know the importance of listening to customers and how to make the most of their feedback.

There are what are termed flashy customers, these can be challenging to deal with. These are the customers who have an over-blown sense of importance, they demand a lot of attention and may be difficult to please.

However, with the right approach, it’s possible to create a positive relationship with even the flashiest of customers.

The key is to be patient, they want special treatment than other customers. If you can meet their needs, they can be some of your most loyal and vocal supporters.

Talkative customers are those who like to chat and share their opinions a lot! These customers can be great sources of feedback but they can also be time-consuming and may not always have the most relevant information to share.

The key to dealing with talkative customers is to actively listen and take what they say with a grain of salt. Validate their feelings and concerns but don’t necessarily take everything they say.

Also, make sure to set boundaries so the conversation doesn’t go on too long.

Clemence Mutembo is a High-Impact Customer Experience and Sales Trainer who has done over 500 presentations to small, medium and Large organisations.
You may connect with him: 0778 994 994