Market Research For Entrepreneurs | Customer Targeting & Retention Guide Launch
In the latest guide, Fred Cary, CEO of IdeaPros and author of the volume, notes that by doing market research, startups can more effectively identify potential customers. This ensures that marketing efforts not only lead to greater brand awareness but increased sales potential, too.
More information about IdeaPros is available at https://www.ideapros.com
IdeaPros’ recently released report teaches business owners how to identify ideal customers by understanding their mindset. The expert then offers advice on how to design products to better suit customer needs and turn them into loyal clients.
Additional details can be found at https://www.ideapros.com/blog/three-target-market-strategies
THE VALUE OF REPEAT CUSTOMERS
While marketing campaigns are designed to attract new buyers, entrepreneurs must not neglect their “bread-and-butter” clients — the ones that already like their offerings and consistently repurchase them. Indeed, data shows that 61% of small-and-medium-sized businesses derive half their revenue from such customers.
As Cary notes, “You can’t target these lucrative customers if you don’t know who they are. That’s why market research is pivotal, as it reveals what consumers want so you can anticipate and answer them. Growing your business often comes down to knowing who buys your products — and why.”
CREATING A NICHE
Another crucial aspect the report delves into is creating a business niche, a highly specific product or service category based on the results of market research. By doing so, companies face less competition and therefore have a higher chance of dominating that niche. Cary adds that entrepreneurs can refine their product category into further sub-niches to uncover new growth opportunities.
The report likewise highlights the importance of focusing on a business’ target market to achieve sustainable growth. When a business consistently provides attractive products and excellent customer service, consumers are less likely to stray and try competing brands. This also ensures that marketing resources are utilized efficiently — a must for newly established startups.
“You should always be flexible and keep an open mind as you work to market your business. But once you have established your ideal customer, stay laser-focused on them and dedicate your time and effort to keeping them happy,” says Michael Corradini, a co-founder of IdeaPros.
IdeaPros specializes in business coaching, helping entrepreneurs bring their business ideas to life by providing market research, product launch strategies, engineering and development, as well as branding solutions.
More information can be found at https://www.ideapros.com/start-now
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Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No Times of Chennai journalist was involved in the writing and production of this article.