Identifying and understanding the needs of the customers, any organization can assess and determine whether product or service will be able to meet such needs (and, if applicable, how any product or service is improved than the competition). To simplify, the end customer is the person who use product or service after it has been fully developed, marketed, and installed.
The right market research assists in determining the key customer group which is most likely to purchase product or service and the target market. Moreover, the target market may be businesses or the consumers. After identifying the target market, our market research analyze demographics, buying and spending habits, which can more effectively focus on the marketing and advertising efforts ensuring reaching to right people. Over the preliminary stages market research, provides substantial opportunity in identifying the potential markets for the product or service. The techniques include variety of methods such as market and competitive analysis, focus groups and other research to pinpoint the market positively receive the business concept. Market research also focuses on creating a customer profile which is one method of describing the individuals who comprise of target market. A customer profile can provide a clear picture of the type of person or business that organizations plan to serve. This information further helps in driving marketing strategy, promotional design, and sales process. We prioritize business objectives to identify clients and their marketing goals and planning steps different from customer types, thereby personalizing each case.
At times customers might also choose different product or service as not being the end-user. There might bean influencer who can provide or impact the decision maker and buyer with information available to him. This it is vital to describe customer, and look for details for which organization will carry marketing activities for product or service to and further who will buying them.
B2B vs. B2C Markets
Businesses can target other businesses or consumers. The terms are often referred as B2B (business-to-business) or B2C (business-to-consumer) markets. While there some products or services that are only market able to other businesses or to individuals and some fit in both the categories. However, it further required to have a careful analysis which can help in Identification of End Customers. Whether business such as B2B or B2C, compile and considered both for demographic and psychographic information.
While analyzing market based on demographics customers can be grouped into similar variables, such as age, geographic location, industry, number of employees, number of years in business, products, gender, occupation, education, income levels, or services offered or other defined criteria. Mostly, the Census Bureau, government or industry sources provide the demographic information. Education and trends are usually reported using predetermined variables from such sources. Our market research team will collect demographic information for intended customer by tracking the secondary research sources which may have consumer information. Moreover, psychographic information may require during Identification of End Customers by conducting surveys, interviews as primary research thereby collecting the appropriate information specific to the intended customer.
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Key to Success Right Decisions
Ankur Gupta, Head Marketing & Communications