Market Identification is about finding the right target audience. This involves identifying a specific group of potential customers or a target market for your product or service. The Market Identification process typically includes market research and analysis to gather information about the target audience’s characteristics, needs, preferences and behaviors. The goal is to comprehensively understand the market and identify the most promising market segments to focus on.
Market Identification often involves conducting demographic research, analyzing customer data, studying market trends and conducting surveys or interviews with potential customers. This information helps businesses define their target audience based on age, gender, location, income level, interests and purchasing behaviors.
Businesses can tailor their marketing strategies, product development efforts, and customer communications by effectively identifying a target market to reach and engage with the intended audience. It also enables companies to allocate resources more efficiently by focusing on the most relevant and profitable market segments.
One of the hardest decisions a business owner can make is what customers to NOT do business with. There are a variety of reasons why you should/should not compete in any particular market segment. How much competition is there (blue ocean vs. red ocean), how much profit can be made, what is the cost of entering the market, etc… Let The Golding Group take the guesswork out of market identification.
Working with The Golding Group will allow you to enter markets where you can be profitable and grow while avoiding more difficult options. Contact us for more information before investing in research and development, production or marketing of a new product or service. We will answer your questions about supply, demand and hurdles to expect all with growth and profitability in mind.