Take your market research to the next level

How do you know what product or service to launch? Take your market research tot he next level with these tips from Markaaz
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How do you know what product or service to launch?  

Step 1: Identify your market segments 

The first step towards achieving this goal is a process called “needs-based segmentation.” Needs-based segmentation is a fancy phrase for dividing a broad market into groups of customers with similar needs. We conduct this process to evaluate, compare, and select market segments to enter.  

For example, a small clothing store that sells 100% sustainable cotton clothing is trying to grow its business by breaking into a new segment. They have noticed an uptick in the people coming into their store who are sustainability-minded and wonder if there is an opportunity here to expand their business with other product lines.  

Step 2: Profile these market segments 

The next step is profiling this market segment (in this case– sustainably minded shoppers). To successfully profile a segment, you should be able to answer the following questions:  

  • What are the characteristics of the segment?  
  • What are the segment’s needs, motivations, and issues to solve?  
  • How are they meeting their needs today? 
  • Is this segment specific to any location/geography? 
  • What’s an example of a customer in the segment?  
  • What are the key trends in this segment?  
  • What is the buying force of this segment? 

Once we have successfully profiled a market segment, (a) target specific customers to invest in products to specifically meet their needs, and (b) focus marketing and sales efforts in the most effective way possible!  

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