Target Market Assessment is a specific analysis that provides knowledge about how our product/service fits into a certain market and where it will gain the traction with customers. Target Market Assessment generally includes target market, market test results, lead time, competitive analysis and industry description & outlook etc. It helps our businesses to establish various strategies for effective marketing & sales techniques. We conduct our target market analysis by conducting market research, identifying overall market, selecting ideal market, making projections, segmenting target demographics and creating the document.
Our company’s target market is the demographics of our main customer base or customers who are most likely to purchase our products/services. Some of the key benefits of Target Market Assessment include developing customer personality, finding new markets, identify the most valuable and least valuable markets, assessing the viability of a product or service, improving business strategy and find market gaps that need to be bridge.
Ken Research can successfully help your company benefit from geographic location, products, and solutions by reducing operating models, clarifying pricing strategies, increasing sales, operational marketing functions, and structured business models. Our plan provides you with a bottom-up market perspective and completes the target market assessment to help you make decisions quickly and in a timely manner. Additionally, we will proactively help you to identify Business-to-Business (B2B) and consumer market opportunities that can improve your company’s performance.
The customer journey is the complete customer-to-organization experience. It covers all interactions with customers across channels, devices, and touch points at all stages of the customer life cycle, from insight to loyalty. Customer journey is about the customer’s interaction with our brand. Our company puts customers first and personalizes each touch point so that you can maintain a long-term relationship with your base. We use multiple channels to communicate with your customers, but we usually don’t connect all activities with buyers. Sales & marketing strategies are isolated from each other, leading to customer service failures. Key phases of Customer Journey Preferences include awareness, acquisition, engagement, advocacy, onboarding and retention. Few steps to create customer journey includes set the target, create customer personas, identify motivation & pain-points, map out customer’s journey, maximize the touch points and find the moments of truth.
Key to creating business value is to focus on value & customer experience. A true understanding of your customers’ needs and preferences and their buying behavior is critical to your business strategy. When customers purchase products and services, they are also experiencing and emotional satisfaction. Purchase decisions are interrelated, very personal and very emotional, even if rational factors “hide” this emotional dimension. Customer journey mapping is a relatively simple method to map all of these elements. Although these maps are based on the customer-experience management as well as user experience design, they can be used in many more ways, including allocating marketing budgets, viewing content, and optimizing content conversion processes and online marketing, to name a few. Key benefits of understanding the customer journey preference include improve customer service, identify areas where our brand can improve, and discover new opportunities that our brand can pursue.
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Ankur Gupta, Head Marketing & Communications
Tags: Assessment Market Potential, Business Framework Model, Company Product Positioning, Company Recruitment Strategy, Customer Journey Preferences, Customer Retention Strategy, Field Ready Sales Plan, Go to Market Distribution Strategy, Go to Market Strategy, Industry competitive positioning strategies, Industry Cost Optimization Solutions, Industry Lead time Reduction, Industry Performance Benchmarking, Industry Potential Business Model, Industry Sales DNA, Industry Sales Growth Diagnostics, Industry Territory Analytics, Know your Target Customers, Potential Risks Product/Service Expansion, Price Skimming vs Price Penetration strategy, Pricing Strategies Assessment, Rationalizing Company NPS, Target Market Assessment