Target Consumers and Segmentation
In any market, the brand which best understands its consumers will ultimately succeed. Before building a go-to-market strategy, brands should consider all information about their target audience. Answering who will buy the product in question, what a brand knows about them, and how a brand’s strategy supports them is critical in forming an effective market plan.
Discovering high-level knowledge like demographic information, in addition to specific consumer knowledge like their hobbies, needs, pain points, and preferences will enable brands to know who exactly their customer is and how to approach them. A brand can navigate this by answering questions from a top-down approach – narrowing the scope on their target consumer as they answer each essential item. First, who comprises their target markets? How large are these markets, what does their buying power look like, and how accessible are they in communication? Next, companies must focus on their ideal customers within their identified markets. Which segments or groups are most likely to purchase their products or services? Finally, what about the market and consumers identify supports the long-term vision for the brand?