Definition of the target market, segmentation of the public

[samiaseo222]

The last step before making the initial decision to enter the market should be the definition of the target market. On the one hand, the target audience should not be too narrow, as this might not be profitable. On the other hand, the target group should not be too broad. Defining such a group can be disadvantageous due to possible inefficiencies, for example, related to communicating the product (product advantages) to a group that is not interested in it at all. The result would be a "confusion" of messages between the manufacturer and its audience. The possibility of specialization and of creating an effective promotional campaign would also be lost.

Once the different segments have been identified, it is also worth analysing the secondary data available on our market, in order to make a preliminary determination of our lithuania email list possibilities in it. In this case, there is no set pattern: if our product is a medicine or a modern treatment, it is worth analysing the incidence of the disease in question in previous years; if the invention, technology or new product has a well-defined audience (e.g. agrotourism farms, sports clubs), it is worth checking which geographical areas have the most of them and identifying the organisations that associate these entities (contacting these organisations is useful both in the phase of developing the marketing strategy, for example, to consult a representative of our target group, and in the phase of developing the communication and promotion strategy for our solution, for example, by establishing cooperation with a specific organisation).

At this stage, it is also worthwhile to speak to a group of our potential customers, for example by conducting FGI (Focus Group Interview) surveys, in order to provisionally determine the potential of our product and perhaps also to provisionally determine what other needs of our customers we can satisfy (or what problems that arise when using solutions already present on the market can be alleviated) with the help of the novelty we are introducing.