Market Research Tips – What is Market Research?

When writing a business plan a great deal of planning, research and time should go into thinking about your target market and who your ideal target customer is. Once you have narrowed down exactly who your target market is it will make acquiring new customers much easier than if you haven’t put much thought into who they might be.

You will want to define who exactly your customer is.

Be as specific as possible; include how old they are, what type of jobs they hold, what income level they have and if you think hard enough you can probably also identify what clothes they wear. Target market research is an important step in creating your business plan and is a step that will allow you to plan how you are going to acquire these customers. You might be thinking to yourself that everyone is your ideal customer why would you want to exclude any potential customer from your business plan. It’s simply not true that everyone will become a customer of yours and you will save yourself a lot of time and money by being able to define who it is that you should be targeting.When writing a business plan a great deal of planning, research and time should go into thinking about your target market and who your ideal target customer is. Once you have narrowed down exactly who your target market is it will make acquiring new customers much easier than if you haven’t put much thought into who they might be.

The main thing that you need to find out is what motivates your target customer to buy the things that they buy and then tap into that to sell them your product or services. You then need to figure why they would want to purchase your product or service over another product or service.

People’s purchases generally fall into a few specific categories or motivations as to why they purchase items. Some of the main reasons that people make purchases are to save time and money, get some peace of mind, increase their income or skills or to enhance their appearance. Once you figure out what would motivate someone to buy your product or service then you will have a much easier time of creating a strategy in order to get them to use your products or service.