digital marketing & social media blog by digiting

By Admin | 27 Oct 2020

How to Understand Market?

Hold on! Hold on!! Don’t Start your business without getting deeper into your market. Do you know the saying “Understand your market first.”? Yes, of course, you shouldn’t dive into market blindly without knowing it. Even swimmers are not allowed to dive into unmeasured pool because they may hit their head to the side or to the bottom of the pool.

What’s exactly meant by understanding your market. It means exploring your products, demographics and location of your audience, inspecting your offers, discovering the right medium to connect with them and deciding accurate price for your offers.

How to Understand Market?
I‘m gonna describe the specific way to understand your market by giving you one exercise. So, here I am sharing the 7 questions that you must answer to yourself in order to understand your market.
  1. WHAT?
  2. What are the products/services I am providing to a targeted group?
    You have to be very clear about the services or products you are providing. Define the services and products that is ready to acquire, consume and able to grab the attention of people.
  3. WHY?
  4. What is the reason I am providing this product or services to targeted group?
    Ask yourself, how good your service and product are? Find the benefit behind your services. Here benefit doesn’t mean what you will get. It means what benefits your consumer or audience will have after taking your service or product.
  5. WHERE?
  6. What is the location of my targeted group where I am reaching out them?
    Find the location of your potential audience. Don’t waste energy, time and money on advertising your business where you won’t provide service or product.
  7. WHEN?
  8. What is the time of the day when am I reaching out to them?
    It is so essential to reach your customer at the right time. Sometimes you probably lose your customer by calling at wrong or busy time. The better way is to ask them in advanced that when can you call them.
  9. HOW?
  10. Via which communication channel I am reaching out my targeted group?
    Choose the medium where your audience are spending time on. It could be TV commercials, advertainment on social platform etc.
  11. HOW MUCH?
  12. What is the amount of my products or services?
    Decide the appropriate amount before putting service or product into the market place. Check out the market price for your services or product but there’s no need to keep the same, just remember that your price should be beneficial for you as well as your consumer.
  13. BY WHOM?
  14. Who the individual, reaching out to my targeted group?
    Here comes a person, through whom you’re introducing your business. It can be a celeb or an influencer or a common person using it.

Let’s illustrate it

Suppose you are providing coaching. Let’s be specific to understand the concept clearly. Consider, your class teaches students from grade 9 to 12. So, here your service is teaching.

The reason could be that you have best qualified teachers, your students will get the support from them anytime even out of the classes timing through your class’s forum. They will get study materials, time to time tests, comfortable batch size etc. These are the basic aspects parents look before admitting their children to any classes.

Now you have to decide your location for advertising your classes. If you are promoting your classes online through ad manager or AdWords then use the proper location. Suppose your classes is based in Dadar then include location Dadar and surrounding area only and also exclude the area out of Mumbai. By doing this you will promote your ad in front of potential audience eventually prevents wasting money.

Choose the right time to reach your audience. Spend the time and find out at what time your students are active on social media before starting advertisement. For classes, you have to make a call to parents to take follow ups. So be smart with calling time such that they will never tell you “I’ll catch up you later. I am busy right now”.

YouTube is the best channel for you to gain students and their parent’s trust. Upload basic concept of each chapter so that your audience will get your way of teaching. Apart from online advertisement, hoarding would be the medium to advertise your class.

Fix stand amount for your coaching. Keep your amount same for all. Never rise your charges depending upon one’s financial condition. It will definitely impact on your reputation.

Now give the answer to the last question. It is about the person you are using to attract your new students. So, your passed out students and their parents will act as a brand ambassador for your class. Upload reviews of your students with parents, use pictures of your toppers into hoardings.

In Conclusion
As it is always a good idea to select destination, route and medium before starting out your journey. In the same way, do the above mention exercise to get the best out of your efforts and business. By answering above questions, you will find out whether your chosen business is right for you or not. It will also help you to look deeper into your market.

Hope you find it useful. Share your answers to us on our social media. Count us for your support in any aspect of digital marketing.

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