Introduction
The target market for the final marketing plan includes a group of consumers who may be interested in a company’s offers. In other words, it is a selected group of potential or current clients to whom a business decides to direct its marketing and advertising strategies to sell a product or service. It is noteworthy that the audience of this target market is united by common characteristics that influence the choice of a product: demographic, geographical, psychographic, and behavioral.
Type of Research Methods
Understanding the market is a way to study and evaluate the market a startup will enter. Interviews, focus groups, surveys, market segmentation, competitive analysis, commercial data analysis, and many others are the most effective research methods to help one understand a specific market (Planning and Conducting Market and Customer Research, 2022). A good study using these methods will help to understand the project prospects, its strengths, and weaknesses, and it is the basis for a successful pitch to investors and, eventually, launch.
Obtaining Loyalty
Generally, the market’s loyalty can be achieved by satisfying consumer needs and realizing when clients feel that a company understands them, cares about them, listens, and shares their views and ideas. Based on this, it is necessary to “capture” the minds and hearts of customers. Furthermore, an organization should constantly monitor and analyze three integral coefficients that signal the state of the customer base: customer retention rate (CRR), customer attrition rate (CR), and net promoter score (NPS).
Conclusion
Competition in marketing is a situation of competition between two or more commercial organizations for limited markets. In general, the main competitors use such loyalty efforts as using customer data for an individual approach, launching a bonus program, serving customers online, creating a community of email subscribers, encouraging brand loyalty, and protecting their business. For example, one such effort is when Whole Foods Market provides a search for healthy, environmentally friendly products for its stores.
Reference
Planning and conducting market and customer research. (2022). The State of Queensland. Web.