Researching Potential Customers

Putting your market research tools to use is a great way to get your actual business started. Your first step should be identifying a target audience. This group of individuals is the people who you want to market your products and services. Second, determine if your products or services match what your potential customers may want or need.

By correctly defining a client base, a company is giving itself a chance to succeed in fully positioning their products or services in the right marketplace.

Whether you want to sell to 30 year old wine drinkers or major suppliers, there are two groups of customers whom you will end up targeting: end users and channel users.

The end users are typically the ultimate users of a company’s product or service. In order to identify your end users, you will need to consider both lifestyle and demographic characteristics. Demographic data is defined as tangible and measurable information that separates one group of individuals from another. Examples are:

•City Size
•Gender
•Education
•Income
•Age
•Marital Status
•Geographic Location
•Occupation

Intangible information falls within lifestyle information. These include:

•Music favorites
•Literature favorites
•Values
•Morals
•Religious beliefs
•Cultural beliefs
•Political beliefs
•Entertainment and recreation activities

Channel users serve as intermediaries between end users and business owners. A product can start with a large distributor and then be sold to a local distributor who then resells it to a wholesale buyer. Ultimately, the manager of owner of a store places the products on the store shelves for purchase by end users.

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