Know Your Market

Jan 31, 2013
Knowyourmarket
Understanding one’s market is an essential part of developing a successful business strategy. Varying audiences, products and services combined with unique characteristics and expertise of every business will inevitably lead to an assortment of markets to approach. For this reason, no business should rely strictly on the design of another. All businesses must find their own market and adapt their strategy to meet their audience.

The market is constantly changing. Different trends give rise to new opportunities. For the online shop owner, this can make maintaining a marketing strategy a constant struggle. Constructing a marketing strategy is never easy, but as long as you focus on a few strategic areas, you’ll be able to seek out your audience and deliver the right message to them.

Online Marketing Basics

First of all, you’ll need to determine who it is that you are trying to reach. Your audience is unique to your online store, composed of both established connections and those you wish to reach out to. The most basic place to start is to determine where your audiences are.

The first place you should examine is the various networks, forums, and sites where your potential audience is active. Are they on Facebook? Do they tweet frequently? Are they active on Pinterest? Don’t forget about forums and topics where conversations about your brand could be taking place.

You can use many analytical tools to find the answers for the aforementioned questions. One of the most basic is Google search. What keywords are associated with your online store? What trending topics can be cross referenced with the products and services of your online shop?

What about your competition? Every business has a competitor in the market. However, the success of all businesses is determined by how they approach their audience. It’s generally good practice to examine your competition. Check out what they’re doing right and what they might be doing wrong. Their business might not be identical to yours, but it will enable you to see what particular practices your online store should or shouldn’t engage in.

You also need to determine what your audiences want. What do they like to talk about? What, for them, are interesting topics and trends? Are they popular? Are they about a brand, a subject, or a recent news article? Pay strict attention to what your prospective audience is saying and in what context it’s in. You have to be on the look out for sarcasm and criticism since analytics don’t necessarily pick up on them.

Listening is one of the biggest components in any marketing strategy. Don’t neglect the practice of listening in on what your audience is saying or has said about your online store. Can you find relatable subject content in the conversations of your audience? The use of analytics, especially the ones already offered through social networks, will allow you to search for the established popularity of your store’s subject matter. This can give you an extreme advantage when developing content and finding the hottest locations to engage the audience effectively.

Once you know where your market is, you’ll need to fine tune your strategy to meet the audience there and say the right thing to convert your contacts into valuable clients. This is where listening plays a big part in knowing what to say. While numerous marketing strategies apply themselves to the act of proposing and demonstrating their products and services, not all of them pay attention to what the audience is saying to them.

Your ultimate marketing goal should be to develop content that incorporates both your audience’s interests, and materials relative to your online store. Not all of the extremely popular trends can be directly related to you. So, you have to find ways to incorporate your audience’s interests and the popular trends/topics into your online store’s marketing content. You’ll want to express the most valuable messages that your audience wants to hear.

Knowing your market is an essential part of any business marketing strategy. First you must know your customer and how your brand relates to them. Only then can you design a strategy that will reach out and effectively introduce your online store to the online world.

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Title: SILKFAIR Blog
Updated on: Feb 28, 2008
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