Analysis and Targeting

Can you imagine trying to knock down all the pins on the bowling alley with your eyes closed? The same can be said if you wanted to place a new product or service on the market without first understanding what the market situation is. The result would not be encouraging. In order to avoid failure, it is therefore essential to perform market analysis and targeting before establishing any business.

Why is market analysis necessary?

Whether it is an already established company that just wants to place a new product on the market or a completely new company, it is necessary to constantly monitor changes in the market.

It has to be determined how many and which companies are already selling similar products, and also find out the needs of potential customers. The better we know the market, the greater the chance that the product will become a bestseller.

Stages of market analysis

Market analysis is a complex process that requires not only knowledge of economics and marketing, but also measurement methodology and takes place in several stages:

  • Collection of information 

Information about competitors can be collected in a variety of ways. We can browse various databases or company registers. It is important that the information is accurate. The same goes for the methods we use to process gathered information.

  • Assessment of market size and growth

If we did a good job in the first two phases of market analysis, then it will be easier to assess and predict what will happen to our market over a period of three to five years.

  • Market trends

For successful product sales, it is also a good idea to familiarize yourself with the market trends that can directly affect the product. It makes no sense, for example, to start selling a print newspaper when many media outlets are going online.

Targeting is one of the marketing strategies

With the help of market analysis, we can determine the characteristics of our potential customers. Various survey questionnaires are used to determine demographic data, leisure activities, geographical data, purchase data, data on the purchase of a product or service that we will sell. This helps us build a profile of a typical representative of the target group, which is very helpful in targeting.

There can be no doubt that the most effective advertising tools is targeting groups through Facebook, where the number of users is growing with each day. Targeting certain groups is one of the most useful advertising campaigns that are used mainly for online advertising. Its primary purpose is to increase sales and demand, website visits, etc.

This way of advertising is based on keywords that people type into a web browser, which shows their interest. Targeting can also be done by location, age, gender, demographics, and more.

Diese Art der Werbung basiert auf Schlüsselwörtern, die Menschen in einen Webbrowser eingeben, was bedeutet, dass sie auch daran interessiert sind. Das Targeting kann auch nach Standort, Alter, Geschlecht, Demografie und mehr erfolgen.

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