Businesses conduct market research to learn important details about their potential customers
-- this includes...
They use this information to determine what to sell
and how and where to advertise their products and services.
In this video, you will research your potential customers
to help you make choices about your online business.
Then, you will add the results of your research to your slide presentation.
This type of research is called consumer analysis,
and it includes both demographics and psychographics.
Perform an internet search to start looking for potential customers.
Research successful competitors to your business.
...in other words, how they want their customers to perceive their business.
Focus on the most important elements of the demographics and
psychographics for your specific business.
The owner of 1 type of business may be most interested in a customer’s education level
while another might want to know where potential customers live.
Review the search results.
Look for credible sources such as major news outlets and advertising trade groups.
Read at least 3 sources.
When several sources agree, the information is more credible.
When you have determined the information you need, add it to your slide presentation.
Add a new slide after your business name page.
Title it “Target Audience.”
Then, record the audience information you collected.
Another benefit of market research is that it helps
you keep your target audience in mind as you continue building your business.
In the next video, you will organize the information from your research
and plan how you will reach these potential customers.