Target Market Research Form

Doing these simple exercises will help you to identify some of the key factors you need to start planning your marketing campaign and it will help when going through the rest of our info:

                Detail who your current target market is

1 …………………………………………………………………………………………………….

2 …………………………………………………………………………………………………….

3 …………………………………………………………………………………………………….

4 …………………………………………………………………………………………………….

Detail who you would LIKE your target market to be

1 …………………………………………………………………………………………………….

2 …………………………………………………………………………………………………….

3 …………………………………………………………………………………………………….

4 …………………………………………………………………………………………………….

What does your target market strive for – what is going to make them buy your product/service?

Tick all that apply

My target market wants:-

Now have a think about your product/service and ensure that it meets your customer’s desires as detailed above. If you are able to give your customer what they want out of life there is no reason that they will not continue to use your product/services on a long term basis.

Think about your product or service and tick which apply.

My product/service gives my target market

It would be advisable to do this exercise for your 4 major competitors as well. The more you are giving to your client as a benefit – the more loyal customers you will develop and keep.

List your 4 major competitors

1 …………………………………………………………………………………………………….

2 …………………………………………………………………………………………………….

3 …………………………………………………………………………………………………….

4 …………………………………………………………………………………………………….

Detail who your competitors target markets are

1 …………………………………………………………………………………………………….

2 …………………………………………………………………………………………………….

3 …………………………………………………………………………………………………….

4 …………………………………………………………………………………………………….

List 4 things your competitors do very well

1 …………………………………………………………………………………………………….

2 …………………………………………………………………………………………………….

3 …………………………………………………………………………………………………….

4 …………………………………………………………………………………………………….

List 4 things that your company offers that you know your Competitors don’t offer or that you do better.

1 …………………………………………………………………………………………………….

2 …………………………………………………………………………………………………….

3 …………………………………………………………………………………………………….

4 …………………………………………………………………………………………………….

List 4 things that you could add as a product/service to your offering that your competitors don’t currently offer. Remember to think about your target market – only offer products and services that will attract these customers so you start to form a niche.

1 …………………………………………………………………………………………………….

2 …………………………………………………………………………………………………….

3 …………………………………………………………………………………………………….

4 …………………………………………………………………………………………………….

This is the key – it’s about being one step ahead of your competitors so you get the lion share of the market. If you have a business that offers the same products and services as your direct competitor start to think about things that you can do to be better than them, as well as things that you an add to your service/range.

Based on these results you will be able to see who your target market is/could be, who your competitors target.

You will be able to see what your competitors do well and where you could improve to target your desired target market.

You will be able to define what your USP is – what you do well that makes you stand out.

You will be able to see where you could potentially improve to be better than or equal to your competitors and where there is potential for you to create a niche in the market with your product or service.

It’s a simple formula but it will take a lot of thought, don’t rush it and you may need to do some research to fill this in properly (it’s worth the investment of your time) – because this will form the basis of everything you do within your marketing campaign. Blanket marketing gets poor results for small business, but if you create a niche you will yield better results.