At this point you can start pulling together all the pieces of research and insight from the other questions that you answered using previous posts.
In this the seventh instalment of the series, (eleven market research related questions that a new business owner and founder should be asking), the question this month is "Where does my target customer shop? How often?"
You can utilise the frameworks listed in previous posts to answer the question of where your target customer shops. As a recap, Customer Persona framework, you create profile(s) of your ideal customers, including characteristics such as demographics (age, stage of life such as early career or mid career or late career/ closer to retirement, income level, etc.), attitudes, lifestyle, etc. In the post we looked at customer persona "Marsha".
Another of the frameworks we reviewed and which can be complementary to Customer Personas is called Jobs To Be Done. With the Jobs To Be Done framework you break down the situation(s) of your target customer from at least four angles. (1) The job: what is your target customers trying to accomplish. What is the pain they need to solve? Using the Customer Persona of "Marsha" who is buying shoes. (2) Marsha's motivation(s): what is her motivation(s) or underlying goal(s) in getting the job done. Marsha's motivations included protecting the environment and work -life balance. (3) The outcome: what is the Marsha's desired result or outcome - what does the need when met look like?; what will solving the pain or frustration mean to target customers? Marsha would like to buy several pairs of shoes in different colours to fit style, occasion and size without compromising on any of these factors. (4) The constraints: what are the limitations or obstacles that Marsha is facing in getting the job done. Marsha is frustrated by not finding a pair of shoes in a style and colour she likes and the size that she wears and not being able to have a pair of shoes for different events and occasions she attends.
In the third framework, Customer Journey Map, you examine the buying process and how your target customer, Marsha, approaches the buying process. Again, Customer Journey Map is complementary to the previous two frameworks. The typical stages of the Customer Journey Map are Awareness, Consideration, Acquisition, Service and Loyalty. Consider what you will need to modify or adapt in each stage of the journey and the touchpoint areas that will be involved to ensure that your target customer, Marsha, will become aware and will be more likely to interact with your product(s) (-in this example, shoes). Consider where will you stock your shoe ranges so your target customer can find you to buy from you.
Market research will support you to answer the question of "Where does my target customer shop? How often?". This is by validating and testing any assumptions you have using feedback from potential target customers about their needs, how they identify and search for new products and their shopping habits. Market research will also answer the importance for customers to solve the problem and what is the profile of these target customers who are actively seeking to get their problem solved; what they are willing to pay and which channels or social media you can reach them at.
If you would like to hear more, please reach out via the Contact Form for a free consult call. I help owners of small businesses to be clear in communicating the scope of their offers and in identifying their ideal clients or customers.
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