You can’t please all customers all of the time. If you set out to develop a product that will appeal to each and every person across the globe, you are setting yourself up for failure. Therefore, the key is to define your target audience.
Developing and Designing your Product
By honing in on your target and developing and designing your product with them in mind, your product will automatically have more appeal.
Let’s consider an example. Imagine you have developed a luxury car accessory. Your target market would be anyone with a car, right? Wrong. Of course, anyone with a car could potentially be interested in your product. But because your accessory is a luxury accessory, owners of luxury cars would probably more likely have the cash and the interest in making such a purchase than the owner of a basic budget car. In other words, you are far better off targeting executives who want to make their lengthy commute to work more comfortable than you are targeting middle-class moms or teenagers with their first car. Consider that the majority of individuals that own luxury cars have household incomes over $150,000. Eighty-one percent are male, and the average age of a luxury car buyer is 41. This is a good starting point for your market research.
Whether you are selling luxury car accessories or toilet paper, here are some things to keep in mind when it comes to defining your target consumer:
Know your Product
Does your product meet a basic need? Is it a luxury good? Understand what your product does, and who would find it most appealing.
Consider the geographic reach of your product. Are you a local company with local distribution? Will you be selling your product nationally? Internationally? When defining your target, it is critical to consider the geographic reach of your product.
Use demographics. Segment the market by demographics such as age, household income, gender, and location to see who your product is most likely to resonate with.
Use psychographics. Once you have a clear understanding of the demographics of your target consumer, you will also want to break down market segments by psychographics — values, interests, and lifestyle.
Pivot International is a product design, development, and manufacturing firm with strengths in software development, electrical engineering, mechanical engineering, and industrial design. If you are interested in engineering a new product or updating an existing product, contact us at 1-877-206-5001 or request your free consultation today.