Phase 1

- How the service or product will be positioned as the superior choice over competitors through a competitive analysis?

The second survey question is my favorite, especially when it enables you to map the benefit directly to a feature. It tells you the value your customers get from your product and which aspect of your product is key to them. It means you can then get your team to fix broken flows around it and double down to ensure more users see its value. But it doesn’t end there. You’ll still have to answer questions such as whether the person you sell to is a manager or somebody involved in daily execution. The data you get from your first step should ideally help you determine which market you’re in. You should start to see clusters of users with similar profiles, who all say they’d be disappointed without your product, and describe a benefit around a common theme. In a relatively new market, you have to first establish the problem before talking about what you offer. In an established market, simply stating you are in the specific market will be sufficient, but you’ll have to convince people why you exist. Not with features, but with benefits. For companies in a hypercompetitive market, like CRM, product features and benefits usually match those of competitors. sing all the above data points, you should now pick a market frame of reference that makes your value obvious to the segments who care the most about that value. This is harder than you might think. In the context of this step, a “market” needs to be something that already exists in the minds of your customers and triggers a set of expectations. Such as, how your competitors can’t do certain things, how the lack of these capabilities brings pain to your user, features you have, and how these features give your customers the benefit.

- Who are our target customers?

We are trying to be targeting almost all people here in Canada. We believe, almost everyone in Canada needs some winter stuff such as a coat, gloves, and scarf. We need to consider what they need when they need those stuff the most. For example, we can get those stuff on sale during the winter season, then a lot of people who need those are likely to buy that. Product or Service is designed to suit the needs of the market. At times, the products appeal to all or a section of the market. The product that appeals to everyone falls under the mass marketing strategy. Certain products are manufactured for a particular section of people. This section of people is known as the ‘target audience’. The marketing strategy focusing on the target audience is known as a target marketing strategy. Based on the response from the market, marketing strategies are designed. The target marketing strategies vary based on the purchasing power of the customer, and the geographical location of the market. The types of target marketing strategies are dependent on multiple factors inclusive of age group, gender, geographical location to name a few. Designing a target market strategy aids to focus the time and effort of the marketing team to increase sales in its target group of customers. The different types of target markets need different targeting marketing definitions. Based on the target marketing concept, marketing campaigns are designed to catch the customer’s eye. The market targeting and positioning of the product are crucial for doing business. The strategies vary based on the types of target markets.

reference

- Top 5 Target Marketing Strategies You Need to Know (2021) (jigsawacademy.com)

- The life cycle of this project.