3 . Will the customers genuinely need the proposed product or service ? and what value do they place on your unique competitive offer ?
4 . Which segments ( if any ) in the market are currently under served ? Who are they and why are they under-served ? 5 . Are the segments you are aiming at large enough ? 6 . How much competition is there in the market already ? 7 . Have you spotted any weaknesses in your competitors , and how can you capitalise on them ?
2 . Understanding the customers
� Whoare the customers / clients ?
� Whatdo they need and / or want ?
� Whatwill motivate them to buy from your social start up rather than your competition ?
To help the participants answer these questions and to know and understand their customers / clients thoroughly , ask them if their marketing plan addresses the following points : 1 . How do your potential customers / clients usually buy products / services that are similar to the ones you are proposing ?
2 . What are the demographic characteristics ( such as their age , ethnicity , gender , education level , occupation , income , marital status , number of children etc ) of your potential customers / clients ?
3 . Within your target customer / client base , who will be i ) the main buyer and , ii ) the decision maker in the buying process ? These may not always be the same person ( husband or wife , child , purchasing agent , project manager , company director , secretary etc ).
4 . What are your target customers / clients behaviours and characteristics that will influence their decision to buy from you ? For example , what information do they need to help them make a decision about buying from you , and where do they go to find this information – word of mouth , social media , television , newspapers , radio , etc
5 . What are the emotional drivers that will encourage your potential customers / clients to buy from you ?
3 . Identifying the market niche
1 . List the lifestyle characteristics of your customer / client group – be as detailed here as possible please !
2 . Create a demographic profile including variables such as age , gender , occupation , income , marital status , education level , location etc , to help you define your target market .
Steps 1 and 2 above will help the participants to identify a market nicheto work in . If they do not identify a market niche , they will struggle to have an effective social start-up that targets everyone !
Once the participants have completed steps 1 and 2 above , ask them to outline how they will |
i ) |
identify and define their niche |
ii ) |
narrow their market focus |
iii ) |
targettheir market niche successfully . |
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