Know the peculiarities of the target market
Before going into the peculiarities of the target market, it is best to define what it is. The target market can be defined as the set of clients targeted by a company's service or products. Each target market has its own characteristics and needs, which must be known and defined in order to develop a good communication strategy. For example, a translation agency will have a target market as broad as the specialisations and languages it offers.
In this sense, if a translation company has professionals specialised not only in several languages (Spanish, English, German, Italian, Portuguese, etc.) but also in several areas (scientific, technical, legal, economic, etc.), its target market will be much wider than if it only offers one type of translation or just a few languages. On the other hand, the size of the agency also influences the equation. The company's vision or strategy is also a fundamental part of the breadth of the potential or target market.
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Any translation agency that wants to grow must have a good understanding of its potential market. Having this knowledge means knowing which target market strategies are most appropriate for the service you are going to provide. It will also help you determine who your target clients are, so that you can reach them more easily and efficiently. It should be added that the target clients of such companies are quite broad.
On the other hand, it is important to clarify that the target client is the one who is most likely to purchase the service or product being offered. In order to know more precisely who these target clients are, it is essential to segment effectively and establish whether more importance should be placed on certain groups than others. In the proposed example, a translation agency must be able to identify its best potential clients.
If you are able to do this, you will not only improve your brand positioning, but you will also be able to identify client problems in order to offer the best solutions. Understanding their needs will enable you to develop better communication and sales strategies that are much more intuitive and direct. This in turn leads to higher profits and client loyalty.
In order to define the types of potential or target clients, several criteria are generally used: Income level, gender and age and lifestyle. The first is an essential piece of information for defining a company's target market. The gender and age scale in the case of the proposed example is not important, since a translation agency provides its services without taking these data into account, but for other types of services or products it may be crucial.
In terms of lifestyle, it is important to consider the niches not taken into account by the competition. In this way, potential clients can be reached more easily and quickly. In the case of translation companies, if, for example, the competition is focused on offering services only to companies, there is a whole niche of potential clients among individuals, freelancers and small businesses that could be explored.
So, to identify the target market, the first thing to do is to analyse the service to be offered. Exploring such a service will help to understand which potential clients could benefit from it. In order to do this, it is important to ask the following questions: What need does the service meet? What problem does it solve? Who would benefit most from such a service? Answering these questions is the key to designing the best strategy.
On the other hand, it is also important to look at the competition. Doing a competitor analysis to identify your target market is a good idea. This not only allows you to understand your strategy in order to improve it, but also to identify potential under-served clients.
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Blog writer and Community Manager interested in multiculturality and linguistic diversity. From her native Venuzuela, she has travelled and lived for many years in France, Germany, Cameroon and Spain, passing on her passion for writing and her intercultural experiences.