From Theory to Practice A Hands-On Guide to Understanding Your Market
In our TYRIOS blog, we discovered a winning formula
Combining human know-how with automation. Think of it as blending intuition with tech power. But, before diving in, there's a key first step - know your audience. Without this, even the best strategies can flop. Now, let's make it practical.
Picture this: A retail store selling the latest sports shoes.
How I will find an ideal customer for selling my shoes to the right customer - (Target Audience)
I will be first buidling a buyer personna that includes the following
How I will find an ideal customer for selling my shoes to the right customer
I am budling a user personna that includes the following
What will be the age of customer ?
18-45 years. This age bracket is most likely to be involved in sports or fitness activities and would be interested in purchasing sports shoes.
Which gender would likely choose the product?
Both males and females. Each gender might have specific preferences in terms of design, comfort, and utility.
What would be the level of Income who will afford these shoes?
Middle to high-income bracket. This ensures they can afford quality sports shoes.
What would be the education background of my customers?
At least high school graduates. College students or young professionals might be particularly interested due to their involvement in sports or fitness regimes.
What would be the focused location where these customers are located?
Urban and suburban areas. These areas have a higher concentration of fitness centers, sports complexes, and running tracks.
A person who hobbies could be: Running, gym workouts, basketball, tennis, trekking, etc.
A person who is interested in: Participating in marathons, sports events, fitness challenges, or athletic training.
A person who would value: Health and fitness, quality and durability in sports gear, and brand loyalty.
What would be the lifestyle of that person: Active individuals, those who prioritize physical fitness, or are part of sports teams or clubs.
Build a Buyer Personna
Name: Jake Martinez
Age: 28 years
Occupation: Young professional working in a tech firm and part-time basketball coach.
Income: Middle to high-income bracket.
Education: Bachelor's degree in Computer Science. Played basketball for his college team and continues to be involved in local basketball leagues.
Location: Lives in an urban apartment close to both his workplace and a sports complex.
Regularly plays basketball with his local team.
Enjoys running and often participates in local marathons.
Weekend treks with friends.
Gym workouts thrice a week.
Actively participates in marathons and sports events.
Attends fitness challenges and workshops.
Keen on athletic training programs to enhance his basketball coaching skills.
Prioritizes health and fitness.
Invests in quality and durable sports gear.
Loyal to brands that have proven their worth in terms of comfort and durability.
Leads an active lifestyle, balancing his tech job with his passion for sports.
Often seen at the sports complex after work hours.
Part of a local basketball team and also coaches young enthusiasts during weekends.
Prioritizes physical fitness and encourages his peers to lead an active lifestyle.
Prefers buying sports shoes that offer both comfort and style.
Often reads reviews and seeks recommendations before making a purchase.
Willing to invest in a pricier pair if it guarantees quality and durability.
We can develop certain buyer persona to get the exact recognition of who would be our ideal customer.
Identifying the pain points & needs of my customers
I will note down what would be the needs and pain point that my customer would have to buy the sport shoes
Comfort: Customers require shoes that provide optimum comfort during physical activities.
Durability: Sports shoes should withstand rigorous activities and last for a considerable period.
Style: Many customers want shoes that are not only functional but also fashionable.
Variety: Different sports or activities might require specialized shoes.
Affordability: While customers want quality, they also look for value for money.
Pain PointsSize Issues: Difficulty in finding the right fit, especially for people with unique foot shapes or sizes.
Quality Concerns: Shoes that wear out quickly or don't provide adequate support.
Lack of Information: Not knowing which shoe is best suited for a particular activity.
Price Concerns: High-quality sports shoes can sometimes be expensive.
Availability: Desired styles or sizes might be out of stock.
Methods through which I have Identified these Needs and Pain PointsSurveys: Created short, focused surveys asking customers about their shoe preferences, past shopping experiences, and what they'd like to see improved. Tools like SurveyMonkey or Google Forms is used.
Interviews: Conducted one-on-one interviews with loyal customers or potential buyers to get in-depth insights into their needs and challenges.
Online Forums: Platforms like Reddit or specialized sports forums . Looking for discussions about sports shoes to see common complaints or wishes.
Identifying Preferred Communication Channels for Sports Shoe Buyers
I would then need to find what could be the preferred channels through which I can showcase my product
How I Identify these preferred channels
Research and Data Analysis’s . Using surveys, feedback forms, and online analytics tools to gather data on where your customers are most active. For instance, if observed significant portion of myaudience is young adults, they are be more active on platforms like Instagram.
Engage and Observe: I engaged myself with my audience on various platforms and observe where I am get the most interaction. For a sports shoe store, I observed visual platforms like Instagram might be more effective due to the visual appeal of athletic footwear. However, don't disregard platforms like Facebook, which might cater to a broader demographic audience.
Feedback Loop: I have always maintain a feedback loop. Asking my customers directly where they prefer to receive information about new arrivals, offers, and news. This direct feedback can be invaluable.
These practices gave me an insight and ideas to plan my marketing strategies and gave me a clear understanding about my target audience on preferred platform for my sport shoes.
How did I Identify and analyzed my competitors
Identify Key Competitors: I started by listing down major sports shoe brands and stores in my vicinity and online space. T from global brands to local stores that have a significant presence.
Social Media Analysis:
Engagement Metrics: I examined the posts of my competitors on platforms like Instagram, Facebook, and Twitter. Which posts get the most likes, shares, and comments? giving me a idea of the styles and features that resonate most with the audience.
Followers Demographics: Tools like Facebook Insights provided me some demographic data on followers, such as age, gender, and location. This helped me understand the primary demographic engaging with sports shoes.
Best Sellers: I visited competitors' websites and saw which products are highlighted as best sellers or have the most positive reviews. This gave me insights into popular shoe designs and features.
Pricing Strategy: I compared the price range of popular products. Are customers more inclined towards premium, high-priced shoes or affordable, budget-friendly options?
Tools Feedback on my our Own Products
Best Sellers: Visited competitors' websites and saw which products are highlighted as best sellers or have the most positive reviews. This gave me an insights into popular shoe designs and features.
Pricing Strategy: Comparing the price range of popular products. Are customers more inclined towards premium, high-priced shoes or affordable, budget-friendly options?
Segmenting my Audience
I will now segment the different diverse groups of customer , consider segmenting them based on common characteristics. Different groups may have different preferences and behaviors, and segmenting which will allow me to tailor my messaging and marketing for each group.
Characteristics: High-performance needs, brand-conscious, often looking for specific shoe types for their sport.
Marketing Strategy: Highlighting the technical specifications, durability, and brand partnerships. Collaborate with local athletes for endorsements.
Characteristics: Regular gym-goers, interested in comfort and style, value durability.
Marketing Strategy: I can emphasize the comfort, style, and long-lasting nature of the shoes. Offerings loyalty programs or partnerships with local gyms.
Characteristics: Prioritize style and comfort over performance, often influenced by trends.
Marketing Strategy: i can showcase the latest designs and trends, offer bundle deals or seasonal discounts.
Characteristics: Looking for value-for-money options, often buy during sales.
Marketing Strategy: I can promote clearance sales, offer bulk discounts, or introduce a budget-friendly line.
Knowing your target audience is the heartbeat of a successful business strategy. Dive deep, as demonstrated by the TYRIOS exploration, and the recipe is simple: Understand who you're selling to, from their age and hobbies to their shopping pains. The magic happens when businesses tailor their products and ads to these insights. The results? Better advertising, smart inventory choices, happier customers, an edge over rivals, and the agility to evolve with market trends. In short, grasp your audience, and the business thrives.