Posted in Marketing and Strategy Terms, Total Reads: 695
Definition: Market Profile
The characteristics which are used to identify a target group of consumers or of a market segment. Profiling if customers is done to formulate marketing plans and can be information related to the demographic, psychographic, and socio-economic factors of the population.
It includes details about your customer groups, the competitors of your product and the retailing patterns of the area targeted. A good market profile helps you to separate your prospects from the ones who are not interested in buying your product. This way you can focus your brand strategy solely on the people or businesses that fit your profile. It varies across B2B and B2C markets.
For B2B markets, size of the target business and ownership structure (public, private, non-profit, governmental) matters more while in B2C markets, the age, gender, income, marital status, or family status of the target customer holds more importance.Information like who is your potential customer, what do they desire, how much can they spend, their income and demographics, who is the decision-maker or the influencer etc. is important for a good and focused market profile. Depending on this, the brand strategy decisions are made which should be then communicated to everyone in your market profile.