How Can You Identify Your Target Market?

Let’s say that you are in the weight loss market. It’s a big market, worth some $60 billion per year and is very profitable for a lot of businesses. And that’s the problem. A lot of businesses are involved in this industry.

You may have some great products and services but how do you get your business noticed in a crowded marketplace?

Segment Your Market

Rather than concentrating on a huge market, like weight loss, use a market segmentation system. This where you target your marketing to a smaller sized, specific segment of that large group. For example, your marketing initiatives and tactics are targeted to single women over 40 years old, or another more specific group.

Your Customer Avatar

To establish your target market you need a very clear idea of your ideal customer. This potential customer is known as your customer avatar. How old are they, where do they live, what are their likes and dislikes? What are all of the characteristics that make that individual your dream customer.

When you focus on a smaller sized target market rather than a general market, it is much easier to connect with an individual. Always remember you are marketing to one individual at a time, not a group. Target your marketing to a smaller subset of a larger group and your marketing efforts have a much better chance of giving you the results you want.

Should You Ever Change Your Target Market?

If your marketing efforts are not providing results, may need to change the focus or target market of your business.

Sometimes, despite the fact that you have done a lot of research, you end up marketing to the wrong group of people. Your target market may not want to spend any money on your product and service and may just be looking for free advice. That’s when you need to refine your market and look for a segment of people who have expressed a serious interest in spending money.

Analyze Your Marketing Tactics

Another situation could be that your target market is just fine, and you just need to change your strategy and marketing techniques. For example, your audience may not be responding to your social media messages but may be more responsive to email?

At other times, if you’re not achieving the success you’re looking for after a lot of time and effort, it may be your target market that needs changing, and not your marketing itself.

Market Timing and Market Forecasting

A few decades ago, it was widely believed that the most effective way to analyze the markets for trade was to determine the fundamentals, such as the number of bushels in storage, the current demand figures, the expected harvest yield, etc. Many assumed that Technical Analysis was not useful. Reasons given were that price action is random, or that it ignores the fundamental factors of the underlying asset. The facts are quite the contrary.

Many have come to learn that the old ‘buy and hold’ strategy can be a costly one. Stories abound of those who have found the value of their portfolio has only broken even (or lost value) after holding for several years. The financial crisis of 2008 highlights one of several historical periods where investors have lost millions. While it is always a good idea to know a company’s financial health as well as their future potential in sales/profits, what may be a healthy financial statement and outlook today can look a lot different tomorrow.

Technical analysis focuses on price movement, anticipating price direction based on its ebbs and flows (ie. swings, cycles, etc.). Fundamental factors of any asset is built into price action, as the market discounts everything. In addition, history tends to repeat itself and this repetitive nature of price action can be anticipated and taken advantage of.

Many technicians rely on various indicators that help expose some aspect of historical price data for the use of timing. Where one indicator might highlight some underlying cycle pattern that could help anticipate the next trend change period, another indicator might highlight a markets overbought or oversold condition, all relative to past price action.

The technical analyst relies heavily on price charts. Certain patterns often repeat giving the technician a heads-up to a potential price break. Such patterns are given names, such as the ‘Head-and-sholders’ pattern, the ‘wedge’ or ‘flag’ formation, etc. All of these technical approaches are useful to some degree.

Precise market timing is crucial in today’s volatile markets. Without greater precision in timing, the trader is exposed to a higher degree of risk and can leave more profit on the table.

Let me illustrate this.

For the sake of discussion, suppose that the price range of each trading day is 50 points. If your allowable risk exposure (how far you will allow the market to move against your position) is 50 points, you must enter the market on the exact day you expect the move to start in your favor to avoid being stopped out with a loss. If your allowable risk exposure is 100 points, you must be accurate in your timing within +/- one day to avoid getting stopped out with a loss. This highlights the importance of precision market timing.

Now in the real world, each day the price range varies from the next. Depending on how effective your market timing approach happens to be, you may be able to risk less than the average range in points. The less precise your market timing approach happens to be, the more you should initially risk on the trade.

While market timing itself can be loosely done using standard technical indicators, trend lines and moving averages, precision market timing is achievable with good market forecasting methods. Market forecasting for market timing purposes is extremely effective because, unlike most technical indicators that are ‘leading’ or ‘lagging’ in nature, a good market forecasting method can forecast a market turn to an exact day of a trend change. Giving any market forecasting method a small deviation allowance of +/- one day can give any trader an incredible edge in predicting market turns for the purpose of precision market timing and trading.

Some traders are historical legends having used market forecasting methods for precision market timing purposes. Who has not heard of William Delbert Gann (better known as WD Gann)? This financial trader is famous for developing several technical approaches, such as the use of Gann angles or the trend indicator. His forecasting methods included the use of the Square of Nine, cycle analysis and market geometry. By using ‘market forecasting’ tools such as these and others, he is famously reported to have many times turned a small amount of money into a large amount rather quickly.

So there are two main points that I hope you have garnered by reading this article. Point #1 is that in order to better manage your risk exposure and maximize your profit potential, the more precise you need to be with your market timing approach. Point #2 is that the most precise way to time the markets is to take advantage of market forecasting techniques, where often you can time your trades to the exact day of a new move.

There are many market forecasting secrets, methods and techniques that you can learn right now to improve your market timing. Some are good, some not so good. I have spent over three decades learning, testing and discovering market forecasting approaches. When I started, there was not much available as there are today. So it has definitely seen some growth over the years and therefore you should have no problem finding the approaches that will fit your style of trading and investing.

Are You Ready to Hire the App Marketing Agency for Your New Application?

App marketing being one of the most important factors deciding the success of your mobile application has to be employed in the right manner, and thus the most right of times so as to hit the iron hard just when it is hot. With the technical expertise and professionalism that most of the mobile app marketing companies claim, the main point of concern remains the right time of the employment of the app marketing strategies.

Based on various studies, it is suggested that companies should opt for an early employment of app marketing services so as to get an advantage of creating an audience base prior to the launch of the application. On the other hand, there may be many demerits of early deployment of these services, which may include an unplanned move towards marketing and thus failing to achieve the marketing goals due to lack of readiness. As a result, each organization has its own list of factors that decides its readiness towards the concern of right time of deployment of mobile app marketing services.

Effectively tracking the importance of the concern through an explicit analysis, we here guide you through the various parameters that help you know the right time of hiring an app marketing agency for your new business application. These parameters are-

1) Market Research:

One of the most important parameters that decide the appropriateness of the time you choose to start with your marketing campaign is ‘Market Research’. If without a proper market research of your app market, you opt for an early hiring of the marketing agency, you are likely to face a failed marketing campaign and loss of investment. The market research factor includes knowing the-

  • Target audience
  • List of keywords to be focused
  • Popular categories
  • USPs of your competitors over you and vice-versa

With this analysis in your hand, you are now ready and can discuss the marketing strategy well with your app marketing service provider.

2) Dedicated Centre of Ideas:

Before hiring a mobile app marketing company for your business, you need to decide – who will be the main dedicated centre of ideas? Whether you have your list of ideas to be implemented by the marketing agency or you want them to create and implement the marketing ideas for you? These questions need to be well thought and answered before making the hiring process. Here generally the firms with long-term marketing business partners generally let their partner decide and implement the marketing ideas. While if you are hiring a new marketing company your prior market research will help you discuss your marketing ideas with him.

3) Readiness of Your Team:

Before you go for the mobile app marketing services you need to know whether your team is ready for the change and will support the required marketing operations on their side. With this, you also need to judge the technical expertise required by your team to add a functional support to the marketing campaign and ask the agency to train them for the same.

4) Coordination between the App Marketing team and the App Development Team:

Often overlooked, there needs to be a strict coordination between the app development and the marketing teams so as to know the effective intervals of promotion and the USPs that needs to be highlighted. Here, businesses providing a one-stop solution for both the app development and marketing services promise a high success rate for your business application.

5) Knowing the actual App Release Date:

In order to target the mobile app market with a well-scheduled marketing campaign, you need to know the important dates like the actual app release date. A prior decided app launch date can help you with announcements in the Tech World and earn enough space for the popularity of your app prior to its actual release. With this, you can hire the preferred mobile app marketing company at the time of Beta testing, where you can get hold of the customer feedback and judge the values of the app based on the genuine customer feedback. Here a professional team based on the feedbacks can develop the marketing strategies for your business application and implement them accordingly at the right time.