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Creating an Online Business

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  1. Identify Skills
    7 Topics
  2. Conducting Research
    5 Topics
  3. Online Stores
    5 Topics
  4. Making a Flyer
    7 Topics
  5. Managing Expenses
    7 Topics
  6. Survey Customers
    8 Topics
Lesson 2, Topic 3
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Research Audience Demographics to Identify Potential Customers

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Market research is an essential step for businesses to understand their potential customers, guiding them in product development, marketing strategies, and advertising methods. This research, often referred to as consumer analysis, encompasses both demographic and psychographic elements. To begin, conduct an internet search to identify your potential customers. Investigate competitors in your business sector to gain insights into their consumer engagement strategies, focusing on how they portray their brand to their audience. Prioritize the demographic and psychographic aspects most relevant to your specific business. For instance, one business might be more interested in the education level of its customers, while another may focus on geographic location. Carefully review search results, prioritizing credible sources like major news outlets and advertising trade groups. It’s advisable to read at least three sources, as consistent information across various sources tends to be more reliable. Once you’ve gathered the necessary information, incorporate it into your slide presentation.

After collecting your market research data, create a new slide in your presentation following your business name page. Title this slide “Target Audience” and document the audience information you’ve collected. This process not only informs you about who your potential customers are but also keeps your target audience at the forefront of your business planning. Understanding your audience is key to tailoring your business strategies effectively. The next phase in your journey involves organizing the information gleaned from your research and strategizing how to effectively reach these potential customers. The insights gained from thorough market research are invaluable in shaping the direction and success of your online business.