What is a Target market analysis plan?
A target market analysis plan is a comprehensive plan that helps businesses identify and understand their target market. It is a detailed analysis of the characteristics and preferences of the ideal customer or group of customers that the business aims to serve, and includes objectives, KPIs and projects to ensure the successful implementation of these findings.
What's included in this Target market analysis template?
- 3 focus areas
- 6 objectives
- 6 projects
- 6 KPIs
Each focus area has its own objectives, projects, and KPIs to ensure that the strategy is comprehensive and effective.
Who is the Target market analysis template for?
The target market analysis template is designed for teams and organizations of all sizes and industries who are looking to optimize their customer experience and relationships with their target markets. It provides an easy-to-follow framework to identify customer needs and create projects to meet those needs.
1. Define clear examples of your focus areas
Focus areas are the broad topics that you want to address in your target market analysis. Examples of focus areas could be analyzing target markets, positioning product offer, and optimizing customer experience.
2. Think about the objectives that could fall under that focus area
Objectives are specific goals that you want to accomplish in order to reach your focus areas. For example, under the focus area “Analyzing Target Markets”, the objectives could be “Understand Target Market Needs” and “Enhance Target Market Relationships”.
3. Set measurable targets (KPIs) to tackle the objective
KPIs are measurable targets that help you measure the success of your objectives. For example, to measure the success of the objective “Understand Target Market Needs”, you could set a KPI to increase customer satisfaction rate to 75%.
4. Implement related projects to achieve the KPIs
Projects are actions that you can take to reach your objectives and KPIs. For example, to reach the KPI mentioned above of increasing customer satisfaction rate to 75%, you could implement a survey or focus group.
5. Utilize Cascade Strategy Execution Platform to see faster results from your strategy
Cascade is an online strategy execution platform that helps teams and organizations to easily create and track their strategic plans. Cascade's intuitive platform allows you to quickly and easily set up your target market analysis template, analyze results, and adjust your strategy as needed.