How to analyze your audience and shape your price offer

Correctly identified target audience and well-shaped price offer that is followed with intense purchase interest is a significant part of success of any business. Take these factors into account to make it in a more efficient way.

The first step to success is to understand pain points and needs of your audience. Demographic indicators and other general criteria are not enough; you should understand their psychology and decision-making logic they rely on when choosing between products or services. The best solution is to adapt a product to their specific needs.

You also should understand that the target audience will never be homogeneous, so you need to segment it and form an appropriate message for each group. This will expand offering range and increase sales.

Price comes from perception. To successfully choose a price offer, you need to understand financial concepts used by the audience. You should try to find out the levels of ‘too expensive’ bar and ‘cheap = poor quality’ bar.

Once you understand the above factors, you will be able to shape your price offer to make a profit and to propose your audience the optimum solution. Price means not fair value, but also perceived value.

Don’t be emulous of your competitors, offer uniqueness instead. Everyone likes to feel special, and target audience of any business is no exception. Let’s be clear, there are no one-of-a-kind products or services today, but people often stay loyal to certain brands or companies.

Therefore, entrepreneurs shouldn’t try to keep pace with competitors, wasting a great deal of time, effort and resources. Instead, they should ask their audience to be a part of the community and take the opportunity to go beyond customer status.