Are you planning to do business in the Philippines? Are you currently doing business in the Philippines but are looking to expand your reach and tap into new audiences? If your answer to either question is yes, then it’s high time that you conduct a study on your target market’s landscape.
A market landscape provides you with adequate information on how you can move forward with your business onto particular market or audience pool. Knowing the landscape wherein you intend to do business is downright important, mainly because you get to see the strengths and weaknesses of your target market, and as well as the area of opportunities for your business to thrive.
How do you map out a Philippines market landscape? To start with, here are some points to consider:
- Identify the elements that make up your target market.
This is a basic step in any business planning. Before you make any actual move to put your business idea into fruition, you have to first identify your market. This includes your target customers and their characteristics, the area in which you are going to do business, stakeholders that affect your business, and as well as your competition.
Getting to know these elements allows you to position yourself as you enter the industry without losing your way later on.
- Understand the market competition.
In any industry, there is always competition, not only among businesses, but among audiences too. You may find yourself offering the same product or service as that of already existing brands and establishments, and you have to know how to compete against them. This is where qualitative research becomes very useful; the opinions and narratives of your market audience give you valuable insights to understand how they interact with competing brands in the industry, and from there you can strategize on how to get a bigger share of consumers.
- Which audience is the easiest to convert into customers?
Doing a Philippines market landscape also requires you to narrow down your audience by identifying the low-hanging fruit, i.e. the audience that’s easiest to get. Indeed, when entering an industry, you are bound to face competing brands, most of them already operating in your target area, but by knowing which among your shared audience is the easiest to reach out to, the easier it would also be for you to create your own market.
Knowing your specific audience likewise gives your business the edge as you can find areas in which you can operate with low competition, and therefore achieve better return on investment.