Page 35 - MICROHUB Handbook - ENGLISH

Following the above, a more detailed analysis of the market will need to

be undertaken with a view to get in-depth knowledge of the target
customers by directly engaging with them. Using direct market research

approaches, for example questionnaires (easily run via online tools like

Google Forms or Survey Monkey), small focus groups or interviews with
potential customers, you should get clarity on:

Who are the different and main types of customers you target?

Who exactly are these customers?
Are they individuals or organisations?

Are they locals or tourists?

Are they the ultimate users of your product/service,

or just the buyers or the payers?

For example, toys are typically bought by adults (parents and other

family members), but they are used by children. Also, craft and art items
could be bought by organisations as corporate gifts for their staff, main

clients or partners (who would then be the ultimate users of such items).

• What are their main psycho-socio-economic attributes? For example,
gender, age, levels of income and education, geographical location /

proximity, risk attitude, values alignment, etc.

• What are their specific problems – unmet needs, wants or fears, that
your product/service can address?
• How are they currently addressing such problems? For example,

through what specific alternative products or other substitutes? The

substitutes are not the obvious alternatives – the directly competing
products, but more like the customer behaviours to cope with such

problems.

34