Due to the Competition & Consumer Commission Act of Singapore (CCCS). With a large competition platform, it is hard to differentiate yourself. In this blog, I will discuss the importance of reaching beyond existing demand to maximize profits. Given Singapore’s popular industries and types of customers, you will be able to take your organization to the next level.
Finding the right target market can be draining. But with correct research, it can be achieved. It is crucial to find your place in a county that hosts six million people. With so many people, comes a wide range of demands. It is up to organization to meet these demands and create a personal connection with its consumers. Consumers invest in organizations by why they do something, not on what they do.
For more information about the CCCS and how it affects your organization click: https://www.incorporate.sg/legal/anti-competition-act/
Singapore and its industries
Singapore’s greatest industries consists of manufacturing, retail, finance, infrastructure, and information technology just to name a few. With manufacturing being its biggest. Which include: electronics, chemicals, biomedical sciences, logistics, and transport engineering. Retail is also up and coming. Many locals and tourists are shopaholic. Singapore has three main malls where consumers try to find the best deals.
Target Market and Demand
Given the most popular industries in Singapore above, and your organization falls into one of those, then you have your market. On the other hand, your target market is who you are trying to approach to make a profit. Identifying your target market can be completed by research. Every organization wants to meet the demands of their customers.
Your target market becomes more than consumers. They become your family. To them, you are more than a business. However, your target market will not always remain the same. Demands change when the market changes. Always doing a quick environmental scan, consumer behavior, and other analysis paints a picture of the current market. By this, you can redefine your target market. In reality, an organization becomes a personality that creates a value in other people’s lives. But, to maximize profits organizations must reach beyond existing demand.
Reach beyond existing demand
In a market, there are three types of customers. The first is, soon-to-be customers. These customers are ready to take risk and see what you have to offer. Also, they are always looking for alternatives. The second is, the refusers. They are consumers who are against your organization. They do not feel the need to buy or invest in you. Finally, the last are the unexplored. Here, the consumers are untouched meaning, they are not aware of your existence.
There is no specific type of customer you should focus on. All that depends on the timing and status of your organization. If you feel the need to gain one type of customer more then, that is perfectly fine. However, it is important to tap into all three to get an insight of the overall market. For any organization to gain profits, it is a good idea to start here. Later on, you may set strategies to develop more opportunities.
For further assistance or questions on how to establish your organization in Singapore email InCorporate or go to our site: https://www.incorporate.sg/