Technopreneurship

• Target market


  The specific group of people that a company has determined to be the most likely candidates to use its product or service offerings because of their shared similar needs or characteristics — age, income, and lifestyle
• Technopreneurs


  • Can establish themselves as experts on the wants and needs of a specific group by narrowing their focus on their target market
  • Can quickly respond to changes in their target market's interests or opinions and closely monitor other businesses' attempts to entice those customers away
• Customer


  Any person or business that buys a product or service but might not be the end user (consumer)
• Consumer


  Any individual who uses a product or service, whether for personal or business purposes
• Customer profiling


  Identifying the ideal customers based on a set of distinctive characteristics
• Customer segmentation


  The process by which a business divides customers based on common characteristics, such as demographics or behaviors, so the marketing or sales team can reach those customers more effectively
• Customer segmentation models

  • Demographic
  • Geographic
  • Psychographic
  • Technographic
  • Behavioral
  • Needs-based
  • Value-based
  • Firmographic
• Ninety-one percent (91%) of consumers own a mobile phone
• Online shopping is now a mainstream activity
• An average internet user has up to eight (8) social media accounts
• Thirty percent (30%) of online consumers use virtual private networks to secure their personal information
• Seventy-five percent (75%) of consumers purchase products online every month
• Effective marketing is adaptable, personalized, and responsive to consumer needs
• The undeniable advantage of operating an online business is that it gives technopreneurs the flexibility to present their products without the constraints of a physical store
• It also allows them to respond quickly to their customers' inquiries and resolve issues immediately
• It expands the company's reach to potential clients to sell products and services or generate inquiries outside business hours
• Technopreneurs can provide better customer service to potential customers thanks to the internet
• Methods of customer profiling and segmentation

  • Use a customer profiling template
  • Choose customer profiling software
  • Analyze demographics
  • Collect customer feedback
  • Review customer journey map
  • Focus on the problem and solution
  • Examine contextual details
  • Understand the industry
  • Build personas
  • Analyze and iterate on customer personas

  
• Need recognition


  Identify the problem
• Information search

  The paradox of choice
• Evaluation of alternatives

  The value outweighs the cost
• Make the purchase

  Understand the costs, and find the right fit
• During these phases, various experiences help customers reach a point of conversion
• The resources that every business provides for its customers can light the way and guide them through the process