People who do not use mainstream financial services, such as checking or savings accounts, and primarily conduct transaction in cash when using alternative financial services like payday lending or check cashing, are considered unbanked.
What are examples of a niche?
- Conscious consumers
- Health and wellness
- Pet owners
- The LGBTQ+ community
- Travelers
- Gamers
- Homeowners
- Remote workers
What makes an industry ripe for disruption
To cause disruption, a company must create innovations that change an industry at its core and add value to the market.
A business may do this by creating a product or service that is more accessible or efficient than what is currently on the market or by creating something that reaches a new audience.
What is a niche group
A niche audience is a more focussed subgroup of the broader market’s target audience.
The niche audience has a specific group of needs, which can be met by a targeted product or service.
What is a niche product examples
An ecommerce niche is a distinct segment within any given market and often an area that is overlooked by other businesses.
Examples of niches include handmade items, pet food or pet owners, trendy t-shirts, eco-friendly products, beauty products, gadgets, or other trending products.
What is an emerging competitor
Replacement (emerging) competitors: which offer a different product in a different category. This is a competitor that can replace your products or services by offering a different solution altogether.
What are customer groups examples
Examples of customer groups: Retail and Wholesale – Create different price lists for retail and wholesale customers.
Platinum, Gold and Silver – Apply discounts to repeat customers based on customer loyalty.
What are the different types of customer needs
Ultimately, all customer needs can be categorized into three main types: functional, social, and emotional needs.
How do you meet customers needs and expectations?
- Get to Know Your Audience
- Make Sure You’re Reaching the Right Buyers
- Look for New Ways to Meet Customer Needs
- Set Clear Standards for Your Support Team
- Be as Transparent as Possible
- Develop a Customer-centric Culture
- Collect Feedback Regularly
What are the 4 types of values
The four types of value include: functional value, monetary value, social value, and psychological value.
The sources of value are not equally important to all consumers.
What is niche marketing strategy
Niche marketing is a highly targeted form of advertisement. With niche marketing, businesses promote their products and services to a small, specific and well-defined audience.
Many organizations adopt this strategy to support an underserved population and reap the rewards of brand loyalty.
Why do people choose unbanked
Lack of Trust in Mainstream Banking Many people still hold a lot of distrust in financial institutions and aren’t confident that they will take care of their money.
Some people believe that the fees banks charge are too high and voluntarily remove themselves from the mainstream banking system.
What are the proper solution to fit the customer’s need?
- Offer consistent company-wide messaging
- Provide instructions for easy adoption
- Build feedback loops into every stage of the process
- Nurture customer relationships
- Solve for the right customer needs
- Provide great customer service
Why do people remain unbanked
Not enough money Not having enough income to open a bank account was given as a top reason for remaining unbanked, according to a survey conducted by the World Bank.
Around 70% of the surveyed people marked the lack of enough money as the main reason, and every fifth person gave it as their only reason.
How do you satisfy customer needs in marketing?
- Understand Your Customer’s Needs
- Listen to their Feedbacks
- Set Realistic Expectations
- Pay Attention to Your Competitors
- Be Consistent in Communicating with Your Customers
- Take User Experience as a Priority
- Foster Loyalty through Proactive Customer Relations
Why do you need to identify market problems
Why is it important to understand market problems? Understanding market problems is the key to uncovering what really drives customers to buy a product.
This knowledge will provide the information you need to develop the right products and market them effectively.
What are the 4 main customer needs
There are four main customer needs that an entrepreneur or small business must consider.
These are price, quality, choice and convenience.
What is the meaning of market needs
“Marketplace needs” is a marketing concept that relates to the functional or emotional needs or desires of a target market, explains HubSpot.com.
What are the 5 basic needs of customers?
- Friendliness
- Empathy
- Fairness
- Control
- Alternatives
- Information
- Time
Is it helpful to find out what competitors are doing when a company plans to launch a new product
Knowing who your competitors are, and what they are offering, can help you to make your products, services and marketing stand out.
It will enable you to set your prices competitively and help you to respond to rival marketing campaigns with your own initiatives.
Why it is important to meet customers needs and expectations
It gives you an opportunity to make right changes at the right time to improve upon the customer journey and meet their needs.
Excellent customer service is a sure way to exceed customer expectations as it creates loyal customers for life who will even refer your business to friends, family and colleagues.
What’s the difference between consumers and customers
A consumer is always the end user of a product or service, but might not have purchased it.
A customer becomes a consumer if they make a purchase and use the product or service themselves.
A customer always purchases a product or service, but might not be the end user.
How can one effectively respond to the needs of the target customer
Answer: To be able to respond to the needs of the target consumers, you have to figure out what they really need.
Conduct a survey and let those who are willing to answer it get you the information that you need.
Then, you can decide on the product or service that you would sell to aid their needs.
How you are different from your competitors
You’re far better than you realize. Your competitors can’t sell you; only you can do that.
You may think your customer cares only about your product as a commodity. The reality is, though, that you also bring value to the situation, and you are anything but a commodity!
What is value proposition
A value proposition is a simple statement that clearly communicates the product or service benefit you promise to deliver to your customers.
It’s ultimately what makes your product attractive to your ideal customer.
Who are the target customers of your business
A target market is a group of potential customers that you identify to sell products or services to.
Each group can be divided into smaller segments. Segments are typically grouped by age, location, income and lifestyle.
How can a business satisfy customers?
- Get to know your customer’s needs
- Develop an in-house customer-first culture
- Customise the customer experience to meet your customer’s needs
- Optimise the customer experience
- Measure and improve customer satisfaction
What do you mean by disruptive innovation
Disruptive innovation is the process by which a smaller company—usually with fewer resources—moves upmarket and challenges larger, established businesses.
What is the most popular niche?
- Digital marketing
- Blogging and making money online
- Health and fitness
- Personal finance and investing
- Recipes and food
- Personal development and self-care
Who should my customers be
When deciding who is the customer, the focus should always be on the people using the product.
They are the ones for whom value is being created and the reason why the market and the product exists.
This can be a little tricky when a company sells its product as a component in another company’s product.
References
https://www.customerly.io/blog/marketing/2019/11/15/meet-and-satisfy-customers-needs/
http://www.netmba.com/marketing/process/
https://www.strategyzer.com/business-model-canvas/customer-segments
https://suitsmecard.com/blog/6-reasons-why-people-are-unbanked-or-underbanked
https://sepa-cyber.com/the-unbanked-population/
