A potential market is a segment or volume of possible consumers who would likely be interested in a brand’s product but haven’t yet made a purchase.
To be successful, brands need to have a strong pulse on their consumer base while working to attract and retain new customers. Identifying a potential market is one way to do just that.
A potential market is a consumer segment, region, or demographic that would likely be interested in buying a product from a particular brand but hasn’t yet. Identifying and capturing a potential market is one way a business can grow revenue and expand its reach.
Most businesses look for potential markets that are closely aligned with their current market segment. A business that sells camping gear to primarily young consumers, for example, might identify mountain bikers, kayakers, or other outdoor adventurers as a potential market for their products.
After the business has identified its potential marketing, it’ll need to undergo an extensive strategy development phase in which they outline clear promotional plans for attracting and capturing that market.