24 October Tip of the Week: Your Target Market October 24, 2017 By News & Spotlights, Tip of the Week tip of the week, your target market, demographics 0 The type of store or gallery you approach is based on who your target market is. Your time is valuable don’t waste it researching and approaching shops that don’t share your target market. Already have a marketing plan in place? If so you already know who your target customer is. If not here are some tips to help you determine who that person is. What is the age range of your customer? Is your product for women, men or both? Where does your customer live? Urban, rural, suburb, city? What is their education? Income level? Where do they vacation? Where do they shop? Some of the above variables won’t matter for one product or another, whereas they may play a major role for a different product. We can further narrow down our ideal customer by considering the psychographics of your customer. Psychographics are more personal characteristics of a person, including: Personality Attitudes Values Interests/hobbies Lifestyles Behavior Our sample customer is female between the ages of 25 and 40, college educated with a 60k - 100k income level who has discretionary income for impulse purchases. Annie is trendy and likes to visit boutiques when she travels. She would love your necklace! Your target stores will now include hotel gift shops and tourist destinations. Some thoughts to consider... Who are your current customers, and why do they buy from you? What are their common characteristics and interests? Who are your competitors targeting? Who are their current customers? You do not have to go after the same market. You may find a niche market that they are overlooking! Customer Profiling Work through the following to help you determine who your ideal customer is. Brainstorm on open ended questions. Think about who would enjoy or benefit from your product. Gender - Male, female or both? Age - It can be a range. Location - Where do they live? Rural areas, large cities, suburbs? Marital/Family Status - Married, single, kids, teens, empty nest? Employment Status - Full time, part time, student, stay at home? Education - What is their level of education? Are they still in school? Household Income - Less than $30,000, $30,000 - $60,000, $60,000 - $100,000, over $100,000? Important Factors - Is price important? Environmental impact/green products? Ethical production? Made in the US? Number of Purchases - How often would they purchase your product? Once a year, twice a year, monthly? Descriptors - What describes your customer? ____Stylish ____Sporty ____Trendy ____Vegetarian ____Traditional ____Busy ____Animal Friendly ____Tech Savvy ____Fun Loving Psychographics Interests - What do they like to read? List magazines, newspapers. What TV shows do they enjoy? Hobbies - What do they do in their spare time? Visit museums, attend plays, sports events? What type of social events do they enjoy? Values - What do they care about? Wants - What do they want? Brand Allegiance - What name brands do they have allegiance to? As you work through the above you will begin to gain a sense of who your ideal customer is, where they shop and what they like to do in their spare time. This information is invaluable to you. It will help you think outside of the box and find shops that you would have never thought of before. Showing 0 Comment Comments are closed.