Tuesday, 23 August 2011

Why Target a Market?

My clients often ask me "why should I choose a specific target market?" 

Imagine trying to hit a target with an arrow...  If you shoot a bunch of arrows up in the air and hope you hit something, you're far less likely to hit the right target than if you take aim directly at the target you desire and fire away! 

Getting your message to the people that will buy your product works the same way.  If you hope to get the message out to all different people of all different age groups, with all sorts of different experiences, you're far less likely to get noticed by anyone than if you identify your target market and ensure you create a message that speaks to them directly.

If your store is already established, it pays to take a look at your most profitable customers and identify who they are.  Who spends the most money in your store?  Who buys at the highest margin?  Do your customers live nearby or are they willing to travel to get to your store?  How old are they?  What inspires them to buy?  What life stage are they at?

If you're a new retailer, just establishing your store, this is where it pays to do some research.  Check out your city's website for census information, visit your local business link for help researching, and see who shops with your competitors to help you establish your target market.

Once you've established your target market, you can create advertising that will appeal to them, advertise in the mediums they use, and creat a store environment that will make them feel welcome.  There are all sorts of things you can do to draw the right customer to you once you've established your target market!

If you need help establishing a target market or creating a store environment that will appeal to them, visit www.flourishdesign.ca