Hi! Welcome back to Firefly Store Solutions!
Today we’re going to talk about three actions you can take to narrow your target market. Doing this could help you attract more shoppers during your next store promotion.
First, try using the funnel method. Start with a broad criterion such as gender or age, keeping in mind a key product or service that you offer. Then narrow your search by another factor, like income level. Continue to drill down until you find a niche that you can speak to directly. Your next marketing campaign should be aimed at this audience.
Second, keep generational differences in mind. Baby boomers and millennials have unique buying habits. Baby boomers might have more disposable income and may therefore be open to trying new products on a whim. Millennials, on the other hand, can be uniquely loyal to brands they identify with. As you narrow your target market, use this to decide if you should focus on the novelty of your products or on your brand voice.
Finally, don’t neglect the competition – learn from them. Find out what shoppers find appealing about brands similar to your own, then add a personal twist to make it unique to your store. You might find an appeal that narrows your target audience, and therefore narrows the amount of spend you need to put into your advertisements.
Market research is key to staying relevant in a competitive retail landscape. These tips will help you stand out.
See you next time!