Identifying Target Markets/Demographics

Successful businesses do not always need to attract a large client base. Many products and services appeal to only a small and devoted niche or market. Before you begin a marketing campaign, it is essential to identify what kind of customers you should be reaching out to. Once you determine the best demographic to target, you can create advertisements that appeal directly to their desires, needs, and problems. Sometimes, evaluating your target customers will help you make decisions about which products and services to offer and which should be discontinued.

Targeting Generations

Those age nine to 27 comprise generation Y. Many of these potential customers are still living at home with their parents, and they typically have a source of disposable income to spend on entertainment or brand name products. Advertisers best reach these customers by becoming accessible online, developing a strong brand, and focusing on creativity and innovation.

Generation X consists of those born between 1965 and 1980, although the range has been defined to include earlier or later years. They may not be as brand loyal as Generation Y, but these potential customers will stick with a product that has proven its quality and value. Sales and coupons are especially effective when targeting Generation X.

If your product better suits an older audience, try to craft advertisements that emphasize personal relationships and customer trust. If you are reaching out to those who experienced the Great Depression, remember that they are unlikely to shop for enjoyment, and they will respond best to low prices and good value.

Appealing to a Demographic

For those operating brick and mortar stores, researching and observing the local population will help reveal the most effective marketing strategies. If you are setting up shop, ask yourself these questions about the neighborhood you’re in:

· Do the locals walk or drive cars?

· Are there more families or singles?

· Is there an active night life?

· What is the median local income?

· What recreational activities do the locals enjoy?

Answering these questions will help you decide whether you want to appear trendy or traditional, whether your products should focus on high-end quality or wallet-friendly savings, and whether your stores hours should just cover the daylight hours or extend late into the evening.

Getting to know your customer base is vital to connecting and making sales. Understanding demographics is but one part of successful marketing. If you would like to broaden your understanding of the rest of the field, then making connections with other AMA Tampa Bay members might just be for you. Get started by checking out AMA Tampa Bay TV. It covers a lot of useful information.

Sources:

Use Demographics to Understand Your Target Market (All Business)

Know Your Target Market (Entrepreneur)

Related Posts:

Leveraging Trends

Hyper local Targeting: Does it Fit Your Needs

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