Rule Number 3- Target, Target, Target
If you’re a small business, you’re maybe wondering what the heck does a multi-billion dollar company have to do with me. Yes, they have mega-budgets. But, they are challenged with appealing to millions of people. No small task. You only have to find a few to be successful. And, you don’t need hundreds of data points to do it. If you are liking one of your customers in particular, it’s worthwhile to explore why that relationship works. And, it’s always more about how they behave than most other info about them. If you’re a plumber, a good prospect is not only someone with a plumbing problem. It’s probably someone with an old house and who’s WILLING to hire a plumber. They don’t want to do-it-themselves.
In my new report, 25 Time-Tested Rules of Small Business Marketing, I write in Rule #3 about targeting your market and learning from one of the best target marketers of all, Target department store. Target Stores are geniuses at catering to their clientele. They know exactly who their clients are. According to the company, Target reaches a younger customer with higher incomes than its competitors. The median age of Target customers is 42, the youngest of all major discount retailers. The median household income is about $60,000. Eighty percent are female and 33 percent have children at home. About 80 percent attended college and 51 percent completed college. Because of its higher-end focus, Target stores are humorously referred to as “Tarzhay.” (1)
As a result of that “target” market, they’ve created their own lines of home furnishings, decor, plates, dishes, outdoor furniture, clothing, baby items and many more are custom-designed for them by their in-house team and through brilliant partnerships with nationally recognized brand names like Shabby Chic, Calypso St. Barth, Isaac Mizrahi, Smith and Hawkens, Cherokee, Mossimo Sportswear to name a few. These partnerships have allowed upper middle class and middle-class Americans to have attractive design at attractive prices. In effect, they’ve democratized style.
When Target started to take off years ago in popularity, they quickly wanted to differentiate themselves from Wal-Mart. Wal-Mart’s chief strategy is everyday low prices. Target spotted that gap and realized that their clientele didn’t want the cheapest price but value and design though reasonably priced. They continue to collect millions of data points everyday that advise them about their product decisions. And, they also look forward trend-spotting to stay relevant.
You, small business owner, have the same opportunity to look at what you’ve got for clients that you want more of, what could you do to better service the ones you’ve already got, and what trends and information can offer them in addition to your current product line up. The more you dial in your target market, the more success you’ll enjoy.
To order the 25 Time-Tested Rules of Small Business Marketing, click here.
(1) Source: http://nyjobsource.com/target.html