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Establishing your Customers & Target Market

WHO ARE THEY

As a Retailer if you understand who your customers are and how they behave then you can tailor your product/ services options and set relevant promotions that will appeal to them resulting in more sales and profits and also beating your competition!


WHO IS MY CUSTOMER?

  • If you are a new business, you may start with ‘who would you like it to be’?
  • If you are an existing business then your knowledge will come from observation, conversation and sales reports.
  • If you are online you may have different insights because your can get more data on their behaviour.

WHAT IS A TARGET MARKET?

  • They are a group of customers who have attributes in common – these may easily be described demographically and/or psychographically.
  • Most retailers have more than one target market and knowing the common factors are important;
  • Demographics – Age, Gender, Income, Education, Occupation, Location, Marital status, Children etc
  • Psychographics – Interests (Books/shows/podcasts etc), Purchase Habits, Hobbies/sport/entertainment, social life, food/drink preferences, travel, how do they spend their time? (work/relaxation/weekends/nights etc), personality etc
  • VALS – Values, Attitudes, Lifestyle – What values do they hold that may be important to your retail offer ie; sustainability, family oriented, community minded, convenience, Browsers or Time-Poor?

VALS resource http://www.strategicbusinessinsights.com/vals/ustypes.shtml for additional detail.

  • Personas – Build a description of each target market with the above factors in mind and give them a name (Jane, Bill, Sara etc – may help you visualise them!)

GATHERING INFO ON YOUR TARGET MARKET

  • Research Data – Councils, Shopping Centres or Australian Bureau of Statistics all have data on the main demographics of your retail trading area.
  • Observation – Watch and describe the customers in both physical and online stores, as well as ones entering other stores nearby that you may like to attract.
  • Customer Service – Gather key details from conversations and comments through face to face, social media, live chat online, emails/texts, database program or a formal survey.

RELEVANCE TO PROMOTIONS

  • How do they like to receive information? – Word of Mouth, Emails, Newsletters, Social Media (which platforms), text, advertising etc
  • Ask them what they want more/less of – New products, types of products/brands, sales, product hints, demonstrations so you can tailor your communications.