If you are opening a retail store, you should know that your success will greatly depend on what you offer, who you offer and how you offer. While marketing activities hold immense importance in driving foot traffic to retail stores, the kind of traffic coming into your store is determined by your targeting strategies. There’s one thing you should always keep in mind: you can only succeed in marketing if you deliver the right message to the right audience at the right time. Sadly, most marketers go wrong in choosing the right target audience.
Customer segmentation is something no retail store owner can ignore because it can help them identify customers who would be needing their products or services. It can help identify unsatisfied needs of the individuals and develop products that would satisfy their needs effectively. Wrong targeting can cause a retail store to go crashing down as nobody would buy its product or service. If you wish to refine your targeting, here are a few tips to follow:
Segment your market
Market segmentation is a good way to start identifying your target market. It’s the process of breaking a large market into smaller markets based on various factors, such as demographic, geographic, income, age, profession, psycho-graphic and behavioral. Segmenting the market helps you understand characteristics of the market and create highly-focused products and campaigns that resonate with a specific audience.
Conduct a survey
Customer surveys have been a long-standing method of gaining market insights. Talk to your existing customers and also prospective ones about how they feel about your offer. Collect as much data as possible to know your target audience better. This will help you improve your current offering and present your future offers more appealingly.
Know your competitors
Unless you are monopoly player, you simply cannot evade competition. Experts often recommend that you also know who your competitors are targeting. You can do a research on their ad campaigns and see which one works and which one does not. This will reveal weak spots in your competitor’s campaigns and give you a direction while crafting your own campaigns. Nobody is asking you to be blatant. Be discreet but smart.
Leverage social media
In today’s digital age, social media has emerged as a boon to marketers. Facebook, Instagram, LinkedIn, Twitter, What’s App, Pinterest and a gamut of other social networks have changed the way retailers target consumers. For example, you can use Facebook’s ad targeting features that let you select an audience based on their interests, location and a range of other factors. Social media helps retail store owners in reaching the right target audience, engaging them and expanding their customer base.
Always make use of data
Last but not the least, you should leverage the power of consumer data in refining your targeting strategy. Data helps you measure the performance of your strategies and helps identify loopholes. Using social media to target audiences can also provide useful data, which you can use to improve your messaging and engagement. Not only will this will you optimize your campaigns but also make informed decisions.