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Thursday, May 7, 2015

Strategic Planning #2 - My Target Market

Well, my week at French Lick is almost over, and I have identified my target markets!

I knew that my jewelry, depending on the type, appealed to different people.  For this reason, I have been planning to split it into different online venues.  I just wasn't sure how to split it up, or which jewelry to put on which venue.  So I have been doing a lot of research online.  There's no point in wasting time and resources marketing to people who are not interested in what you are selling.

First you have to make a detailed list about the type of customer who buys your products:  Age, sex, race, income level, marital status, education, hobbies, etc.  I found this very hard to do.  But once I split up the types of jewelry I offer, then it wasn't so hard.

Apparently you should pick two main attributes of the customer, and one to three secondary attributes.



Flip Flop cultured pearl and sterling silver bracelet
For example, my target customer for a pearl necklace or bracelet is probably a bride.  Did you know the average age of a first time bride is now 27 years old?  So my target market for pearl jewelry is females between the ages of 25 and 30.  One of the secondary things would definitely be brides-to-be.



Abstract Bamboo Pendant, Fine Silver and Dichroic Glass


But this is not true for all the jewelry I make.  For example, my target customer for a one-of-a-kind fine silver and dichroic glass pendant is probably a married woman (or her husband) with a fairly high income level.




After listing all the attributes of your ideal customer, pick the two that best define him or her, along with up two three lesser important attributes.  You want to target your marketing to this person.  This exercise has been very helpful to me.  First of all, now I will be able to design my online stores to appeal to my different markets.  Not only that, I can use social media to target the appropriate customers for each shop.

If you haven't identified your target market yet, what are you waiting for?  I am sharing some of the articles I found helpful below.


How to Define Your Target Market
Find Your Target Market
How to Define Your Target Audience
How to Find Your Target Market


Sunday, May 3, 2015

Rest, Relaxation and Strategic Planning #1

I am hanging out in French Lick Indiana this week, communing with nature.  We had a timeshare week expiring, and my husband didn't want to use any vacation.  So he said, why don't you just go down to French Lick?  Some of you may know, I am a tax CPA.  I recently saw my doctor, and he made a comment, something to the effect of, "wow, you really let yourself go during tax season!"  It's true.  So I thought, why not spend a week just relaxing and trying to get back in touch with my creative mojo.  I also need to do some serious strategic planning for my handmade jewelry business.

So here is my creative home base for the week:

 


Friday night, when I arrived, a couple of ladies arrived next door and were having a little trouble getting their friends to hear them knocking on the door.  They all came from the Chicago area, and invited me over for drinks.  (Shout out to Betty, Linda, Marlene and the three Karens!)

I was starting to wonder if I would get anything done this week,  I didn't bring any jewelry to work on, because this week is about planning.  Some of the questions I have to answer are:

  • Who is my target market for which type of jewelry?
  • Which venue is appropriate for which type of jewelry?
  • Who buys jewelry on which venue?  (Etsy, Artfire, Storenvy, Aftcra, etc.)
  • How do I get in touch with my target market?
  • What display to use in my art show booth in addition to the display cases?
  • What possible themes could I use for next years jury photos?

Yesterday was day one, and I have made some progress.  (Also this morning I came up with a great idea for a video!)  After doing a little research online, I have learned this:

  • People of ALL ages shop online
  • Younger people spend more money online than older people
  • Men spend more online than women
  • Women tend to buy expensive jewelry as a gift, but not so much for themselves.

I will try to post updates of my progress using the painfully slow internet here.  But now it's time for my brain to change gears, so I will leave you with a video.  Not so much the video, but the audio is of all the birds singing outside my balcony even though I am right in town.  You may have noticed my ipod speaker in the picture above.  I turned it off just to enjoy all the racket the birds were making.  I hope you enjoy it too.


video