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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

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