Target Market
Submitted by Carissa on Thu, 10/01/2009 - 12:30
My new business is officially in business. You can check it out at NameThatFrame.com. The journey has just begun. One of my first goals is to find my target market. I somehow forgot that finding my target market is so crucial. I was in advertising and we could describe the target of each Toyota vehicle to a T. We knew little details like the Prius target market likes to be involved with community organizations and cut out things from magazine. We knew that the Venza target likes bite-sized entertainment and longs to pursue a new passion in their life.
I somehow forgot everything I learned. The big question is "Who are my customers and who will buy my custom frames?" I was naive to think everyone would buy my product until this weekend when I was hit with reality. I was super excited for my first show in Pasadena. Little did I know that Pasadena was not my market. It was an older, wealthier market. Some people showed interest, but for the most part, it was a waste of my time. There were other negative factors such as the 110 freeway was closed because of an accident, it was 100 degrees, and the fair was super small and nobody was there, but the show really hit a hammer over my head telling me to FIND MY MARKET.
Assumptions that everyone will buy my product will lead me to bad decisions, wrong pricing, and wrong marketing strategy. Since I am a small business, I now know that only a limited number of people will buy my product and I need to find out exactly who those people are and spend my efforts toward them. Where are you people?
I signed up to be a vendor at UC San Diego. College kids seem to be more my market, but I just have to wait and see. A lot of them have disposable income from their parents and they don't know what the meaning of money is yet. Sorority girls tend to spend a lot of money. I was one of them. At every fair that I showcase my product at, I'm sure I will learn something new. Running a business is a learning process. Like people always say. "It's the journey, not the destination. " I'm having a good time so far.
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Comments
Very cool Carissa! I like
Very cool Carissa! I like it! I love frames and decorating and bought a couple from the vendors in NY.
I could totally picture them in vendor fairs and swap meets! (I love those places compared to malls! Something about the open air, independent vendors, variety, and affordable prices, I guess. You could try the OC swap meet at the Fairgrounds. They sell all kinds of stuff including decorative martini glasses. I know UCI has vendor fairs on Ring Road right before Christmas, Valentine's Day, and before the end of the year- I think. I bought a ton of frames for my girlfriends one Christmas.)
But I definitely try to spread to word and keep you in mind when friends and fam need some cool frames.
TY April
Thank you for your nice words April!
Off the top of my head
Maybe your target market could be mommys and engaged couples. When I think of who would really be into purchasing a personalized frame those are the 2 demographics that come to mind.
For mothers, you could market it as the new hot thing to give at baby showers or for a young kid's birthday... like when they're just learning how to spell their name.
For engaged couples... same thing... new hot gift at wedding showers... or market it to the female. They can combine both their last names, etc. Perhaps booth at wedding expos or partner up with a wedding planner and have them include your product in some of the packages they offer. Or better yet... partner up with wedding photographers and have them include your product in their packages.
wow
wow rachel, good ideas.