Please help me with targeting market

29 replies
I am really stuck at defining markets for our company. We are an online discounted retailer that sells both closeout and current products with a vast category coverage. Our inventory (15k + products) is described as below:

Electronics 23% (computer hardware, Tv, audio, cameras, accessories, etc.)
Healthe Supplement 3% (vitamin, diet bills, fat burner)
Home products 6% (furniture, hardware, kitchen, decor, etc.)
Healthcare Products 1% (Elbow support, eye pillow, etc.)
Around 100 watches
Kid toys: 3%
Wii and playstation accessories 1%
Pet products (accessories, sleepers, etc.)
Baby products 2%
Leather Bag and accessories 6% (mostly from Royce Leather)
Some other products like perfume, coglogne, water pump, etc)
Sport products: 11% (baseball, soccer, etc)
Licensed products 38,5% (home products like rugs, mats with sport team logos on it. I dont think they are selling well)

Please advise me in this case. Really appreciate it.
#market #targeting
  • Profile picture of the author Shadowflux
    Well, this may not be a very useful answer but it seems like the products tie into a great range of different markets. If they were all baby products, or all sports products, it would be a different story.

    With this many different types of products, I suppose your target market would be people who shop online and want to find a good discount. It's not a very exact target but I suppose it opens you up to more diverse marketing options.
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    • Profile picture of the author TommiDash
      Originally Posted by Shadowflux View Post

      Well, this may not be a very useful answer but it seems like the products tie into a great range of different markets. If they were all baby products, or all sports products, it would be a different story.

      With this many different types of products, I suppose your target market would be people who shop online and want to find a good discount. It's not a very exact target but I suppose it opens you up to more diverse marketing options.
      Thank you for the comment. Yeah, that's what I could only think of so far.
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  • Profile picture of the author TommiDash
    Maybe I should target a specific demographic market? Like household with income from X to X?
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  • Profile picture of the author guitarizma
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    Originally Posted by TommiDash View Post

    I am really stuck at defining markets for our company. We are an online discounted retailer that sells both closeout and current products with a vast category coverage. Our inventory (15k + products) is described as below:

    Electronics 23% (computer hardware, Tv, audio, cameras, accessories, etc.)
    Healthe Supplement 3% (vitamin, diet bills, fat burner)
    Home products 6% (furniture, hardware, kitchen, decor, etc.)
    Healthcare Products 1% (Elbow support, eye pillow, etc.)
    Around 100 watches
    Kid toys: 3%
    Wii and playstation accessories 1%
    Pet products (accessories, sleepers, etc.)
    Baby products 2%
    Leather Bag and accessories 6% (mostly from Royce Leather)
    Some other products like perfume, coglogne, water pump, etc)
    Sport products: 11% (baseball, soccer, etc)
    Licensed products 38,5% (home products like rugs, mats with sport team logos on it. I dont think they are selling well)

    Please advise me in this case. Really appreciate it.
    As mentioned by "Shadowfix" its really a diverse rang you got there. But, I think if you are looking for interested buyers across the verticals you have, Facebook could be a good place to promote your business through different campaigns. facebook users are looking for everything from rugs to diapers. Just my 2 cents.
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    • Profile picture of the author TommiDash
      Originally Posted by guitarizma View Post

      As mentioned by "Shadowfix" its really a diverse rang you got there. But, I think if you are looking for interested buyers across the verticals you have, Facebook could be a good place to promote your business through different campaigns. facebook users are looking for everything from rugs to diapers. Just my 2 cents.
      It's true, and it will be included in the social media strategy.
      The problem is now I have to come up with a market to include in my marketing plan.

      Will I just have to come up with a general online user market?
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  • Profile picture of the author hassan007
    Hi Tommi,
    I want to ask that are you planning to run PPC?
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    • Profile picture of the author TommiDash
      Originally Posted by hassan007 View Post

      Hi Tommi,
      I want to ask that are you planning to run PPC?
      Wow, so many people trying to sell on here. Yes, I am.
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      • Profile picture of the author savidge4
        If you want a specific demographic to target, that would be women 24 to 40. It is said that 80% of the purchase decisions are made from that category.
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        • Profile picture of the author TommiDash
          Originally Posted by savidge4 View Post

          If you want a specific demographic to target, that would be women 24 to 40. It is said that 80% of the purchase decisions are made from that category.
          How about our sport licensed products? They take up like up to 40% of our inventory...Should we ignore them cause we do drop shipping most of them?...
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          • Profile picture of the author savidge4
            Originally Posted by TommiDash View Post

            How about our sport licensed products? They take up like up to 40% of our inventory...Should we ignore them cause we do drop shipping most of them?...

            Who do you think buys it? We are talking about front door mats and carpets correct? go to any brick and mortar store that sells this stuff. sit there and watch WHO is buying it... guess what, it will primarily be women.

            Even look at sports jerseys.. go to Dicks sporting goods or the like and watch WHO is buying it...

            This stuff is a science of sort, but it doesn't have to be. Go to a place that sells what you are wondering who to sell, to and see who buys it. But I will tell you right now carpets and the like is a gimme!
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  • Profile picture of the author serryjw
    I would target 'moms' on FB...There must be a bunch of group that share secrets on how to save money in this economy.
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    • Profile picture of the author TommiDash
      Originally Posted by serryjw View Post

      I would target 'moms' on FB...There must be a bunch of group that share secrets on how to save money in this economy.
      Definitely moms on FB, and on Pinterest. Now that the direction is go after the inventory. Can someone help me fill in what people to target for each of these categories?

      Electronics: Almost everyone, generation X and Y?
      Licensed sport products: College kids that like sports? We have a lot of products from college sport teams.
      Cosmetic, perfume, watches, sunglasses, leather products: woman in general?

      It is so hard to think of how to make a brand strategy, because these segments like kick each other's ass: moms, college kids, young female, etc. I wish I had the market plan of nomorack...
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      • Profile picture of the author serryjw
        Tommi...I think you are over thinking it...the 25-50 female demographic on FB has enormous overlap...start with 'discounts for all your family needs'...and then see what happens.
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        • Profile picture of the author savidge4
          Here is the deal. You are wanting to sell the whole dang store. The REALITY is you should be targeting a single one item and MAYBE a category. You simply replicate those efforts across all the items / categories you want to sell.

          In the mean time. You need to develop an ONLINE store that sells ALL of your products. As you bring people in through your individual targeted sales, you capture an e-mail address. You can then and only then open these customers up to the fact you have a stores worth of stuff to offer.

          This would take the shape in the form of a online weekly flyer / newsletter of good deals, offered by your store. This is the most simple and effective model in Internet Marketing. You target an audience with a 1 single product. You capture their email address. You send them a newsletter offering more product.

          If you try anything other than that, you are simply spinning your wheels.

          Joins Targets mailing list and see what you get. Join Walmart's mailing list and see what you get. Join your local grocery store's list and see what you get. If you are going to throw the entire store at a customer you will FAIL.

          Start targeting your potential clients one item at a time, and you stand a chance. It will be easier to target. Easier to convert. Easier to produce sales down the road.

          Hope that Helps!
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          • Profile picture of the author prraveen
            Hiii...
            As you mention that you want get traffic and buyers on your online store, first you have to do deep demographic research about each and every niche of your store than do some classified ads and PPC campaign.
            PPC on FB may be more profitable for you.....
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            • Profile picture of the author TommiDash
              Originally Posted by prraveen View Post

              Hiii...
              As you mention that you want get traffic and buyers on your online store, first you have to do deep demographic research about each and every niche of your store than do some classified ads and PPC campaign.
              PPC on FB may be more profitable for you.....
              Yeah, I think PPC on FB would be really profitable. However, the content for fb ad is limited. If anything, I guess it would represent us an online deep discount store that sells everything.
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          • Profile picture of the author TommiDash
            Originally Posted by savidge4 View Post

            Here is the deal. You are wanting to sell the whole dang store. The REALITY is you should be targeting a single one item and MAYBE a category. You simply replicate those efforts across all the items / categories you want to sell.

            In the mean time. You need to develop an ONLINE store that sells ALL of your products. As you bring people in through your individual targeted sales, you capture an e-mail address. You can then and only then open these customers up to the fact you have a stores worth of stuff to offer.

            This would take the shape in the form of a online weekly flyer / newsletter of good deals, offered by your store. This is the most simple and effective model in Internet Marketing. You target an audience with a 1 single product. You capture their email address. You send them a newsletter offering more product.

            If you try anything other than that, you are simply spinning your wheels.

            Joins Targets mailing list and see what you get. Join Walmart's mailing list and see what you get. Join your local grocery store's list and see what you get. If you are going to throw the entire store at a customer you will FAIL.

            Start targeting your potential clients one item at a time, and you stand a chance. It will be easier to target. Easier to convert. Easier to produce sales down the road.

            Hope that Helps!
            Thank you! That really helped. I find it hard to capture people's email address though. Like, even if I have their email, can I still send them newsletters and offers if they didn't subscribe to us?
            Do you know how often a newsletter should be sent out?
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        • Profile picture of the author TommiDash
          Originally Posted by serryjw View Post

          Tommi...I think you are over thinking it...the 25-50 female demographic on FB has enormous overlap...start with 'discounts for all your family needs'...and then see what happens.
          Hmm, that's a good one too. Thanks!
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  • Profile picture of the author xpesos
    Try to leverage power of social media
    Specially pinterest which is filled with buyers
    Better is to hire some expert from Freelancing sites to get most and reasonable budget
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    • Profile picture of the author TommiDash
      Originally Posted by xpesos View Post

      Try to leverage power of social media
      Specially pinterest which is filled with buyers
      Better is to hire some expert from Freelancing sites to get most and reasonable budget
      Yeah Pinterest is a great tool! I am struggling to get more followers though. Do you know anyway to increase followers quickly? We just need a certain amount at the beginning to let people have a feeling that the business is legit. Getting followers from fb, twitter, instagram is much easier..
      By the way, we are trying to do everything by ourselves, the budget is limited...that's why we are coming up with a business plan to get funding.
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  • Profile picture of the author ritzy987
    Hi,
    I run a B2B business and have been doing e-mail marketing for it, but most of my mails end up going to spam or have very low open rate, can anyone suggest what should I do?
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  • Tommi,

    Formulating, implementing and monitoring online and offline advertising and marketing campaigns for each category would be most effective in generating the results that you need, in my opinion. For example -- You may opt to test out a Facebook right-column, news feed and sponsored story ad campaign for each category, with the landing pages for each of those ads being a mailing list subscription offer that gives them better discounts for retail purchases or even bigger discounts for bulk purchases, and with a specific custom audience as the target audience of each ad...

    You can create custom audiences by getting the UIDs (user IDs) of members of category-related and laterally relevant Facebook groups with active membership bases and the UIDs of fans of category-related and laterally relevant Facebook pages. For instance:

    Facebook groups and pages related to technology, gadgets, computers, software, geeks, Windows and so on -- Electronics 23% (computer hardware, Tv, audio, cameras, accessories, etc.)

    Facebook groups and pages related to health, fitness and beauty -- Health Supplement 3% (vitamin, diet bills, fat burner) and Healthcare Products 1% (Elbow support, eye pillow, etc.)

    Facebook groups and pages related to DIY, home improvement and so on -- Home products 6% (furniture, hardware, kitchen, decor, etc. )and Licensed products 38,5% (home products like rugs, mats with sport team logos on it. I dont think they are selling well)

    Facebook groups and pages related to fashion, lifestyle and so on -- Around 100 watches and Leather Bag and accessories 6% (mostly from Royce Leather and Some other products like perfume, coglogne, etc)

    Facebook groups and pages related to parenting, family and so on -- Kid toys: 3% and Baby products 2%

    Facebook groups and pages related to PC / specific console gaming, widely popular games and so on -- Wii and playstation accessories 1%

    Facebook groups and pages related to pets, family and so on -- Pet products (accessories, sleepers, etc.)

    Facebook groups and pages related to sports, hobbies and so on -- Sport products: 11% (baseball, soccer, etc)

    Hope this helps...
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    • Profile picture of the author TommiDash
      Originally Posted by Marx Vergel Melencio View Post

      Tommi,

      Formulating, implementing and monitoring online and offline advertising and marketing campaigns for each category would be most effective in generating the results that you need, in my opinion. For example -- You may opt to test out a Facebook right-column, news feed and sponsored story ad campaign for each category, with the landing pages for each of those ads being a mailing list subscription offer that gives them better discounts for retail purchases or even bigger discounts for bulk purchases, and with a specific custom audience as the target audience of each ad...

      You can create custom audiences by getting the UIDs (user IDs) of members of category-related and laterally relevant Facebook groups with active membership bases and the UIDs of fans of category-related and laterally relevant Facebook pages. For instance:

      Facebook groups and pages related to technology, gadgets, computers, software, geeks, Windows and so on -- Electronics 23% (computer hardware, Tv, audio, cameras, accessories, etc.)

      Facebook groups and pages related to health, fitness and beauty -- Health Supplement 3% (vitamin, diet bills, fat burner) and Healthcare Products 1% (Elbow support, eye pillow, etc.)

      Facebook groups and pages related to DIY, home improvement and so on -- Home products 6% (furniture, hardware, kitchen, decor, etc. )and Licensed products 38,5% (home products like rugs, mats with sport team logos on it. I dont think they are selling well)

      Facebook groups and pages related to fashion, lifestyle and so on -- Around 100 watches and Leather Bag and accessories 6% (mostly from Royce Leather and Some other products like perfume, coglogne, etc)

      Facebook groups and pages related to parenting, family and so on -- Kid toys: 3% and Baby products 2%

      Facebook groups and pages related to PC / specific console gaming, widely popular games and so on -- Wii and playstation accessories 1%

      Facebook groups and pages related to pets, family and so on -- Pet products (accessories, sleepers, etc.)

      Facebook groups and pages related to sports, hobbies and so on -- Sport products: 11% (baseball, soccer, etc)

      Hope this helps...
      Yeah, that's a great strategy for FB ads. I am learning PPC, and I will try that.
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  • Profile picture of the author SusanHarrison
    You could create your own channel and do product reviews for your electronics etc on You Tube with a link to your site.

    A lifestyle blog would be great for your site too as you could publish content everyday creating articles based on the problems your products solve with a link to your website, if you have suggested items and and popular product sections on your site people will naturally drift to them even of they came for something else.

    It seems your biggest selection of products is licensed goods and electronics, I would target students and young families,
    Students are often trying to furnish their homes on a tiny budget and most young families are trying to run a household on extremely restricted budgets and are amongst your perfect customers.

    Do you advertise on site how many items are in stock? If you have for example a line of rugs with a football team logo you could reduce the number of stock you have showing on site, make a deal out of the reduced price and how it would be the perfect gift for the sports fan in your life etc and then put hurry now limited stock next to the buy now button , then add football team fan page to facebook account and link to your store.

    Hope this has helped, good luck
    Susan
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    • Profile picture of the author TommiDash
      Originally Posted by SusanHarrison View Post

      You could create your own channel and do product reviews for your electronics etc on You Tube with a link to your site.

      A lifestyle blog would be great for your site too as you could publish content everyday creating articles based on the problems your products solve with a link to your website, if you have suggested items and and popular product sections on your site people will naturally drift to them even of they came for something else.

      It seems your biggest selection of products is licensed goods and electronics, I would target students and young families,
      Students are often trying to furnish their homes on a tiny budget and most young families are trying to run a household on extremely restricted budgets and are amongst your perfect customers.

      Do you advertise on site how many items are in stock? If you have for example a line of rugs with a football team logo you could reduce the number of stock you have showing on site, make a deal out of the reduced price and how it would be the perfect gift for the sports fan in your life etc and then put hurry now limited stock next to the buy now button , then add football team fan page to facebook account and link to your store.

      Hope this has helped, good luck
      Susan
      Hi Susan, this is excellent! Licensed college products seem to have a huge market and still growing. So I guess my main targeted audience would be young families and students. Now I would have to find a way to integrate the 2 messages: "deep discounts for all your family needs" and "everything from your favorite team" onto the website and elsewhere. Still thinking...
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  • It looks to me as if you already have figured out some of the targeting of the market that you want to reach. ie.. college kids that like sports ( could also be some of the following targets)
    Fans of colleges sports, Fans of College Basketball. I am sure you get the idea. You might want to set up your website like a catalog online and draw the different types of niches to you site.
    Good luck hope this helps
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    • Profile picture of the author The Niche Man
      A good place to find out who your market is? ... An old fashion (but still effective) customer survey. As always your market will tell you who they are better than any of us.
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      • Profile picture of the author TommiDash
        Originally Posted by The Niche Man View Post

        A good place to find out who your market is? ... An old fashion (but still effective) customer survey. As always your market will tell you who they are better than any of us.
        It's hard to get customers engaged to a survey though...
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    • Profile picture of the author TommiDash
      Originally Posted by Traffic Strategiest View Post

      It looks to me as if you already have figured out some of the targeting of the market that you want to reach. ie.. college kids that like sports ( could also be some of the following targets)
      Fans of colleges sports, Fans of College Basketball. I am sure you get the idea. You might want to set up your website like a catalog online and draw the different types of niches to you site.
      Good luck hope this helps
      Yep! Thank you. We also have a lot of home products too, I am thinking of a way that we can include everything into one message.
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