Identifying target markets key to business growth

t’s a marvel to consider that the first iteration of the Sears catalogue printed in 1888. At this current point in time, the consumer has never been more discerning, the choices have never been more boundless and the challenges of small business owners have never been more complex. That being said, the vehicles for branding and promoting a business have never been more accessible and informed. A small business owner in today’s consumer environm e n t requires e x c e p - t i o n a l i n s i g h t a b o u t their target market and an acute awareness about the existing market. Looking specifically at the Atlantic Region, there is a defined population with limited density in certain pockets. Given the options for Atlantic customers to shop for their goods and services not only locally but within big box developments and virtually, it takes a highly strategic effort to launch and run a small business. The most important consideration when starting a small business is to determine what you are you offering that is unique. What is your differentiator? This is a fundamental step to getting people to walk through your doors. The birth of your brand begins with the customer’s very first interaction with your business. This may occur when first visiting the website or from walking by the windows of your store or from hearing about it from a friend. You must ensure that the driving vision for your brand and every small related detail for this vision is incorporated at all levels of the brand experience. So many times people are focused on one area of launching the business- usually the website. This is a crucial factor but one must consider the brand experience in every step of the process. Never underestimate the power of your windows and storefront. This is a significant marketing vehicle that tends to be undervalued. Your windows should be a clear reflection of your brand; they should be clean and uncluttered with a call to action message. Keep your window presentation well aligned with the selling season and new product. Let customers know what you have for them in a compelling, well- merchandised display. So many times people neglect to change out their windows on a regular schedule and as a result, the opportunity to attract customers is lost. By refreshing the presentation and showing what’s new every few weeks, it’s a low cost way to entice the customer to walk through your doors. Once you have them through your doors you must continue to tell your brand story through the in- store experience. This includes everything from music, ambiance, visual merchandising and most importantly, customer service. You don’t need to offer the cheapest price to win over a customer. A business offering a strong in- store experience with a high level of respect for the customer and product expertise will ultimately win. In this consumer age, customers have a high level of awareness for what they are looking for so it’s important to ensure your sales team is equipped with the knowledge they need to sell your goods. Clear, authoritative insight delivered in a respectful, gentle manner is fundamental. Upon a successful transaction, round out the experience with packaging to reflect your brand. Clean, tasteful presentation is again essential. Keep in mind some of the most exclusive boutiques in the world use a simple white or brown paper shopping bag and brand seal to convey their message. Yet, the simplicity and overall experience is a strong brand package. Continue the conversation with your customer through emails with new product info and exclusive offers and news. Do not bombard them with promotional materials. Keep offers ‘ special’ and coveted. When they return, make them feel like a VIP— with or without a purchase. With any small business, consider the words of retail icon and J. Crew CEO Mickey Drexler. “Great retailers are the product of someone with a vision and an extraordinary willpower to make it work.” To our Atlantic retail visionaries, follow your intuition and keep it consistent. Know what’s different about your business and say it clearly through all channels. You can make it work.