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.
Hi Tommi. I may be able to help you but I need to know more. feel free to send me a PM and we can discuss your options. thanks david
You are not focusing on one or several similar products. You have several different products and some of them aren't related to each other such as sports, baby, pet, cosmetics and electronics. Your targeted market is quite large and you cannot easily narrow it down to describe it. Maybe its like a general seller.
So far, I have come up with 2 segments: young families and college students as most of our inventory is licensed sport products, home products, electronics, etc. The thing is how to relate the two so that I can have an integrated massage for the audience.
Hi Tommi, The short answer is to look for segments that want your product so not thinking of mothers or college kids but people that want cheap baby, sport, house hold products or people that want expensive sport, baby etc etc products. So are your products expensive, cheap, high quality etc etc etc then look for segments that want this. Do you see my point? By the way do you need this information for a marketing communications essay, report etc? Hope this helps Many thanks David
Since you have such a variety of topics, I would personally find it easier to define a specific market for each type of product segment. It will be really difficult to try to find a specific audience that would be interested in ALL of these things. Segment and split test different campaigns leading to different specific products and your conversions will go through the roof
Hello Tommi, I think you have a great line of products. Have you ever thought of selling internationally? You might be able to reach 200 million new potential customers. Of course not all, but I sure can help you define a market target outside US that will help you increase sales. Just tell me 5 keywords that people search for your products and I give you a free report of how many new customers you can reach. Take care