1) Educate yourself on the needs and interests of a particular demographic. College students need places to study. As a restaurant or coffeehouse owner, why not include free Wi-Fi internet service for your customers. If you have extra space within your store, why not host a study group to meet after hours;
2) Develop a separate line of products catering to a specific demographic. Victoria Secret mastered this concept by developing Victoria Secret’s Pink, a full line of clothing and accessories catering exclusively to young women. Victoria Secret has created a completely separate identity for its Pink line with its own website, Twitter page, Facebook page and distinct product placement within Victoria Secret stores.
3) Incentivize a particular demographic through special discounts and promotions. Movie theaters provide a great example of this concept through their special movie prices for seniors and students;
4) Develop new advertising and marketing outlets. Traditional newspaper and radio ads are things of the past. The future of advertisement and marketing belongs to the internet and social media sites. Dell has done a great job using social media sites to reach out to its target demographic of small business owners. Dell developed a Facebook Fan page dedicated to providing a platform for small business owners to ask questions and engage in dialogue with other small business owners. Through its small business Facebook Fan page, Dell is able to provide its target demographic with valuable information as well as indirectly market its products and services to its niche customer base.
Are you a small business owner that has developed your own ways to capitalize on specific demographics? We would love to hear from you, please leave us a comment.