In a recent article at the New York Times, they look at how the first Target in Manhattan caters to it’s diverse clientele in the beauty department. While Target specializes in providing designer makeup at stores at low prices, this is the first time the store has ventured on to Manhattan island in New York City. Catherine Saint Louis shares her experience at the new store, giving those in Manhattan a new place to shop to meet their needs. Boots No. 7 is from the UK, but Targets are the only place to buy them in the United States. In listening to their customers, they are stocking CoverGirl Queen (as in Latifah) and Iman Cosmetics.
How important is it to do market research in an area before you open a store? Listening to your customers is key to success. What are some other examples of national chains catering their selections of products to their new stores in new areas?
Sure the title line seems very basic and straightforward, but it’s always good to have a refresher on why we do certain things. I came across this great post from Linda Morton in the Strategic Market Segmentation Blog in which she lists why market research is so important. She answers some of these questions in her post: Why Is Marketing Research Important Before You Create Your Product? Why Is Marketing Research Important To Your Competitiveness? Why Is Marketing Research Important To Determine Your Target Market? Why Is Marketing Research Important In Developing and Evaluating Marketing Campaigns? Take a couple of minutes to look over her post as I’m sure you will find it valuable.
MobileVerbs was able to develop a plan for NBC to obtain feedback from mobile users surfing their Olympics site, according to this press release at PR Web. Visitors simply click on the banner link that then leads them to the surveys on their mobile phones. Mobile Verbs modeled the web page after the Olympics web page, and the responses obtained from this venture have exceeded expectations. MobileVerbs has been able to target a specific segment of the market with this campaign management tool.
Many businesses toggle between both qualitative target market research strategies, but which does your company prefer? This post on Strategic Market Segmentation outlines some of the advantages and disadvantages of using personas as opposed to target market research. The advantages listed are that personas allow the marketer to create a more visualized picture of the customer, since they use experiences and instinct instead of research to form the potential customer. Also, personas help provide marketers with an imaginary person that be used to represent the customer. Many marketers will argue that experiences are more valuable than research but the downside is that traditional research still remains more consistent, reliable, and verifiable. Personas can lead to failed marketing campaign since there is a chance of misinterpreting your imaginary person that is supposed to represent your customer. Which of these two methods, if not both, is your company using to help visualize your potential customers?