Broaden Your Target Market With Waterfall Consumer Financing and Watch Sales Soar
Target markets refer to categorized groups of consumers that are particularly interested in your eCommerce store’s products or services. These groups of consumers have specific buying behaviors and traits that marketing teams can tap into in order to encourage purchases. Whether you have an understanding of your target market or not, you can implement several techniques to broaden your target market and attract new customers to your store. In this article, we discuss how waterfall consumer financing can broaden your target market and how doing so can rapidly increase your sales.
Defining Your Target Market
Before you can broaden your target market and attract greater sales, you need to clearly define said target market/s. Maybe you have completed this exercise already, however, target markets continue to evolve and the need to define your target market yearly at the very least is crucial to staying ahead of the competition and attracting the right buyers.
To define your target market, you must first consider:
- Who benefits from the products that you sell
- Why do they need your products
- What sets your products apart based on the preferences of the market
Once you have answered these questions, you can begin doing a variety of things to gain greater insight into the target market’s buying psychology. You can host focus groups, share surveys, utilize social watching tools, analyze existing market research, and many other strategies on receiving critical information regarding your market. The intention is to find out as much as you can about this group of consumers. For example, their age range, earning bracket, geographical location, interests, hobbies, pain points, etc. Every piece of information is helpful for the next step in broadening your target market.
Segmenting Your Target Market
With a clearer understanding of your target market, you can begin to segment them into specific groups. This may seem counter-productive in an attempt to broaden one’s target market, however, it is important that you ensure you are broadening to continue attracting the right consumers. It would be costly to broaden your target market to include consumers that are not interested in the products that you sell.
Instead, you can profile your target market based on your research findings and generate any number of customer segments. Each customer segment will require a different set of strategies, but you can ensure that the integration of these strategies is cost-effective thanks to developing a strong understanding of who these segments are.
How Consumer Financing Can Broaden Your Target Market
Finally, it is time to broaden your target market to include the various segments that you have created. To do this, you need to deploy marketing strategies that attract each customer segment. There are many avenues, such as delivering social media ads that are highly targeted or remarketing to existing consumers. But, consumer financing remains a critical method to broadening your target market.
Consumer financing from ChargeAfter is a seamless checkout integration that provides your customers with on-demand financing solutions with zero-interest repayment plans. Consumers from all segments that shop with your online store may be attracted to the integration of consumer financing from ChargeAfter as it makes your products more easily accessible. They can shop items big and small with a comprehensive and reliable financial cover that supplies both you and the consumer a greater return on investment. This will give you access to shoppers that may have been previously unable to purchase from your store as their carts were too costly. With consumer financing, eCommerce platforms can leverage every single shopper that passes through their online store, broadening their target market and increasing sales.