Identify the Best Target Demographic for Silver Retail Sales

When you work in retail, you understand the importance of collecting customer data and reviewing analytics to ensure that you are effectively selling to your target demographic. Each store has its own unique collection of customers with various price points, shopping goals, backgrounds, financial categories, and interests. Discovering the best target demographic for silver retail sales can help you to increase your sales exponentially. Sterling silver customers tend to know their products, have an idea of what to look for in quality craftsmanship sterling silver, and know how much they want to spend. They can be easy to sell to because they already know what they want. However, how you present your catalog and custom silver objects will help increase your conversion ratio, so it pays to spend some time looking at your data to see what you can do to make improvements.

How to Find Your Target Audience

A lot of times, business owners will open up a store with the goal of selling to one particular demographic, only to find that they have attracted another. A cute shop filled with trendy gifts and jewelry might seem perfect for the 55+ shoppers in your area but might actually bring in 20-somethings who appreciate the décor and style of items that you showcase. While you might not have to make any drastic changes in your approach to continue selling your quality craftsmanship sterling silver to a different audience, there are some situations where you might. Learning how to identify your target demographic for silver and other quality goods can really help you to determine the next steps to take as you grow and expand your offerings.

A target demographic or audience refers to the specific group of customers that will most likely want the products or services that you provide at your store. These are the people that you will aim your marketing and advertising programs at, including television, radio, print, and internet promotions. There are many factors that go into identifying a target demographic for silver, which can include the age of the customer, their gender, income, location, interests, and many other criteria. Industry experts estimate that more than $35 billion in advertising spending is wasted each year due to ads that did not properly engage the target audience.

Depending on what you are selling, your target audience might be very focused or quite broad. In the case of sterling silver customers, consumers of all ages, genders, incomes, locations, and backgrounds tend to buy this type of product at varying price points. Start doing what you can to collect data on your customers, noting the ages, genders, and the items that they purchase. You might have the right products but could miss out on different sales types simply because you are not stocking higher-quality pieces or more affordable options. Consider conducting market research to identify industry trends and compare them to your demographic results. Analyze your competitors, revise your approach, and adjust until you find what works for you. At the end of the day, each business is different and will yield different results depending on many ever-changing factors.

Advantages of Identifying Your Target

There are many benefits associated with knowing more about your customers and understanding what they want when they come into your store. While there will always be the random customer who does not fit the profile, the majority of your regular sales should fit the bill when it comes to a target demographic for silver. Holiday sales and other seasonal sales spikes may not fit the criteria either, as some of these shoppers only come out for the special occasion purchases and don’t return until the next big event. Identifying your target demographic can help you to improve your conversion ratio and increase receipts. It can also ensure that you hit your markers for return on investment (ROI) for marketing and advertising spending. Once you understand who you are selling to, what they want, and how much they want to pay for it, it will be easier to add new products to increase your market reach and expand on what already works.

View our online catalog or contact our customer sales team to discuss your interest in quality craftsmanship silver at JT Inman Company. Located in Southeastern Massachusetts, we make catalog, white-label, and custom silver objects right here in the United States. Call our team at 508-226-0080 to learn more about the pricing and purchase options for the products that we design, manufacture, and sell.