Are you marketing your pawn shop like a three-ring circus? While casting a wide net seems like safe strategy, using the old come-one-come-all rhetoric can be like throwing a handful of seeds into the wind, hoping that enough of them will land in fertile soil. By narrowing your focus to attract your ideal customer, you can start getting a lot more out of your marketing dollars.
Certainly your best customer is one who comes in regularly and spends well, but to pinpoint specifically who this person is, you’ll need to gather some information to create a best customer profile. Initially, you’ll need to generate a list of your current best customers—those who bring you the most revenue on a regular basis. Create a spreadsheet or invest in analytic software that catalogues each customer’s general demographic and personal information, including age, gender, address, and purchasing history. You may decide to collect additional information by e-mailing satisfaction surveys to your customers or performing in-store surveys. Learn where your customers first heard about you, and leave room for suggestions or critiques about the customer experience you’re providing.
Once you recognize who your ideal customers are, you can take a closer look at which marketing mediums are most likely to reach them. A college student may be keyed in to social media outlets. An older, more affluent customer may be less apt to “like” you on Facebook, but may open a direct mailer and hang it on the fridge, or perhaps dog-ear a print ad in a local magazine.
But simply knowing where to advertise to your customers is only effective if you are sending the right message. Customers bring you business because they have a problem that you can help them solve. The college student might be most enticed by quick, hassle-free loans that help them bridge the gap between semesters when financial aid runs low. Knowing this, you can gear your message to address this need as well as time your advertisements accordingly.
Your more affluent customers might seek out your shop as a result of the recent economic downturn. The best way to cater to these customers may be to normalize pawning valuable items by focusing on the legitimacy of your business, the expertise of your staff, stellar customer service, and the rewards customers gain by visiting you.
The right marketing message feels like a personal invitation. When you know exactly who your ideal customer is, you can get the most out of your advertising budget by tailoring your message to that customer. Start planting seeds strategically and watch your profits grow.
Share