As we discussed in Custom is King in 2017!, the demand for customized products is on the rise. This means that brands are being required to niche in different demographics.
Knowing your target market
The most successful small business owners understand that only a certain number of people will be interested in their product or service. Selling to everyone often turns into selling to no one…and many businesses fail because of this simple error. It can be avoided by doing a little research and brainstorming ahead of time.
This is probably the most important information in identifying your target market. It is based on measurable statistics, such as:
- Marital Status
- Income Level
This is a type of segmentation that classifies people by their socio-economic class, lifestyle preferences, or personality traits. It is based on the theory that the purchasing decisions people make reflect their lifestyle. To figure out your target audience’s lifestyle and specific needs, a good exercise to do is make a profile of your ideal customer. Write down everything you can think of about them, as if they were a real person.
The last type of information you may want to consider when profiling your target demographic is the location. Different locations may have different needs…i.e. if you are a cold-pressed juice company, you will probably want to target urban areas. Depending on the range of your business, you could segment your market by:
- Area code
- Zip code
- Country (if you are international)
Using demographics in your packaging
It’s important to keep up with your target demographic as their desires can change over time. Research shows that people’s needs and wants can be similar at times while being opposite at others. There are a lot of factors at play…i.e. during the holidays everyone wants tradition and nostalgia, but during other times of the year different age groups will not be aligned.
Brands will need to assess not only the demands of unique demographics, but the different packaging requirements for each segment. The two groups with the most distinctive needs are millennials and senior consumers…as they have the largest gap in types of life experiences and viewpoints.
Studies show that both these age groups are looking for the same benefits in packaged goods, but the features they want vary greatly. Convenience, for example, continues to be one of the leading benefits most consumers look for when making a purchase. You can’t go wrong with making a product that will make someone’s life easier! While millennials, however, often look for small packaging that is easy to open while on the go, mature customers may find it difficult to handle small tabs or read smaller print.
Easier open for all ages
A great example of packaging that appeals to both the young and old is Crown’s Orbit Closure. Created in 2011, these closures were designed to reduce the effort needed to open a jar lid, making it twice as easy to open as standard twist-off closures.
The Orbit Closure consists of two parts: a central, floating panel that is vacuum sealed to the jar and an outer ring that acts as the opening and re-closing device. Once consumers twist the closure, the ring is loosed and they will hear a pop, which indicates that the seal has been broken and the inner panel has lifted.
The Orbit Closure looks like a normal lid and doesn’t require any changes in package design or placement of copy. These are the types of packaging innovations to watch out for in the future… ones that can appeal to all ages.
According to research that Crown did in partnership with Sheffield Hallam University, 43 percent of surveyed participant were willing to pay more for packaging that was easier to open. More than half of participants said they were even prepared to completely switch brands if packaging was more convenient than their current brand of choice.
Always sell to your demographic
It is crucial to your business to know your target demographic and consistently keep up with their needs, wants, and desires. This should go into every feature of your product, including the packaging. For more help in creating a customer profile to better serve their needs, here is a great start.