I need additional ideas as to the target audience that Target Corp. (the retail store) aims their advertising/products to? Any ideas you have would be very much appreciated. Thank you!
Posts Tagged ‘Retail’
Who is the target audience/audiences of Target (the retail store)?
Monday, August 30th, 2010A Retail Store Business Plan – Projecting Revenue
Tuesday, July 20th, 2010There are two main methods to project revenue for your retail store when creating financial projections for your business plan: a top-down approach and a bottom-up approach. It is advised to use both methods to make sure that your projections are reasonable to readers.
Top-Down Approach
A top-down approach would be to start with an average sales per square feet benchmark for your type of retail establishment. This is defined as total net sales divided by the square feet of selling space. While looking for an industry average, check if there are geographic differences that would affect your store. You can assume that, upon launch, you will be below the industry average, but be able to climb closer to it or above it over time.
You can look for this average sales per square foot with trade associations and publications and in business publications at a library. To get examples, you can apply some calculations to the numbers in annual reports of the large public companies in your industry. You can even ask owners of similar businesses in other states who aren’t in direct competition with you.
However, if you find, for example, that Target has sales of $50 per square foot per year, $50 may be difficult for your store to achieve. Target operates with extreme economies of scale, has a recognizable brand, and has been around for many years. Unless you have reason to believe the specific opportunity for your store will lead to a much greater volume of sales, don’t assume you can do better than industry giants on sales per square foot.
Bottom-Up Approach
To project revenues from the bottom-up, look at your specific situation, starting with the location you expect to be operating at. Estimate the customers who will enter your doors on a given day (adding those who are passing by with those reached through your intended marketing methods), multiply by the percentage you expect to make a purchase, and multiply by the average purchase price. Certainly, a lot of subjective thinking goes into each of these numbers, but, if they are based in some rational process, the end result should be a revenue projection specific to your store.
Compare the number achieved through this method to the top-down approach. You may choose to tinker with the numbers in your bottom-up estimate in order to come closer to the top-down, especially if your estimate exceeds the top-down estimate. In any event, be prepared to explain your methods and sources to funders who may want to know how you thought through these projections.
Retail Store Get the Word Out With Bluetooth Software
Saturday, February 27th, 2010
Retail Store Get The Word Out With Bluetooth Software
Retail industry is here to stay, mainly because it plays a huge role on the overall distribution strategy of products. Advertising plays a big role in marketing these products. While traditional advertising campaigns, such as television advertising or magazine advertising, have a wider reach, it is so costly and does not guarantee attention. This is where we come in. With Bluetooth Marketing Software, you increase your sales potential by enhancing product visibility and awareness to promotional activities. This technology has the advantages such as permission-based for security and higher transfer speeds.
How this system will work for you
In a coupon scenario, you can automatically send coupons to both customers and passerby within a 300-meter radius at any given time. Just imagine how may potential customers there are in that area near you. They receive these in their devices and claim them by showing the coupons. With paper ads or billboard, your coupon advertisement expires easily and television advertising is so expensive, retailers may not afford to have it shown repeatedly. Bluetooth on the other hand, is a radio-based technology, and is therefore free of charge. So, nothing is keeping you from broadcasting those coupons again. Due to this unpredictable nature, your customers end up coming back for them.
Express your creativity with your coupons – from plain text, sound bites or even eye-candy picture coupons. Variation not only will pique their curiosity but can also be used to target specific customers. Text for the business people, catchy jingles for kiddie stuff and cool picture message for the young professionals. Customized coupons for Valentines, the 4th of July and for Thanksgiving – the possibility is totally limitless.
Alternatively, you can advertise a list new products or products on sale. Giving them something to think about, you draw even more customers from those passing by. You can also broadcast your business card (vCard) so that customers can add you to their phone book. That’s free advertising whenever they scroll their contact list. You can even advertise other retailer’s product and charge them for it. You earn while you help them at the same time.
What you need
You will need the Bluetooth Marketing Software and a 300-meter broadcaster unit with dongles. Click here or contact us to get started today.
Jeffery William Long
Jeffery William Long
Prime Opportunities Inc.
http://bluetoothmarketinginc.com/
