“It is not the employer who pays the wages. Employers only handle the money. It is the customer who pays the wages.” – Henry Ford
At Working Person’s Store, we know that the foundation of our business is our customers. Since they are what keep us afloat, it is essential to understand them. Keying in on what they do, where they are, and behavioral shopping patterns is a necessity. Gone are the days of mass marketing, where everyone is lumped into one. Working Person’s Store identified seven sub markets that have been segmented and categorized. The key factors that shape a market include the following:
2. Income level
4. Education level
5. Geographic location
6. Life style
In the past, retailers were told to focus on consumers in general. With the market breakdown into seven subcategories, we are able to focus on the needs of specific customers within each group. When we look at the market now, no longer do we see consumers, those who are just a statistic and part of that one mass market. Instead, we see our customers and recognize them as unique personalities that fit into varying categories. As a result of this break-down, we can better aide customers to find what individually suits them and understand personal preferences and buying habits. For example, if you are a male in Texas that works outside, Double-H Boots: Crazyhorse Leather Western Work Boots 1600 are what you would need.
With all of these advances in how retailers identify with their customers, specialization will continue to increase. Partnered with that market adaptation, a company’s identity will also become more important than ever before. At Working Person’s Store, we understand that our customers “[pay] the wages.” Thus, we will continue to strive for market excellence to better our company for our valued customer base.