At the end of the day, consumers’ pockets run businesses. For that matter, it is imperative for every business to be aware of the purchasing power of its target market. Without this knowledge, any new business can fall flat in no time.
Direct mail marketing has proved its mettle amid the ever-increasing use of digital and electronic means of promotions. The introduction of targeted mailing lists has particularly played a key role in maintaining the viability of direct mail as a marketing tool.
Targeted mailing lists can also help with assessing the buying power of any particular consumer market. Before we delve into that discussion, it will be better to through some light on the importance of knowing consumer’s buying power.
For Picking the Location of Your Business
If you are planning on to operate out of a physical location and only want to serve to a limited geographical location, then you definitely need to know the purchasing power of that particular locality before finalizing the products and services you want to sell.
For instance, opening an outlet of luxury watches in a place where the majority of people are blue collar breadwinners can’t be classified as a sensible business decision. This is the simplest example of how a disparity between consumers’ buying power and the price of the good entails poor business prospects.
Choosing the Means of Marketing
You need to take different promotional approaches while reaching out to consumer groups with dissimilar buying power. For low buying power target market, you have to talk about discounts, savings, and other economic aspects of products. However, the same line of promotion can’t work for an affluent consumer base. You will need to put more emphasis on the quality, exclusivity, and opulence of the offered product/service.
With enough knowledge about the purchasing power of the targeted market, one can come up with an effective marketing strategy.
How Targeted Mailing Lists Can Reveal Consumers’ Buying Power?
Targeted mailing lists carry enough information that businesses can utilize to make the most of them. There are several targeted mailing list selections that can help in finding out the buying power of the prospective market.
For instance, Prizm code mailing lists are all about categorizing the recipients as per their financial standing. From different selections of Prizm code lists, one can sort out the purchasing power of recipients in a particular zip code.
Similarly, behavioral interest mailing lists also offer a peek into the buying power of prospective customers. For instance, recipients interested in golfing, traveling and boating will definitely have better buying power compared to the rest of the neighborhood.
Low credit scores and revolving debt amounts definitely affect the purchasing power of the people. So, credit score mailing list is another device that can be used to assess the purchasing potential of your target market. You can cross-reference the data from these different lists to compile your own list of recipients falling in your defined bracket of buying power.
Get in touch with any seasoned mailing list broker and get the targeted mailing lists that can help you in identifying this important consumer information. Read this blog post to find out how direct mail as a promotional tool still fares better than email.