Depending on the type of product or service you sell as a business, you likely have at least a small portion of your target audience that falls under the category of “low-income”, whether this is due to being unemployed, underemployed, or suffering an illness or injury that hinders work. However, just because your product or service is best suited for people in a lower income bracket doesn’t mean that you will have less success than those with products or services targeted at a higher income bracket.
It does mean, however, that you may have to market yourself differently in order to find the success you need with a low-income audience. To help you get your marketing efforts on track for low-income individuals or families, here are three tips for adjusting your advertising to fit this group.
1. Focus on The Value of Your Product or Service
While people in the low-income category do have less money to spend on certain items, Ryan Britton of MaxPoint shares that it has been found that low-income shoppers will pay for something if they consider it to have value to them. For this reason, it’s vital that you show the value of your product or service when you’re targeting lower income individuals.
When showing value, try to focus on hard numbers that put you above your competition. This could include how long-lasting your product is, how your product has improved function over other products, or how your product will give consumers more for their money. By focusing on the value you can provide, low-income shoppers will find it hard to resist your item.
2. Do All You Can to Build Trust
Because low-income consumers have less money to go around, it’s important for them to spend their money on products or services that won’t rip them off. To get this rapport with consumers, you need to earn their trust. But how can you do that?
According to CaliforniaKids.org, trust can be earned by low-income families and individuals by building a local presence in low-income neighborhoods, establishing relationships with other already trusted organizations, and implementing a successful outreach plan. Work on all three of these areas to help build trust in your brand and your product or service.
3. Provide Money-Saving Offers like Coupons
When marketing and advertising to low-income individuals, nothing will help make you more appealing than money-saving options like coupons. In fact, 66 percent of U.S. consumers use coupons, according to Statista.com. This is a great marketing tactic to use especially if you have yet to show the value of your item and are still working on developing trust with your target market. Coupons can be the reason for your audience to have their first interaction with you, starting them on a lifelong consumer relationship with your product or service.
All markets need to be marketed and advertised to in different ways. If your target market is low-income, try using some of the tactics mentioned above to find more success with this specific group.
Photo credit: Walmart / Flickr