The Target Market
As a woodworker who is trying to make a living selling high-end custom furniture, I had better know who my target markets are. If I don’t, I am liable to waste time and money chasing after people who were never a potential client in the first place, and time and money are two things I don’t have unlimited pools of.
Before you can even begin to identify your target markets, you must first identify the nature and aspects of your business and your product.
Custom furniture has a higher price point than the furniture in departments stores, is of higher quality than the furniture found in those stores, is hand crafted with more attention paid to the construction and finishing processes than mass produced furniture, and involves a fair amount of time being invested working with the client to identify and design a piece for specifically for them. I’m sure there are other aspects unique to custom furniture that I didn’t mention here, but an exhaustive list isn’t that necessary.
The first question to ask is, “What characteristics must the people have in order to fit the bill?”
A potential client must have disposable income, must know the difference and be able to appreciate the fine craftsmanship of custom designed and custom built furniture, and must be willing to spend time working with the woodworker, rather than just walk into a furniture store and purchase an existing piece.
The next question to ask is “Where do you find these people and how do you sell your product to them?”
I have answered this question by contacting local interior designers and home remodelers. After all, if someone is willing to pay and interior designer for their services, then they have some amount of disposable income, appreciate higher quality products, and have time to work and collaborate with vendors. I have contacted home remodelers because, with many remodels, comes a need for new and upgraded cabinetry, bookcases, vanities, and entertainment centers.
In the next entry I will discuss how I have contacted these wholesale accounts and the benefit and drawback to working with a middle man.