If you’re devising a marketing strategy for your business, you might consider the earning histories of the United States before you continue. Exploring the income level histories of the various regions of the U.S. could help you to gain some insight regarding different ways to market your brand. A strategy that works well in one geographical area might not be appropriate for another area, especially if the earning histories for the two regions differ greatly. Once you understand how an area’s average income level may have much to do with its residents’ purchasing decisions, you’ll know where to spend your available advertising dollars and how you should spend them.
Earnings Across the States
The Internet has created a paradigm shift in terms of marketing to a broad assortment of demographics; businesses are now able to market their products and services at a national level instead of selling to a narrow customer base. To develop a sense of which states’ residents might seek to buy your products or services, take a look at the average personal income in each state for the previous year. In 2014, a relatively high average personal income was found in Connecticut. If you sell high end items, such as luxury jewelry items or expensive vacation homes, Connecticut could be an excellent place for you to start your marketing campaign. However, one state with a relatively low average personal income in 2014 was Mississippi, so you may not wish to focus as many advertising dollars in that state if you are selling luxury merchandise.
Earnings Throughout the Decades
One factor to keep in mind is that income levels can fluctuate from year to year. If you hope to do a lot of business in your home state but the average income level does not indicate that you should, you may want to explore whether your state and the ones that surround it have historically suffered from statewide economic recessions. If your state has not done as well as others in the last several years, you might need to build a new marketing strategy based on the needs of those who live near you. You could still sell high end products in your state, but you may need to provide residents with some strong reasons that they will benefit from the items you offer. You might also consider lead generation that targets the specific demographic that you wish to attract in your state; you could then implement a more personalized strategy (like calling such leads directly).
Highest and Lowest Income Levels
One way to narrow your marketing strategy effectively is to look at the highest and lowest income levels over the last several years. If your goal is to sell your products or services in all 50 states, you can still do it – but you might need to change your advertising methods according to state. In fact, developing a customer-driven marketing campaign could be the best way to boost your sales. If you own a nationwide chain of massage salons, you might market your service in a specific way in a state such as West Virginia or Arkansas (which have been on the lower end of the average personal income level for several years. In those states, your ad campaign may be focused on people who work 50-plus hours per week and who deserve a massage for their hard work. In states that have been on the higher end of the income scale for the last few decades (such as Massachusetts and New York), you might market massage packages to people who may appreciate saving a little on a service they might already indulge in regularly.
Paying close attention to earning histories and trends could be an ideal way to start building your next marketing campaign. When you’re aware of the income levels of your target demographics, you will have a better idea of how to market to them. Earning history statistics can be used to inform your marketing team about which direction is the best one for your business to take now.Digital & Social Articles on Business 2 Community