Nanaimo has been growing over the last decade with the development of the north and the re-development of downtown, but over the last three years there has been a dramatic demographic change. The growth of the city is attracting younger couples and families from the mainland to Vancouver Island. This means shift in consumer spending.
It’s time to reflect who your customers are, not who you think they are. While you’ve had the same customers for years, is that clientele still the same? The answer is probably no. You still have your loyal customers, but you probably have some of these new individiduals. The question now is how can you draw in more.
It’s confusing. You need new customers to grow but keeping your current customers happy is important for sustainability. You don’t want to make drastic changes but you need to appeal to this new market. Some options may be evolving a current product so that it appeals to younger families, advertising differently to speak directly to these customers or creating a new product or service that these individuals would find valuable?
Look at your resources available. It will help determine what you can afford to do. Seeking out a marketing specialist, whether it be an agency or a consultant, will help you determine the best path to pursue.
By re-evaluating your customers and who you want them to be every two to three years, you can continue to grow your business and be profitable.
