If you are starting a business for today’s tweens and teens, aged 10 -17 years old, you’re going to cover the second-largest demographic shopping group of the U.S. With 143B in purchasing power in 2022, these kids can hold their own in the shopping-leading-to-buying power stage of life. Only Millennials and Generation Z outbuy the tweens and teens (and, probably not for long). This is exciting and challenging news for those who are starting businesses with this demographic group in mind. However, along with their wallets, this demographic group also brings challenges, uncertainty and constant change to the businesses who cater to their wants and needs. Let’s talk further about starting your business for tweens and teens.
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Analyze the Target Audience.
An attempt to analyze this audience is where the challenges begin. In order to create a demographic model, you’ll want to learn the preferences of this group, the wants they have and the needs that must be met. You’ll also want to determine their socioeconomic status and learn preferences for shopping locations. The caution this effort brings is a reminder that, at these ages, preferences, wants and needs can change very quickly. Be prepared to meet such challenges.
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Assess Your Competitors.
There are multiple competitors in this demographic category; focus on those within the reach of your startup. When starting your business, you’ll want to define your product mix or service capabilities. Use these in superior offers against the competitors who could threaten the success of your business. Create a spreadsheet to contain the data collection secured. Include the pricing models, hours of operation, marketing strategies, promotions, discounts, and other relevant information of your competitors. Paying attention to your competitors will lead to your ability to overcome their offers as you create better offers for your target audience.
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Create Unique Offerings.
Teens and tweens like unique or difficult-to-find trendy items. Such items may include strategic computer or video games from the past, game card collections, artisan one-of-a-kind jewelry items, cosmetics and skincare treatments, unusual and trendy tee shirts, and apparel that carries themes from the1980s. Such a diverse collection of offerings creates an opportunity for your business to buy in with a select offering, promotion or discount. Use relevant themes and continually watch for new trends and terminology.
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Build a Business Plan.
One of the critical aspects of starting a business is the structure underneath it. Build and complete a business plan template for startup companies to support everything your business does. Included in the plan will be your mission statement and goals, marketing strategies, an operational plan, and a complete financial forecast. Include other relevant information, such as data that supports your demographic group, along with competitor strengths and weaknesses. Review your completed business plan regularly to determine if the business is on track and performing well.
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Create an Effective Product or Services Testing Group.
The majority of small businesses do not include product or service testing groups on a regular basis; however, teens and tweens are a demographic that shifts often without much warning. One of the best efforts you can make to learn of advancing trends and preferences is to engage a tween and teen product testing group. Hire at least four groups to test products or services at least every 3 months or less. You’ll want to stay on top of those trends. If you are starting a specific product company, such as a mobile nail salon, use the same type of integrated testing groups to conduct surveys and build interest based on the mobile nail salon business plan created by your startup. Use one testing group on each coast of the U.S. and the remaining two groups in the middle portion of the U.S.
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Build Marketing Strategies
Create a dynamic website with product information and the social causes supported by the sales of your business. Add trending news for tweens and teens, Q & A blogs, offerings from other industry manufacturers who collaborate with your business, and related items of interest. Create a “Buy Now” button and provide a cart if that is suitable with your products or services. Create a seamless process; tweens and teens are not patient with slow transactions. Engage in social media callouts and hire a tween or teen influencer, if that is a good fit for your products or services.
The adventure of starting a business directed to tweens and teens is truly exciting. Your business has the potential to soar to excellent profitability and long-term success. Carefully watch the trends within this demographic and ensure your company has the capability to flex quickly as conditions change. We wish you the best of success!