With access to endless amounts of audience research niche marketing is more prevalent and calculated than ever before. Companies target moms, kids, and even grandparents, but are they forgetting someone? Based on an article in BrandWeek the answer would appear to be yes.
According to Bureau of Labor Statistics, singles, as in the unmarried, spent $2.2 trillion in 2008. With a growing market of over 110 million single Americans out there, why not target singles as a unique and important demographic? After looking at the numbers some companies are beginning to do just that.
Recently, Norwegian Cruise Lines announced that their new ship set to debut this July will feature single occupancy cabins. Hasn’t this been done before? The surprising answer is no. While some cruise lines have “singles cruises” where guests can troll for dates on the ship’s deck, none offer single occupancy cabins for their traditional cruises. If you were to travel solo on these trips you would have to take a double occupancy room and of course pay double the price.
Coldwell Banker debuted an ad campaign aimed at single home buyers, with good reason. According to National Association of Realtors, single women accounted for 21 percent of home purchases in 2009. Coldwell Banker has even called singles the “new wave” of home buyers.
With staggering statistics that continue to grow, perhaps it’s time to use market segmentation at its best and include singles.
Just Ask a Woman states: “Letting singles go unnoticed is just leaving money on the table.” So why aren’t more companies following the campaigns of Coldwell Bankers and Norwegian Cruise Lines?
Singles are clearly on the rise, but there is still speculation about whether or not it is cost-effective or effective at all to segment by one’s relationship status. Do people self-identify as singles or do they even want to be associated with that lonely phrase? There’s only one way to find out. Put it to the test. With the likes of Norwegian and Coldwell Banker taking the first step, we’ll probably have some good insights soon.
Who knows niche marketing and the singles set could be the perfect marketing match and live happily ever after.