Kids love toys more than anything else. Toys are not just fun and games but also a source of learning for children and adults. These stimulate the senses, pique the imagination, and promote social interaction in people. Also, they boost intelligence, increase motor development, and promote personality and communication skills.
Considering the importance of toys, the global toys market reached US$ 156.5 Billion in 2021. The publisher projects that the market will reach US$ 249.6 billion by 2028, growing at a CAGR of 7.50% between 2022 and 2028. Looking at these numbers, it is safe to say that the right marketing strategy is essential for success in the toy industry. It is a serious business, generating higher revenues annually. So if you are running a small toy shop or own a big toy company, you must first understand your target audience.
The marketing of toys is about more than just inspiring children. You must advertise your product to small toy retailers as well as to parents, who have purchasing power. They have a significant impact on your brand, so keep them informed and motivated through different tactics, like a social media marketing strategy. This will help you generate actual conversions.
What You Need To Know About Working In a Toy Industry
Before indulging yourself in this business, or if you are already a part of this industry, you must understand the challenges that you will face or have been facing. It will help you develop the right marketing strategy for your brand’s promotion. Some of the things to know about are as follows:
- Think Beyond the Holiday Season
It is a false perception created by common street vendors that the holidays are the season for selling everything, including toys and other kid stuff. However, the toy industry is an ever-green market. And it would be best if you stayed on top of your game all year round.
- High Competition
The COVID-19 pandemic shifted the majority of people towards online purchasing. About two third of toy shoppers now prefer to purchase online rather than rush to the stores. Due to this, most entrepreneurs or business owners opted for e-commerce website development to meet the needs of their clients. This offers customers more selection than brick-and-mortar stores which improves product discoverability.
- Shifting Customer Behaviors
In an ever-increasing online shopping industry, customers’ preferences continuously shift. Although adults are consequently less likely to purchase something of a child’s request, you must focus your products according to customers. It is best to always look for something new and innovative to keep shoppers engaged.
- Toys are not Just for Kids
Toys are not just for kids. Adults enjoy toys as well. Many movie franchise fans are crazy about their superheroes, including Spider-Man, Captain America, and other Marvel characters. Other people buy different board games, like jigsaw puzzles and LEGO sets, for stress relief. Almost 20 percent of frequent shoppers on Amazon claim that they buy the products for themselves. Such purchases are happening throughout the year.
Take your Toy Company to the Next Level with the Best Marketing Strategies
If you are new to the toy business and want to build a strong customer base, you must have a strong marketing strategy. This will engage your customers and increase conversion rates. It can be very challenging to think of an effective strategy that will take your company to the next level; however, with the following list of tactics, you can easily set up one:
- Target the Right Demography
Knowing your target audience is the most basic and crucial step. It will optimize your efforts. You must promote your message to audiences that have an interest in it; otherwise, it will all go to waste. As a toy retailer, your target audiences are kids, their parents, adults, and small retailers. You need to interact with them and promote your services, products, and content. Remember that kids are the top influencers in this category. So make the best message for kids and influence them to drive more traffic.
- Reach out to Influencers
With the revolution in technology, the digital landscape has conquered almost all facets of life, including buying and selling. Now parents and children are more picky. They purchase toys and other stuff after doing hours of research on social media. They often watch YouTube or Instagram reels or look for influencers before buying. Influencer marketing is critical in the digital world. There are numerous channels for children where influencers unbox different toys in their videos. People and kids watch these channels to understand the products better.
Some influencers have millions of subscribers, and their videos get thousands of likes and shares. Approaching these influencers will enhance brand visibility and increase conversion rates. All you need to do is search for those influencers who target the same audiences as you do and then simply ask them to promote your products via their channels. You can pay them for each video or make them your brand ambassador, which will allow your brand to get viral among a larger community.
- Focus on the Packaging
Packaging is one of the most compelling marketing strategies. Kids love to see their favorite toy stars while buying any video game or other related stuff. Through graphic designing, you can make your packaging engaging and unique, which will drive more sales by grabbing your audience’s attention. It will also save you time, money, and effort from preparing boring packaging.
- Offer Discounts
Sometimes it is better to sell your products at a low price while keeping a little profit for yourself. A business can get more traffic to its door when it offers discounts and sales to its customers. People wait for sales all year and often prefer to buy during the sale season. This will increase the rate of sales. Once the customers build trust in your brand, they will also be ready to buy a costly product in the off-season.
- Create a Website that displays your Products
A great website is crucial for any business. It is an incredible source to reach your target audience. You can communicate with your potential customers by making them aware of your brand story, showcasing your products, and allowing them to review your client’s reviews. You can hire any web developer through BPO services who will make a customized website. This will ensure your presence 24/7, provide customer support, enhance credibility, increase sales, and boost revenues. You can go for local SEO services to make your website more visible, which means more traffic, which leads to more opportunities.
- Email Marketing
Email marketing is an important part of any strong marketing plan. It is a great way to communicate with your target customers and make them aware of the new products you will launch or promote current discounts. You just have to ask your visitors or customers to enter their email addresses once they visit your website and send them updates; this will keep them engaged. Through this, you can also see an increase in engagement, which will ultimately bring in more sales.