In the past, Badcock targeted rural and low to middle income customers. Ultimately, the company expanded its customer base to include more affluent customers as a target for some its high-end offerings.
- The primary competitors of Badcock include the following: Ashley, IKEA, Copeland, Masco, Baker, Glenarbor, Cheese Kingdom, Giorgi Bros, Lexington, Roche Bobois, Henredon, Christopher Guy, HHG, Stanley, and Kindel.
CUSTOMER DEMOGRAPHICS OF BADCOCK
Average Age and Gender:
- Based on Badcock's Facebook page, its top fans are mostly females. Out of the 61 listed top fans of Badcock, 51 (83.61%) are females. Therefore, the majority of Badcock's top customers are females.
- As the average age of IKEA's (competitor of Badcock) target customers is between 18-35 years, it is reasonable to assume that the majority of Badcock's customers belong to the same age group or are relatively young.
- Both males and females have been identified customers of IKEA and therefore, Badcock, with the majority being female.
- As per Florida Trend, the company was established by Henry Badcock in 1904 and located in Mulberry, Florida. It was one of the very first establishments to provide financing for furniture, effectively targeting shoppers in rural areas. Therefore, in its early days, rural customers were some of the primary customers of Badcock.
- As IKEA's target customers consist of members of the low and middle income group, it can be assumed that Badcock has a similar primary target audience. However, Badcock employed some marketing efforts to attract high-end shoppers as well in the past.
- Additionally, although there is no breakdown of the customer's income available in the public domain, based on the statements mentioned below, it is reasonable to assume that Badcock's customers include high-end individuals/families:
- As stated by Don Marks, President and CEO of Badcock, "We’ve brought in a higher-end customer... Our credit business is growing, but nowhere near as fast as our cash business."
- Badcock obtained Standard Furniture's paper-laminate suites several years ago, along with wood imports supplied by Kemp Furniture and American WoodCrafters, in addition to the products it already had from Founders Furniture.
- According to President and CEO Don Marks at the time, the product was more expensive than other items offered by Badcock, and the shoppers it was targeted at was primarily high-end individuals.
- Therefore, the majority of Badcock's customers are from the low to medium income group with some the high-end customers.
- While reviewing IKEA's target customer demographics, we found that the level of education attained is university or higher. Therefore, it can be concluded that the majority of Badcock's customers are well-educated.
- Another source revealed that shoppers of IKEA are a part of the working class. Regarding home furnishing solutions, these individuals seek value for their money. Meanwhile, its customer base is largely made up people between 20-50 years of age. Additionally, they have a preference for home solutions that are stylish and modern.
- The target demographics of IKEA reside in economically developed municipalities with a rather fast pace of life, which would also be true for Badcock.
- In conclusion, based on our research from historical sources that provided information on the initial customer base of Badcock, as well as data from its key competitor IKEA, we found that Badcock, at first, targeted rural and low to middle income consumers. However, later, the company expanded its customer base and included more affluent shoppers as a target for some its high-end products.
Our research began by searching through various media sources such as MSpark, Smart Business, Furniture Today, Florida Trend, Business Wire, and others. We hoped to find the customer demographics included in any of the press releases or other media articles as most of the time, the interview of any marketing person or CEO/President discusses the company's customers. However, none of these sources could provide the desired information, though they discussed some relevant data. We then explored databases such as Similar Web and K-meta, hoping they would provide some information on Badcock's target customers. These websites provided an analysis of the traffic location, source, etc., but none of the data was specific to the customer demographics of Badcock.
Next, we searched through market research reports such as PR NewsWire, A Technology Market, Market Watch, IBM, Global NewsWire, Statista, and others. We hoped that, as these are market research reports or the industry-specific reports, they would discuss the customer demographics for a particular market of which Badcock belongs. However, these sources mainly addressed market data, key competitors, sales, etc., but none of the available information was sufficient to identify the average age, income, education level, and ethnicity of Badcock's customers.
Afterward, we observed Badcock's product positioning, target market, marketing strategy, etc. We hoped that the company discussed these details, which would help identify its customer demographics. Nevertheless, after a thorough search through industry-specific reports, company press releases, and others, we could not find the requested information. However, one of its old articles mentioned that according to Badcock's CEO and President Don Marks, "by the 1990s, the company continued to add stores, but furniture customers had changed, small towns no longer dominated the landscape, and Badcock hadn't kept up... We had a company that didn't have solid strategic direction." This occurrence could be one of the reasons why the customer demographics information is not readily available as they did not have any specific strategy for its target customers or product positioning, etc. Also, we found that the article published in Florida Trend (2005), was the only source we came across that mentioned at least some information concerning the customers of Badcock. So, we included it in our brief. Also, we observed Badcock's Facebook page to see if we could obtain some insights on its customers. We found that its Facebook page has added a 'Top Fans' tag, and after analyzing those supporters, we found that there were a total of 61 top fans with the majority being females (about 83%). Later, we decided to adopt an alternative strategy and looked for the customer demographics of Badcock's key competitors, including IKEA. We searched for the customer demographics such as average age, income, education level, and ethnicity the companies. While searching through various reports and articles, we were able to find the target customer demographics of IKEA.
Therefore, based on the strategies outlined above, we established that the information for a demographic analysis for Badcock's customers such as the average age, income, education level, and ethnicity of Badcock's customers is not available publicly. In the absence of any direct sources to identify the customer demographics, we used an alternative route and provided its customer demographics based on its key competitor's (IKEA) target demographics. We chose to do this because as a key competitor of IKEA, Badcock also would have an almost similar customer-base or customer demographics.