Good essay about marketing memo

Re:  Importance of demographic and psychographic information in developing marketing communications

As the owner of a designer women clothing line the intention of this marketing memo is to elucidate on the importance of the demographic and psychographic information in developing marketing communications for the business and how the information will help in achieving success in terms of increased customers in view of targeted customer base.
The primary objective of the memo is to develop a way forward for the marketing communication in terms of advertising strategy and its aptness for the product’s features communication to the target market in an effective manner i. e. designs, colors, styles and fabric.

Integrated Marketing Communication (IMC)

The importance of communication can be gauged from the fact that in the current globalized economy where the consumers have ample choices in relation to brands.
Organizations IMC’s efforts have to be even more targeted and focused to make sure the prospective and current consumers are catered to in a manner which results in loyalty.
The fundamental essence of marketing communication for organizations is to connect with the consumers by utilizing different elements of the promotional mix in such a manner that creates awareness, trial, sales, and repeat sales (The IMC Planning process, 2013).
The promotional mix (advertising, sales promotion, public relations, personal selling, and direct marketing) push the communication to achieve an emotive connect in the minds of the consumers in relation to product or service (Percy 2011).
According to the authors view point a well defined IMC plan will help in increasing the customer base and will help the business to take the next step.

Importance of demographic and psychographic information in developing marketing communications

For small business the two most important elements to comprehend are the demographics and psychographics, the demographics represents the typical characteristics of the consumers targeted and generally includes the consumers race, age, location, income, religion, or marital status.
The psychographics takes this research a notch forward, and include characteristics such as personality, buying motives, interests, attitudes, beliefs, and values.
The difference amid the two is that demographics help in focusing on the consumers who will buy the product and service while psychographics helps in delineating the important ‘ why’ they will buy which will in essence shape the communication to create an emotive connect (Dib S. & Simkin L., 1996).
The demographics and psychographics needs to be studied of a selected potential target market most appropriate for a certain product (Dib S. & Simkin L., 1996).

Target Market

As a small business entity based in a large metropolitan area with a focus on designer clothing for women, the intent is to focus on current consumer base and create a new marketing communication to tap in a new target market.
The initial target for the designer store was young women 20+ with an SEC of A and B+. However with the intention to gain new market share, the focus will be on women who are well off and lead a comfortable life style i. e. 40+.

For Demographics age and income will be targeted and for Psychographics attitude and personality will be targeted.

The main aim of a marketing communication is to define the core proposition of a brand in view of the unique consumer benefit that would drive the target market towards the product which will eventually not only meet the bottom line but also grows the business.

Demographics

The rationale for choosing age and income are that in view of the designer dresses which are expensive and have customers who are positioned as a brand themselves which is acquired with age.
Thus 40+ women are those who are business women, high end professionals, women entrepreneurs & socialites for whom image is everything.

They are constantly looking into things which match their profile and are different and designer dress is one of them.

For this crowd the focus is to get the best of the best and thus consumers with disposable income who are will be able to buy a designer dress.

Thus the focus on the selected target market will help in a new stream of revenues.

Psychographics
Attitude and personality are two psychographic factors will be focused in the marketing communication, reason being the attitude of the consumers selected are ranging from interests which is going out, watching movies, trying new things, they have their distinct opinion on matters ranging from personal, professional and an attitudinal lifestyle which involves socializing and meeting new people.

With regards to the personality the selected target audience is confident, modern, artistic, bright and in control of their lives.

They are fashion savvy and follow the new trends and the designs if communicated effectively will definitely create connect thus creating a new customer base.
It is to be noted that the communication will help in focusing the core brand identity for the prospective consumers is the designs distinctiveness, novelty with being fun and engaging.

Conclusion

On a concluding note it is to be taken into account that the main purpose of any business is to generate numbers in terms of sales and build brand loyalty to maintain the organization in a highly competitive environment.
Thus the role of marketing research and specifically for small business becomes even more important in view of the fact that due to limited budget, it is extremely important to pull the right triggers in terms of targeting the right consumer segment.
For the designer store the way forward is highly dependent on the identification of the relevant target market as discussed and thus the marketing communication is of prime importance.
Understanding the selected target market’s demographics and their psychographics will allow the business to advertise, market, and sell to them more successfully.
The usage of the media which will be high end magazines, TV Shows, relevant outdoors at spots where the target market gather for shopping and entertainment.
The usage of social medium is also important as it will be easier to target the consumers but most importantly the designs who are the hero of the whole campaign should be class above the rest.
As with a strong product and the constant strive for innovation, led by a visionary leadership team and a responsible business model will result in a win-win situation for the designer business.

References

Dib S. & Simkin L. (1996). The Market segmentation workbook.
Target Marketing for Marketing Managers. 4
Percy, L. (2011). Strategic Integrated Marketing Communications. The role of advertising and communications in IMC. Elsevier Inc.
The IMC Planning process Chapter 1, (2013).
Introduction to Integrated Marketing Communications 26-27