Marketing Memo
According to the marketing survey done using the Survey Monkey online utility, people within 25 to 34 years represented the largest cohort of the business’s customers. Representing only 22.76% of all customers, they did not represent an overwhelmingly isolated case. They were immediately followed by those in the 45 to 54 year cohort at 20.69%. The remaining portion of customer base was shared fairly at close ranges among cohorts of 18 to 24 years (11.2%), 35 to 44 years (13.10%), 55 to 64 years (16.55%), 65 to 74 years (11.03%) and 75 and older (4.14%). The female gender was more attracted to the company’s products (at 57.93%) than was that of males (at 42.07%). Most customers that bought the company’s products were concentrated between $0 and $149,999 of annual income. However, in that range, individuals that earned between $25,000 and $49,999 of annual income represented the largest cohort. Customers substantially preferred to receive advertising information in nearly all media, with print newspapers, TV, internet and e-mail being the most valued. Over 56% of all customers said that they paid attention at least for sometimes to business information relayed on social media. Over 72% of the customers confirmed that they used information seen in advertisements to seek services at the business. 58.48% noted that they had ever used a pressure washer in their daily activities. However, 80.0% of the interviewees never owned any pressure washer. Still, 60% of them had never considered buying one, and 70% of them never considered hiring any pressure washer service. Customers overwhelmingly preferred to spend about $100 to $500 on the pressure washer. The item would overwhelmingly be used for home maintenance, with some minor uses in commercial and service industries. Four major overriding zones for the market base were West North Central, West South Central, Pacific and South Atlantic. Customers overwhelmingly used windows desktop as their device for online connectivity. However, there were substantial uses of smart phones and tablets.
Being aware of demographic, behavioral and geographical characteristics of customers is important in formulating marketing policies that will see the business concentrating its efforts on most profitable customers, in case it has few resources. Although the business will have to concentrate more efforts on buyers aged 24 to 34 years, it will have to render proportionate efforts on other members of age cohorts. More efforts will also need to be rendered on female prospects compared to their male counterparts, as the former are the frequent buyers who use the items at home. Most marketing efforts should be directed in neighborhoods of people that earn between $0 and $149,999. This should peak in the neighborhood of income range $25,000-$49,999. Promotional information is supposed to be relayed utmost on TV, in newspapers, internet and e-mails. The current market prospects indicate that the overwhelming majority are yet to be informed about the products, their use and benefits. While most of the company’s promotional activities should be concentrated in the aforementioned four overriding zones, they should target utmost individuals that are willing spend $100-$500 on the pressure washer for domestic use.
In this regard, it is notable that although marketing efforts should render more efforts on individuals in the cohorts of 24-34 years, $0-$149,999, females, domestic users, TV, newspapers, internet and e-mails users in the aforementioned four overriding zones, they should also render proportionate efforts on other cohorts especially those whose members are willing to spend $100-$500 on the pressure washer. This marketing data is helpful in that it will provide credible information for product marketing by addressing customer income, age, spending and geographic characteristics, media attitude and behavior in making buying decisions. In this way, insights drawn will be used in formulating effective strategies with proportionate efforts depending on expected sales volume on each customer segment to increase company profits.
Thank you,
JonathanFitzgerald
Jonathan Fitzgerald, Marketing Class.
