My Five Takeaway’s
- Brand Positioning
- Cohort Generations
Demographics are statistics of a given population.
In the article I found about demogrpahics they talk about Facebook and there vast demogrpahics. Facebook is huge for companies and brands as over one billion people are on Facebook. In the United States 67% of internet users are on Facebook which offers a huge marketing base for companies. Facebook is skewed towards young adults but the 45 to 54 year old age range has seen a 46% growth since the end of 2012. Facebook has a very large demographic and can reach a wide range of audiences.
Geographics is a segment of the market based on location.
This article discusses four areas to focus on when trying to enter a new geographic market. Referrals are very helpful it’s best to get everyone you know in the target market to talk about your company/product as hearing from people you know greatly impacts your decision. Business associates and public speaking in the new area also help to get your brand out there in the new geographic area. Social media and news articles are also helpful.
Psychographics focus on personality, values, opinions, interests, and lifestyles.
In this article they talk about the importance of psychographics. Psychographics can be a very useful way to market your product, as you can market people that have interest in things that relate to your product or company. Facebook is huge on this as they can target ads towards people based on their “likes”, desires, relationships, activities and any other personal information you share on their site. This allows companies to target specific audiences.
Brand positioning is a market strategy that aims to make a brand occupy a distinct position.
Lava is a brand that is re-positioning there company and brand according to this article. Lava is a newer smartphone company in an already overcrowded market. Lava is trying to differentiate themselves from other cellphone companies. Lava has a single layer distribution market which none of their competition has. They have no middle man and are directly distributing their phones and are directly linked to the customers.
Cohort generations is segmenting the market by generations or the dates by when they were born.
The article for this topic is about the different cohort generations and there brand loyalties. Older generations are typically more brand loyal and when it comes to clothes they only wear a select few different brands. The younger generations are more for individuality and don’t wear just a few brands but rather a wide selection. Abercrombie and Fitch has struggled because they advertise their name and logo on all of their clothes and sales have slowed while other stores such as H&M offer a wide variety without a bunch of logos has seen increased sales.