Branding & Marketing
Creating a marketing mix has helped us analyze and understand who our target market is, from their age range to what their preferences are.
Understanding the target market.
Product
1. The consumer pays special attention to durability and quality in the product with ethically sourced materials.
2. The materials must be FSC certified if wood is used and a sustainable type of metal must be prioritised, e.g Aluminium.
3. The consumer will use the product in their home office.
4. The consumer has not specified a particular shape for which the lamp has to look like.
5. The Brand name is short and simple: Lumen Lamps.
6. It differs from the competition as it is handmade and only a limited batch production making it special.
Price
1. The product will be priced in the range of £200-300.
2. The consumer is a person from the older age bracket and this means that they’re willing to pay a significant amount for a limited edition/ bespoke lamp.
3. Trade customers will be able to purchase a batch at a discounted price point.
4. Our price point does not require comparison with other competition as the lamp is a truly bespoke product.
Place
1. Products can be located through two types of places, in high-end stores and on the company website.
2. An example of the type of store would be Selfridges.
3. From the age group that is being targeted, this will likely not require a sales force. Marketing can spread primarily through word of mouth and small scale advertising with local billboards and poster cards through post boxes.
Promotion
1. The marketing messages can be delivered on social platforms with a large quantity of people in the target age range.
2. For this type of product, marketing on the radio would be highly ineffective as the consumer isn’t able to understand what makes the lamp unique solely through audio. Billboards are a potential method that may produce better results.
3. The best time to promote is when positive feedback is received from the target audience.
4. The competition promote through word of mouth and social media, such as websites and posters in public transportation.
5. Since one of the LUXIO's unique selling points is it's bespoke design, potential buyers will connect with the lamp best when they get to witness and operate it in person. So, another potential marketing strategy is renting out a showroom to advertise the product in popular places such as shopping