1. The Independent Woman (but still likes to cuddle at night):
Demographic: Women ages 25 to 35, Bachelors degree or more, working professional, upper-middle class and earns over $35,000.00 per year. Geographic: Generally live in the downtown and urban areas of Toronto, Ontario. Congregate in metropolitan areas which have a thick population density and efficient means of transportation. Psychographic: Pre-family which means freedom from restriction. They are focused on personal growth, social awareness and value for time. They believe in independent judgment and are tolerant of complexity. These women are intolerant of bad taste and are very style savvy. She probably does yoga (but only if she is wearing expensive Lululemon clothing) and definitely cannot start her day without a Vente, half sweet, extra hot, one ice cube, no foam, non-fat, extra whip Starbucks latte. Marketing Tool: For mature professional women I have chosen to do a postcard campaign. Each stylish store (to name a few: Jack Flash, Magnolia, Phillip Sparks, Lavish and Top Shop) will receive 100 postcards to hand out at the cash register of each store. This will be successful because these carefully selected stores which attract this exact target demographic. Women will be surrounded by fashion and get a taste of the energy of LG Fashion Week.
2. The Mans Man (unless he is sick with a cold):
Demographic: Men ages 25-35, higher managerial job positions, upper-middle class, earn over $42,000.00 per year, Bachelors degree or more. Geographic: Generally live in downtown and urban areas in Toronto, Ontario. These men congregate in metropolitan areas because of efficient location close to offices. Psychographic: Pre-family because they are focused on work and socializing. These psychographics have strong goal orientations and have immense confidence. They are stable intellectuals who work hard and are organized. Their brand choice is based on reward, prestige and quality. These men are very concerned about style and etiquette and always continue to learn and grow. They probably drink dirty martinis, own argyle socks and own the latest Mac product. Marketing Tool: For these men I chose to do a banner advertisement online at http://www.theglobeandmail.com. Currently, the Globe Digital Network claims to have over 6 million visitors - translating to nearly 124.3 million page views every month. Their website is viewed more than 4.6 million every weekday. The chart below clearly shows that this is an effective way to reach this key demographic.
The numbers paint a vivid picture: The Globe and Mail readers are professional, educated and affluent. Their audience is comprised of intellectual Canadians, whom have embraced the newspaper at all ages, but especially by our target age group.
3. The Charming and The Chuckleheaded: (Known to confuse Gaddafi with Gandalf but they are in style whilst doing it)
Demographic: Young women ages 17-24, lower to middle class, earns $12,000.00 - $23,000.00 per year, high school graduate working on obtaining higher education. Geographic: Generally live in surrounding rural communities that are socio-economically connected to the urban core of the city, typically by employment ties and commuting. This location meets their budget and maintains their standard of living. Psychographic: Usually dependent until high school graduation. They are typically materialistic and acquisitive, and often live beyond their means. Image and appearance are high on their priority list. At this stage in their life they have more interest in fashion designers than world events and epic movie trilogies. Attractive packaging is more important than quality of contents. These ladies should probably read Hes Just Not That Into You and just delete him from her contacts. This woman probably dresses her small, hairless dog in expensive clothing; the dog responds to the name Fluffy. Marketing Tool: For these young women we will place a half page advertorial in the December and January issues of Torontos FASHION magazine. This approach will be effective because women of this demographic have an interest in fashion and learning about the latest trends, hence, they read FASHION Magazine. While being engaged in the magazine they be exposed to the information of LG Fashion Week.
Components of Direct Response Tools: Postcard Campaign: I decided to do a postcard advertising campaign for many reasons. It's cheaper than other print ad methods. Because it is very affordable and cost-effective I have the option to use other more expensive ways to advertise because I saved money. The reach of postcards is quite phenomenal. Postcard advertising can grab someones attention immediately. It allows me to send the right message across to our target audience, for this campaign that would the independent 30-something woman. The recipient gets to see your postcard and read your message the moment they receive it. My plan is to distribute one hundred postcards at Torontos acclaimed fashion boutiques. The remaining five hundred postcards will be distributed at coffee shops, yoga lofts, local shoe stores, hair salons and spas. Postcard campaigning will ensure that I am promoting to my target audience in a cost effective way. They will pick up the card, talk about it, share it and pass it around. I will distribute the postcards to the clothing boutiques and other venues by hiring an associate to deliver them personally, that way they will explain them to the stores employee.. I decided to use http://www.torontoprinting.net/postcards.html to print our postcards because they do quality printing at an affordable price.
Digital Advertising: Digital advertising is an effective medium and it is also very affordable. Compared to rates for media like television or radio, the costs for a digital promotion would fit my budget without having to make sacrifices in other areas.
Digital advertising is great because it is so easy to track click-throughs and related behavior. Publishers can track visitors' responses to digital ads with a very high degree of precision. Digital advertisers also have the ability to swiftly modify programs. If a component is not getting the desired response, it is easy to alter elements to seek better results. Using the ad system DoubleClick DART, The Globe and Mail captures basic measurements in these areas: impressions reach frequency click-through rates I chose digital advertising to gain the attention of our 25-35 year old target market, especially the male population. I believe that this would be the most effective way to reach them; the chart displayed previously indicates that digital advertising in the Globe and Mail would have a large reach.
Here are some reasons why the Globe and Mail believe advertising with their brand has a positive impact on the success of LG Fashion Week:
The Globe and Mail offers many different types of advertising templates, my plan is to have an animated banner as the header of the front page. When the banner is clicked it will direct you to the LG Fashion Week website. Here is an example along with specifications about the template I chose:
This will run during the month of November to give people enough notice about the event. Below is the Globe and Mails Western Canada digital advertising contact information: WESTERN CANADA Joffre Place Suite 450 708 - 11th Avenue SW Calgary, Alberta T2R 0E4 Edmonton: 1-800-663-1311 ext. 6606 Fax: 403-244-9809 Email: advertisingwesternca@globeandmail.com
Magazine Advertorial: I chose to advertise in Fashion Magazine because unlike newspaper advertising, magazine advertising gives great scope to glossy ads. These are usually trend setting and eye catching. People often look at a glossy ad more than once; therefore, maximum visibility is again reiterated through magazine advertising. Fashion Magazine has established a popular brand for itself and has been wildly successful. They have a great number of royal readers but the great thing about print is that magazines have a high reach prospective. This is because magazines get passed from family to friends to customers to colleagues and so on. By putting an ad in Fashion Magazine we are catering to our specific target audience, which opens up countless opportunities to enhance sales. There is no wastage of resources as ads get to reach the target audience.
Contact Information for advertising in Fashion Magazine: For National Advertising rates: NationalSales@fashionmagazine.com
TORONTO OFFICE 111 Queen St. E., Suite 320 Toronto, ON Canada M5C 1S2 Phone 416-364-3333 Fax 416-955-4981
Benefits to Promote LG Fashion Week: - To target our professional women: We will offer a discount of 10% to one of the twenty clothing boutiques that will be presenting our postcards. They must purchase more than $100.00 for the offer to be effective. The offer is only valid through the duration of Fashion Week (March 28 April 2, 2011). There will be a detachable couple at the bottom of their ticket which they must present to the cashier. This is a great promotion because it brings business and sales to the boutiques that are displaying our postcard and my also persuade women to buy a ticket to our show.
- For the men in our audience: Combined with the cost of a ticket there will be an opportunity to receive a discount of 5% on a six month subscription to the Globe and Mail. Offer will expire April 30, 2011. A coupon code will be printed on each ticket and to be entered on the online form of subscriptions at https://customer.globeandmail.ca/HD/Start.aspx. This will be an effective promotion because we are already promoting with the Globe, which means we know that our audience enjoys reading this online paper, therefore, would be interested in this offer.
- For all the women of the show: Each ticket is an opportunity to win a free makeover and a year supply of LOreal hair products. On the back of each ticket there is a place to write their name and address, they are then to drop off their ticket in a draw box. There will be a draw box situated at every entrance and clearly marked. The winner will be announced during the closing ceremonies on April 2. This will be a great promotion because LOreal Paris is the second biggest sponsor for the show, after LG. They will donate the product which will be cost effective.
Dear Independent Woman, LG Fashion Week recognizes the inner style Goddess in you that wants to burst with self-expression and individuality. Your inner style Goddess yearns for the lavish life of fashion and the vitality of high culture. LG Fashion Week also recognizes that it is easy to get caught up in the mundane yet stressful rituals that life can sometimes offer. Approaching deadlines, immeasurable responsibilities and daily pressures can distract you from really enjoying yourself. We would like to take this opportunity to inform you that from March 28 April 2, 2011 you can escape these endlessly nagging tasks and remember what it is like to be overcome with excitement again. LG Fashion Week is inviting you to Heritage Court, Exhibition Place to experience the wonder of fashion. Tickets are available online at www.lgfashionweek.ca. We guarantee glamour and self-indulgence because we know you deserve it. We also offer a 10% discount at one of the following stores: Jack Flash, Magnolia, Phillip Sparks, Lavish and Top Shop; a chance to win a free makeover along with a year supply of LOreal hair products. This is too good to refuse, so gather your girlfriends for an unforgettable week of fashion.
Sincerely,
Megan Anise Brown, LG Fashion Week Marketing Director
P.S. I know what I am going to wear, do you?
Budget for LG Fashion Week: Expenses: Fashion Magazine Ad
Ad cost per month $ 5,600.00 Duration: 2 months Total: $11,200.00 Globe and Mail Online Banner Ad:
Banner cost per week $1,350.00 Duration: Four weeks Total $5,400.00 Postcard Campaign
Printing costs: $199.00 for 5000 cards Distribution Costs: $50.00 per store Duration: Four weeks Total $5,400.00
Cross Promotional Discounts:
Globe and Mail: 5% subscription discount Negotiated cost: $0.00 Partner Stores: 10% discount on purchase $100.00+ Negotiated cost: $0.00
Total Expenses: $17,799.00
Revenues: Fashion Magazine Ad:
Circulation per month: 24,000 Impressions per month: 48,000 Revenue per attendee: $40.00 Projected Response Rate: 3% Projected number of attendees: 1440 Total Projected Revenue:$57,600.00 Globe and Mail Banner Ad:
Impressions per week: 1,246,000 Revenue per attendee: $40.00 Projected Response Rate: 0.06% Total Projected Revenue:$57,600.00 Postcard Campaign:
Circulation: 5000 Revenue per attendee: $40.00 Projected response rate: 8% Projected number of attendees: 400 Total projected revenue: $16,000.00