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Charleston Target Market Analysis
Introduction
Segmentation is one of the principal marketing strategies commonly applied in practice. After identifying the target audience and breaking down the 5 Ps of the marketing mix within Charlestons scope, it is crucial to segment the target market along demographic and psychographic dimensions. In other words, to successfully implement a marketing plan, it is necessary to study the target audience in terms of age, gender, income, marital status, level of education, lifestyle, hobbies, racial composition, income. This papers objective is to analyze the demographic and psychographic segments of the Charleston target market in detail and examine competing forms of entertainment.
Demographics
As part of a successful marketing plan, it is essential to understand the key facts about it. Demographics information, such as age, gender, income, marital status, explains who your buyer is (Meredith, 2019, para. 3). According to the latest statistics, the Charleston population is 5,259, with 76% of white residents, 13% African American, 8% Latino, and 8% of other races (Suburban Stats, 2020, table 1). The gender breakdown of the city is almost equal, with 2,570 and 2,689 male and female populations, respectively (Suburban Stats, 2020, table 2). A recent survey, conducted in May 2020, showed that 30% of male respondents were avid fans of Minor League Baseball as of May 2020, while the value of this indicator was only 14% for females (Gough, 2020). In respect of the Charleston market audience, it means that roughly half of its population is most likely already are the fans of the MLB.
Looking further into Charlestons demographics, it is important to access such factors as the age and household status of the residents. Statistics show that the median age of the male and female population is 35 and 36, respectively (Suburban Stats, 2020, table 4). Out of the total 2011 occupied homes in Charleston, the majority (1,289) are family-led homes (Suburban Stats, 2020, table 5). The median household income in Charleston in 2017 was about $ 70,708 (Data USA, 2017). These numbers are a crucial factor for the current research since baseball is and will always be viewed as a family game, and the household fan base is already strongly present in Charleston.
Unfortunately, several recent pieces of research show that the overall population in WV is decreasing. Namely, Jefferson County, where Charleston is located, gains less than 1 percent, or fewer than 500 people (Crum, 2019, para. 4). However, the presence of an expansion team will immensely benefit the city since it will create additional job positions to support the team, provide new revenue inflow, and better the demographic situation.
Psychographics
If the demographics analysis can help the marketers understand who the buyer is, creating the target audiences psychographic profile will explain why the buyer commits to making a purchase. The psychographic analysis breaks down the target population, among others, by income, social class, lifestyle, beliefs, and media preference, or, in other words, everything that is linked to consumer purchase choices. Considering that approximately 667 out of the total town population are children and students 524 years old, it is safe to say that most of them are already involved in sports or are sports fans (Suburban Stats, 2020, table 5). Thus, it should be relatively easy to target this segment of the population.
Being quite a small town, consumers in Charleston prefer to buy local and support family-owned businesses. Therefore, establishing good relationships with local businesses and aligning the potential common goals may be beneficial to the marketing plan. Besides, due to its size, the number of sporting events the city can offer its residents is quite limited. Thus, the presence of a new Carolina League expansion team in the city will attract the critical psychographic segment, young families with children.
Entertainment Competitors
When preparing an extensive marketing plan, it is vital to examine the circle of potential competitors. Charles town was home to the Charles Town Cannons, a Valley Baseball League team, from 20132015; however, after three years, it moved to Purcellville, VA (Charles Town Cannons, n. d.). Several other sports are popular among the residents of the city. Washington High School is home to boys and girls basketball teams. Golf and horse races are among the most popular sports events in Charles Town. According to the recent news, on May 14, 2020, $ 4,330,203 was wagered on the nine-race program ( Record wagering welcomes, 2020). These data show the spendings of the residents of the city on a sporting event and should be taken into consideration when developing a marketing plan to host an expansion baseball team.
Conclusion
After looking into the demographics and psychographics of a segment group, it is easy to see why both analyses are needed to reach the target audience effectively. The demographics provide dry facts and an overall outline of the target group. Psychographics is a behavioral study of the target audience, focusing on lifestyles, personality traits, interests, hobbies. Therefore, these data give more insight and help understand the groups motives and behavior as consumers.
References
Charles Town Cannons. (n. d.). Web.
Crum, T. (2019). Census shows some growth in WV, but the states population is shrinking. Charleston Gazette-Mail. Web.
Data USA. (2017). Charles Town, WV.
Gough, C. (2020). MLB interest in the U. S. as of 2020, by gender.
Meredith, A. (2019). How to use psychographics in your marketing: A beginners guide [Blog post].
Record wagering welcomes return of Charles Town races. (2020).
Suburban Stats. (2020). Current Charles Town, West Virginia population, demographics and stats in 2020, 2019. Web.
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