Table of Contents
Introduction
Corporate Décor recently created a marketing plan for its business. After doing so, a marketing expert evaluated the plan finding the need for corrections. The expert said that more explanation of the company’s business goal is necessary. Defining a clearer understanding of the company, its physical location and the product/services offered is necessary. To achieve this goal will require exploring and describing the company more efficiently and redefining goals to meet new expectations. Another recommendation offered to Corporate Décor is to create a reasonable plan that answers all the questions that help convey the mission statement’s purpose.
Corporate Décor set up in 2019 as a premier event planning company. The customers they have attracted are corporations, small businesses and individuals looking to create events that are the talk of the business world. It is currently in the Cooper-Young District, a unique and diverse area of Memphis, TN found in the Whitestone Gallery which dedicates the upper level to local artist exposure. The Whitestone Gallery is a beautiful 3-story brownstone building that offers 8,000 sq. ft. of space for events. Corporate Décor’s devotion to creating a brand of quality and longevity in the event planning business requires office space and venue location of this caliber. To find customers that can use such a venue Corporate Décor will have to devise a plan to gather customers with the need for a qualified event planner. An effective tool many businesses use to find customers is target marketing. Target marketing when properly used can help Corporate Décor “establish their markets with communication and delivery of the benefits to each target segment” (Kotler & Keller, 2016).
Corporate Décor will begin the process of branding the company by sharing the company’s promise to customers and by informing customers of the company’s expectations of the services it offers. Corporate Décor will share the services they offer versus that of other event planning companies of the same statue and will thoroughly discuss creating a strategy that gives a competitive boost above other companies. Corporate Décor’s initiative is to supply events for all types of customers to build a recognizable name in Memphis, TN, and the event planning industry.
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Branding Strategy
The branding strategy for Corporate Décor will provide a distinctive branding with vibrant colors and the company’s name. The company’s logo and slogan will feature the elements that make up Corporate Décor’s event planning ability. All aspects of what Corporate Décor offers will be on the company’s website and in print with the logo and slogan. All these parts will help build a strong brand for Corporate Décor’s business structure and add value by creating a welcoming and quality look.
Brand Name
Corporate Décor’s brand name offers the opportunity for the company to make sure it is associated with a promise of quality and craftsmanship. The brand name must supply a sense of security to potential customers who are selecting the company for services. Corporate Décor’s brand name communicates to potential customers the company’s strength, willingness to exceed expectations and the desires of the customer.
Logo
The logo for Corporate Décor implies the structured strength in the event planning the company offers. The décor in the picture implies that Corporate Décor is a strong choice. The pic shows that every detail of the event is perfected and well organized. The drawn curtains show that each event planned by Corporate Décor is a showstopper and design artistry at its finest. The logo offers a memorable eye-catching link to the company that clients will not forget.
Slogan
Corporate Décor’s slogan offers words that build trust in the services and products they offer. By saying, “Our Business is your Event” informs the customer that Corporate Décor will create the event they want. The use of the word business in the slogan denotes taking care of a customer’s business as if it were that of Corporate Décor’s. Customers want guarantees that details are a priority to the event planner. Corporate Décor’s statement is a declaration to potential customer’s every expense will successfully make wishes come together.
Brand Extension
An extension of Corporate Décor’s current brand from event planning for corporations has extended to individuals. Not only will Corporate Décor supply exquisite events for large and small companies, but for the individual who needs a private event to go as planned. The new extension of Corporate Décor is, “Pas De Deux Designs”. The name means, “two parties in an intricate relationship” (2020). The meaning offers some hope to clients that the aim of “Pas De Deux Designs” is to help those in need of upscale parties, weddings and events with flawlessness and within the parties’ fixed budget.
Primary and Secondary Target Markets
Developing Corporate Décor’s primary target base will require a survey of what services Corporate Décor has to offer potential customers. Primary targets are the desired customers for a business that wants to build its brand by supplying their services. Corporate Décor’s primary targets are large corporations, non-profit organizations, and charities. These large businesses can offer Corporate Décor profits, continuous work, and name recognition. The stakes are higher with large corporations and organizations for Corporate Décor, so by creating a profile based on a company’s budget potential, attendees, and geographical location the needs and desires of the client are carried out.
Building and keeping these new relationships requires talent and skill to gain the trust of such large corporations and agencies when supplying event preparations. Annually large corporations and charities offer the opportunity for an event planner to plan events such as conferences, executive retreats, golf events, trade shows, and organizational appreciation events.
Supplying event planning to large corporations will be Corporate Décor’s biggest achievement and will help the company. Corporate Décor’s growth depends on how well organized the events are for the corporation’s employee and community connections.
Corporate Décor’s secondary target has veered more to social events. Social events include weddings, birthdays, anniversary parties, children’s parties, religious functions, reunions, etc. These functions are more personalized events, so to make sure the clients’ desires are followed by Corporate Décor it creates demographic profiles on individuals based on the potential clients’ age, gender, wants and desires for the event and the venue location. Clients’ age and gender are very important factors when planning events for new clients. These profile factors provide the planner with information that can be used to build the event. When needed the profile may hold more personal information such as family names, size, and religious affiliations and even yearly income. Information such as this on a potential clients’ income level is also an effective piece of information to include. According to Entrepreneur Magazine, the ‘middle-upper class’ are more predisposed to hire an event planner (2018).
This key knowledge will help Corporate Décor plan events with ease. Asking questions concerning yearly income can also help Corporate Décor create budget-friendly templates that prospective clients can choose from. Another segment Corporate Décor can consider as an important demographic is geographical profiles. Those who live in mostly suburban areas are also more likely to require the services of event planning companies. Corporate Décor can use this information to find venues, florists, caters, and entertainers in prime geographical areas that are commissioned for major events. Creating target market advertisements in these areas supply the potential customer visuals into the work Corporate Décor offers their customer’s.
When the advertising is well organized and planned it can be enticing to any level of income. Going after lower-income customers is now a trend that many planners are chasing because there is no pressure to be competitive and the planner has the option to be creative in building a budget-friendly packaged event plan for the customer.
Positioning Statement
The position of Corporate Décor is based on the desires of the clients we serve. When allowed to supply an event for a customer it is based on the wants and needs of the client. The goal of Corporate Décor is to set up an event that makes the client happy, keeps potential guests interested in attending, and helps Corporate Décor gain, new customers.
Corporate Décor wants to be one step above its competitors and has created an exclusive virtual planning program that allows clients to see the event they want based on the size of venue, amount of guests, and budget. The program L.U.X.E. stands for (lavish unique xenial events) is an interactive program that provides customers with event theme selections, budgets, and pictures that can help them create the events of their dreams. Corporate Décor’s L.U.X.E, program was designed to put them above their competitors with this unique event planning program. But the goal of Corporate Décor is to help its clients prepare the events they need for personal or business reasons.
The top 5 event planning companies in the Memphis, TN area all have different aspects that make it unique from the others. Each one can attend to the needs of its clients in very different ways. Although Corporate Décor is currently ranked No. 2 over the other three (3) event planning companies the long-term goal is to build a strategy that leads them to the #1 spot. The No. 1 spot goes to Glass House Events and has been such since 2012. One reason for the company’s success is that it has a large venue that has enough space, parking and several entryways that many different events can be had simultaneously.
Consumer Behavior of Target Market
Any event planning company understands how important building relationships and public connections are to their business. Any realistic event marketing company will tell you how important public relations is when it comes to marketing events. Whether it is a corporate charity event, conference, workshop or social event like a wedding, shower or birthday party that you’re going to hold, reaching out to the right audience and maintaining a good relationship with this audience can make or break the success of the event, both during and when it’s over.
Positioning is the strategy of determining, through insight, research, and assessment, those areas of a customer’s needs that your event planning company can deliver. What types of events is the competition offering? What budget level are they requiring of their attendees? Whether a corporate or social event can the target market audience be reached?
Event planners understand that to get continuous business they must reach a potential client by using marketing strategies that appeal to clients. The brand, logo, slogan and brand extension of Corporate Décor are all focused on creating the dynamic strategies needed for competing. The market for social events, particularly birthdays and anniversaries are to increase over the next few years, as baby boomers get older and their children get married, parents celebrating golden anniversaries, and their silver wedding anniversaries to celebrate.
Conclusion
When it comes to becoming an event planner knowing your niche is the goal. Whether choosing the corporate or the social events market being an effective well-trained event planner is a key tool. Corporate Décor is determined to provide potential customers with innovative ways to create events that fit their wants and needs. By using effective advertising Corporate Décor can create a brand that sets Corporate Décor as a front runner above the others.
References
- Definition of PAS DE DEUX. (2020). Retrieved 10 February 2020, from https://www.merriam-webster.com/dictionary/pas%20de%20deux
- Entrepreneur Media, Inc. (2015). Find Your Event-Planning Niche. https://www.entrepreneur.com/article/233688
- Kotler, P., & Keller, K. (2016). A Framework for Marketing Management. Boston: Pearson.
- LEI LIU, JIN ZHANG, & HEAN TAT KEH. (2018). Event-Marketing and Advertising Expenditures: The Differential Effects On Brand Value and Company Revenue. Journal of Advertising Research, 58(4), 464–475. https://doi.org/10.2501/JAR-2017-043
- Williams, J. (2020). The Basics of Branding. https://www.entrepreneur.com/article/77408
