Joules Marketing Strategy: SWOT, PESTEL, and Targeting Middle-Aged Consumers Case Study

How Joules Targets Middle-Aged Professionals With Its Marketing Mix

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Introduction: Joules Marketing Strategy: SWOT, PESTEL, and Targeting Middle-Aged Consumers

Being a lifestyle brand operating in the United Kingdom that designs as well as sells various kinds of products such as clothing, footwear, home decor, gift items, pet foods, and so on, Joules primarily focuses on several aspects of business activities including retailing and wholesaling. Originally founded in 1989 by Tom Joule, the brand mainly selects to invest in the fashion retailing sector, and in 2022, it was officially confirmed that the store revenue of this brand has increased by around 80.2% year on year to almost £35.5m while the entire e-commerce sales have increased 14% year on year, increasing the pre-tax profits by almost double (Wadham, 2022).

Situation Analysis

SWOT

Due to having a highly skilled workforce to create a strong brand image and maintain a positive track record, Joules can implement new strategies to grab their opportunities such as using new environmental policies, boosting up market share by launching innovative products, and reducing transportation costs to attain greater benefits (Fern Fort University, 2022). However, shortcomings in research and improvement, excessive rented property, lack of integrations, and other weaknesses are causing threats as far as competitors and new entrants like Gucci, Boohoo, etc. are concerned alongside political uncertainties, unstable investments, changing customer demands, etc. (Williamson, 2018).

PESTEL

With the help of political factors such as governmental stability, advantageous tax policies, etc., and economical issues like a moderate interest and inflation rate, and favorable consumer trends, Joules can actually gain a social privilege as a business hub that demographically attracts Gen Z belonging to an economically stable class with proper education. Moreover, their technological infrastructure despite having many weak zones can penetrate social media and even, manages to promote environmentally sustainable strategies such as recycling, and waste management, and use their techniques regarding green consumption to recreate environmental awareness. As for legal issues, Joules has agreed to maintain anti discrimination law along with following other legal rights concerning health and safety and other employment aspects (247caseanalysis, 2022).

Porter’s Five Forces Model

Nevertheless, by innovating new services and products, redesigning its pricing strategies, and establishing effective barriers, Joules is trying to overcome its competitive disadvantages constantly and reduce the threats of new entrants while experimenting and creating a better supply chain in order to bargain with powerful suppliers. Moreover, having a comparatively smaller customer base, Joules has to endure a huge amount of bargaining from the client’s end too for which they are now trying to broaden their perimeter and introduce new products and services that cater to a customer base worldwide. But, as Joules offers such products and services, that have numerous alternative sources, the fear of substitutions like Dropbox, Google Drive, etc. remains as much of a threat as the existing rivalry from companies like Gucci and other retailers for which the brand is constantly trying to remain upgraded and keep on introducing fresh products with creative strategies applied in a new manner (Fern Fort University, 2023).

STP Process

STP Analysis of New Market Segment

Given the fact that Joules is a multichannel business that in spite of operating in the Uk mainly has managed to set up a brand value that surpasses a massive customer base from all around the world who not only encourages them to introduce new and creative products or services but also to elevate themselves to a globally renowned brand in the arena of retailing. However, as for the existing market in which Joules operates, it must be acknowledged that choosing a market segment where they typically cater to middle-aged customers with professional backgrounds might be proven to be quite profitable and also, a fresh upgrade in terms of analyzing contemporary trends as well as a creative strategy in marketing from their end.

Segmentation

This new market demographically includes both male and female customers from the age group of 35-60, who are economically stable, and since the brand operates in the United Kingdom only, geographically they should follow the culture and traditions that have a significant role to play in terms of setting up their marketing strategy. The psychographic segmentation, however, would allow Joules to satisfy their professional needs in terms of clothing especially which would eventually be followed by a close dissection of the behavioral pattern of this customer base who seeks to get a brand that could satisfy their need for comfort while simultaneously projecting their professional identity.

Targeting

Now, after a proper market segmentation, this marketing phase of targeting is all about incorporating the market size that they will be planning to cater to which if analyzed properly would be a huge one in this case. It has been observed that older consumers show a high level of interest in luxury brand consumption to look younger which might be beneficial for Joules so that middle-aged professionals could express their unique lifestyle. Apart from this, being economically independent, the client would have a stable income and their need to upgrade their wardrobe would be substantiated by Joules. By following customers’ interests and activities Joules would be able to not only understand the purchase patterns to attain consumer loyalty but also to understand rough locations where future investments could be successful.

Positioning

Positioning, therefore, would be Joules’ final stroke to beat its competitors and gain an advantageous position due to the lack of awareness among the other brands about the demands of this particular mass. Thereby, they should convince the customers that the brand goes beyond the young generations and care about those customers who need to have an impactful professional outfit at least and gradually, qualify themselves to be a huge market leader in this particular segment. By introducing innovative technology to monitor their customer’s lifestyles, they could position themselves to be the first choice of such middle-aged professional men and women. In fact, Joules could collect feedback to use as their marketing tactics by which they could influence more people to join this segment by opting for such products that notice their particular needs and act accordingly.

DAMP Analysis

Nevertheless, according to the DAMP model analysis, the eligibility and potential of the market segment could be understood and verified in a much better way.

Distinct

In terms of identifying the potential competitors in this regard, it must be acknowledged that most of the brands usually try to satisfy the youth while missing out on the older generations who have their need for uniqueness and deserve to receive equal options. It must be noted in this regard that the product choice of elderly consumers is typically limited and undoubtedly, there lies a huge requirement for better fashion products in the market especially, for this age group (Ajitha and Sivakumar, 2019).

Accessible

Due to the fact that Joules has numerous physical stores available all across the Uk, it is expected to be easily accessible by the consumers if they prefer to buy products like this. Moreover, the official website for Joules opens up the possibility of creating a virtual customer base that prefers online shopping. The properly structured categories, professional outlook, and well-managed website would be easier to surf for the older generations too who are not really technologically sound.

Measurable

The age group starts from 30 to 60 years old which is the core of this market segment and the number of buyers could be determined easily if Joules conducts a personal survey on its website. In, 2022, a study revealed that a total of around 63% of Millennials and around 47% OF Gen X reportedly went shopping related to the fashion industry which unfolds a fair idea about the measurability that is segment hold as a whole (Statista, 2022). 

Profitable

Because of the emerging markets, the supply of new luxury brands and items to younger generations would ensure the profitability of Joules in this case due to the high demand from buyers. In the UK, a survey revealed that respondents with a household reference person aged 30 to 49 spent an average of 19 pounds and 20 pence a week on clothing and footwear which was the highest spend out of all age groups which substantiates the assumption regarding attaining enough profitability in this regard (Smith, 2022).

Marketing Mix

The primary objective of developing a marketing mix using the 7Ps model for Joules is to increase the company's market share by targeting the middle-aged professionals’ segment. The company aims to leverage its existing strengths and resources to provide a tailored and unique marketing mix that meets the needs and preferences of this segment.

The secondary objective is to improve the brand value of Joules by positioning the company as a preferred brand among Middle Aged Professionals. This can be achieved by offering high-quality products and services, adopting a competitive pricing strategy, and delivering an exceptional customer experience.

Product

Joules is a British lifestyle brand that offers a wide range of products, including clothing, footwear, accessories, and home decor. The company's product line is characterized by its unique design, premium quality, and sustainability. Joules can introduce a new product line that caters specifically to their needs and preferences in order to target the middle-aged professionals’ segment. For instance, the company can offer a range of formal wear, business-casual attire, and accessories that are appropriate for professional settings. This can include items such as blazers, dress pants, button-up shirts, and leather shoes. Joules can introduce a new line of products that focus on comfort and functionality without compromising on style. In addition, Joules can also offer customization options for its professional attire product line. This can include offering tailoring services or providing customization options for customers to personalize their products. By offering customization, it can appeal to the individualistic preferences of people and provide them with a unique product that meets their specific needs (Understanding eCommerce, 2020).

Price

Joules adopts a premium pricing strategy that reflects the quality and uniqueness of its products. The company's pricing strategy is competitive within the premium lifestyle brand segment. The middle-aged professionals’ segment could be reached if Joules can introduce a pricing strategy that is tailored to their price sensitivity. The company can offer discounts and promotions on specific product lines or during specific times of the year. This can help to attract price-sensitive customers without compromising the company's brand value (Mohammed, 2018).

To attract the middle-aged professionals’ segment, Joules can also introduce a loyalty program that offers exclusive discounts and promotions for this segment. This can include targeted promotions during important professional events, such as conferences and trade shows, where middle-aged professionals are likely to attend. In addition, Joules can offer bundle deals or loyalty points for repeat purchases, encouraging brand loyalty and repeat business.

Promotion

Joules' promotional strategy focuses on building brand awareness and loyalty among its target audience. The company uses various channels, including social media, email marketing, and advertising, to reach its customers. In order to reach the middle-aged professionals’ segment, Joules can adopt a targeted advertising strategy that focuses on the professional and career-oriented aspects of its products. The company can also leverage social media platforms such as LinkedIn to reach this segment and promote its professional attire product line.

Joules can use influencer marketing as a strategy to reach the middle-aged professionals’ segment (Coursera, 2023). The company can collaborate with influencers who are well-respected in the professional world, such as business executives or industry experts. These influencers can promote Joules' professional attire product line on their social media platforms and professional networks, providing credibility and visibility among this segment.

Moreover, Joules can organize events that cater specifically to the needs of middle-aged professionals. For instance, the company can organize events in commercial areas or business districts. These events can provide an opportunity for middle-aged professionals to view and try on Joules' professional attire product line and interact with the brand in person.

Place

Joules primarily operates in the UK, with its products sold through its online store and retail outlets. The company has a strong presence in the UK and has expanded its business to other international markets (Wightman-Stone, 2019). The middle-aged professionals’ segment could be reached if Joules can focus on expanding its retail presence in key business districts and commercial areas. The company can also explore partnerships with business-oriented organizations and events to increase its visibility among this segment. For example, the company can partner with business conferences or career development events, offering special promotions or exclusive access to its professional attire product line.

Joules can expand its retail presence by opening pop-up shops in key business districts and commercial areas. These shops can provide a convenient and accessible location for middle-aged professionals to purchase Joules' products.

Process

Joules' business activities are characterized by its emphasis on sustainability and ethical practices. The company is committed to reducing its environmental impact and ensuring fair labour practices throughout its supply chain. To reach the middle-aged professionals’ segment, Joules can further emphasize its commitment to sustainability and ethical practices. This can include providing detailed information about the sourcing and production of its professional attire product line (InteractOne, 2020). Moreover, Joules can emphasize its sustainability and ethical practices by implementing a recycling program for its professional attire product line. Customers can return their old or unwanted professional attire products to Joules for recycling or upcycling. This program can demonstrate the company's commitment to sustainability and appeal to middle-aged professionals who are increasingly conscious of their environmental impact.

Positioning

Joules' positioning in the market is that of a premium lifestyle brand that offers unique and high-quality products. The company's brand value is based on its design, quality, and sustainability. To target the middle-aged professionals’ segment, Joules can position itself as a preferred brand among this segment by emphasizing the professional and career-oriented aspect of its product line. The company can also leverage its existing brand value and reputation to attract this segment. To position itself as a preferred brand among middle-aged professionals, Joules can collaborate with professionals in relevant industries to develop specialized product lines. For instance, the company can collaborate with chefs to develop a line of kitchen apparel or with healthcare professionals to develop comfortable and functional uniforms. These collaborations can showcase their expertise in designing products that cater to the specific needs of professionals (Perino Yarns, 2022).

Moreover, Joules can focus on emphasizing its British heritage and use this as a selling point for its professional attire product line. Additionally, Joules can use storytelling and content marketing to communicate the values and history of the brand to this segment.

People

Joules' target audience is primarily middle to upper-class individuals who value quality, design, and sustainability. The company has a strong customer base in the UK and has recently expanded its business to other international markets. To target the middle-aged professionals’ segment, Joules can further understand the needs and preferences of this segment. Moreover, Joules can also invest in training its sales staff to better serve the needs of middle-aged professionals. The company can provide its sales staff with training on the unique needs and preferences of this segment, as well as how to provide personalized service to this group (Lindecrantz et al., 2020). This can help to establish Joules as a brand that understands and caters to the specific needs of middle-aged professionals.

Budget

Marketing Expense	Cost
Social media advertising	£2,000 per month
Influencer marketing	£4,000 per campaign
Email marketing	£2,500 per month
PR and events	£15,000 per quarter
Content creation	£1,000 per month
Search engine optimisation (SEO)	£1,000 per month
Google ads	£1,500 per month
Video production	£3,000 per campaign
Printed materials (brochures, flyers)	£4,000 per quarter
Website maintenance	£1,500 per month

Control measures and evaluation

To assess the success of Joules' marketing mix plan, control measures are crucial. One way to gauge the marketing mix's effectiveness is by monitoring the company's market share in the middle-aged professional segment. Surveys and feedback mechanisms can also help ensure customer satisfaction aligns with the marketing mix objectives (Anderson, 2021). The number of customers participating in the loyalty program as well as repeat business can track the pricing strategy along with promotional activities. Tracking the sales and revenue of Joules' professional attire line within the target segment can efficiently assess the overall success of the marketing mix plan. Through the proper implementation of these measures, Joules can appropriately evaluate how the marketing mix plan has the potential to successfully achieve its objectives.

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Conclusion

It can be observed that the political, economic, social, technical, environmental, and legal aspects that impact Joules needs to addressed with the SWOT analysis. Joules' competitive position in the market, along with its capacity to launch new goods and services and overcome competitive disadvantages, have been analysed using Porter's Five Forces Model. Additionally, a STP process analysis was performed with a particular emphasis on segmenting, targeting, and positioning the middle-aged professional market. Joules may acquire an edge over its rivals by analysing the market and positioning itself as the industry leader in this niche. With its emphasis on innovation, client happiness, and sustainable business practises, the company can acquire what it takes to become a market leader in the lifestyle industry.

References

Wadham, C. (2022) Joules profits hit by Price Rises, Drapers. Available at: https://www.drapersonline.com/news/joules-profit-impacted-by-inflation

Fern Fort University (2022) Joules Group PLC SWOT analysis matrix (strengths, weakness, opportunities, threats). Fern Fort University. Available at: http://fernfortuniversity.com/term-papers/swot/nyse/6813-joules-group-plc.php.

Williamson, D. (2018) Joules Group PLC SWOT analysis / SWOT matrix, Essay48. Available at: https://www.essay48.com/term-paper/9027-Joules-Group-Plc-Swot-Analysis.

247caseanalysis (2022) Pestel analysis of Joules Group plc. Available at: https://www.247caseanalysis.com/essay/Joules-Group-Plc-9027-Pestel-Analysis. 

Fern Fort University (2023) Joules Group plc Porter Five Forces Analysis, Porter 5 forces analysis. Fern Fort University. Available at: http://fernfortuniversity.com/term-papers/porter5/lse/410-joules-group-plc.php.

Ajitha, S. and Sivakumar, V.J., 2019. The moderating role of age and gender on the attitude towards new luxury fashion brands. Journal of Fashion Marketing and Management: An International Journal, 23(4), pp.440-465.

Statista (2022) UK: Online fashion shoppers by generation 2022, Share of shoppers buying clothing and shoes online in the United Kingdom (UK) in the 2nd quarter 2022, by generational cohorts. Available at: https://www.statista.com/statistics/1337816/online-fashion-shoppers-by-generation-uk/.

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Coursera (2023) What Is Influencer Marketing? How to Develop Your Strategy. Available at: https://www.coursera.org/articles/influencer-marketing.

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