THE CONSUMERS
Currently, Peter Pan does not have a specific and narrow target market. Peanut butter is found in 75% of US homes.[1] Almost every market segment could be included for a product like peanut butter. This makes it important to focus on one in order to advance the brand. The brand has “Commitment to Quality” as one tagline and emphasizes the peanut butter’s natural, wholesome ingredients. However these characteristics could appeal to anyone. The brand’s most recent video advertisement from 2015 emphasizes the company’s safety measures and level of trust. The first line states “We make sure we make it right the first time.”[2] The marketing strategy of the past eight years has been a direct response to the recalls. While these have been vital messages for Peter Pan to convey, it is now time to move on. Peter Pan needs to target its key consumers as sales have met what they were before the recall.
Older Caucasian consumers with a median income currently make up Peter Pan’s consumer base. According to InfoScout.com, nearly 60% of its buyers are 45+ years old. Peter Pan is older than both of its main competitors, Skippy and Jif. The majority of its consumer base has been buying it since its inception in 1920. These consumers’ children and grandchildren view it as the peanut butter that their mother/grandmother always has in her pantry. Peter Pan needs to narrow its target market for the reintroduction stage. It should target these elderly consumers. Their immediate families could eventually follow in suit and buy Peter Pan products. Additionally, this segment does not self-monitor as much as others. They do not care what other think of them or their buying decisions. They will buy Peter Pan even if it isn’t as “trendy” or novel as the Jif product with hazelnut swirled in, for example. If Peter Pan has a positive association in their brain as well as a low price point, they will buy it.
Peter Pan should position itself as the nostalgic peanut butter. The mascot, Peter Pan, is a main starting point. Everyone has either read or watched Peter Pan as a child. Seeing him on the front of the jar can spark a positive memory and association. Beyond this however, growing the elderly consumer base will cause Peter Pan to become that nostalgic product both for the elders purchasing it and their offspring. While Peter Pan has had trouble attracting large portions of new consumers throughout nearly the past century, those who do buy it are fairly brand loyal. If more of the segment is targeted, Peter Pan will slowly grow its market share and a loyal consumer base.
Older Caucasian consumers with a median income currently make up Peter Pan’s consumer base. According to InfoScout.com, nearly 60% of its buyers are 45+ years old. Peter Pan is older than both of its main competitors, Skippy and Jif. The majority of its consumer base has been buying it since its inception in 1920. These consumers’ children and grandchildren view it as the peanut butter that their mother/grandmother always has in her pantry. Peter Pan needs to narrow its target market for the reintroduction stage. It should target these elderly consumers. Their immediate families could eventually follow in suit and buy Peter Pan products. Additionally, this segment does not self-monitor as much as others. They do not care what other think of them or their buying decisions. They will buy Peter Pan even if it isn’t as “trendy” or novel as the Jif product with hazelnut swirled in, for example. If Peter Pan has a positive association in their brain as well as a low price point, they will buy it.
Peter Pan should position itself as the nostalgic peanut butter. The mascot, Peter Pan, is a main starting point. Everyone has either read or watched Peter Pan as a child. Seeing him on the front of the jar can spark a positive memory and association. Beyond this however, growing the elderly consumer base will cause Peter Pan to become that nostalgic product both for the elders purchasing it and their offspring. While Peter Pan has had trouble attracting large portions of new consumers throughout nearly the past century, those who do buy it are fairly brand loyal. If more of the segment is targeted, Peter Pan will slowly grow its market share and a loyal consumer base.