STP Flashcards
(28 cards)
The market consist of
- different groups of potential customers
- with different wants and needs
- influenced by trends
- so you need to be relevant to YOUR target group with theright message through the right channel to “strike a nerve”
what is segmentation
Process of dividing customers into groups with same needs, interests, characteristics
homogeneous within market segment
if segment is well done they should react the same to marketing efforts/ share the same needs interests, characteristics and behaviours
respond similarly
segments are heterogenous
if the response is different compared to other segments
segmentation criteria
Objective = general or specific
or
inferred (psychographic) = general or specific
what is firmographic segmentation
process of dividing customers into groups based on shared company or organization attributes
- industry type
- company size (number of employees)
- location
- job titles DMU (decision making unit)
- company structure
- annual revenue
- performance over time (growth rate)
in B2B marketing, criteria related to organization’s tributes (which kind of organization)
how is firmographic data gathered
gathered and evaluated in the same way as the other forms of segmentation to understand the target audiences needs and wants. this is key in B2B marketing
based on what is social class
based on education x profession
Lifestyle
AIO dimensions
AIO
Activities (eg. work, hobbies, social events, community)
interests (eg. family, job, fashion)
opinions (eg. themselves, social issues, politics, business)
different dimensions of personalities
Alphas
self indulgers
rooted
safety seekers
idealists
care taking
trend surfers
easy going
buyer readiness
if you offer a new thing, not every group will be open to it. but also just, at what stage is your potential customer
newcomers in Leuven, do I need a bike? boom a group organizes a bike visit & a lending bike service sponsors it or smth
buyer readiness in stages
- awareness
- knowledge
- liking
- preference
- conviction
- purchase
how quickly do you adapt to a new product or service? extra psychographic
innovators (first 2,5%, adventurous, risky)
early adopters (early buyers) (next 13%)
the early majority (wizards and weighers, accept fairly quick)
the late majority (skeptical and accept only after majority tried it)
the laggards (suspicious of change and only adopt when it becomes tradition)
Technographic segmentation criteria
Process of dividing the market into distinct groups based on their technology needs or digital maturity
- digital ownership and usage
- software usage
- cloud services
- digital media consumption
- e commerce activity
segmentation based on media usage
to know if your segment or multidimensional segmentation is great, check…
is it effective segmentation.
- attainable
- measurable
- different
- large enough
targeting
which subgroup is interesting to us? how many segment are interesting to us? which are attractive
4 important elements in targeting
- size and growth
- structural attractiveness
- objectives and budgets of a company
- stability of market segments
AFTER TARGETED = BUYER PERSONA
What is positioning
Give the product a clear, distinctive (different from comp) and desirable place in the mind of customers (trough integrated marketing mix)
You give your customers a Unique promise based on distinctive features such as USP or ESP
it is also your biggest advantage (most important added value)
a good positioning
Blends between what the consumer wants and what you do best - stands away from what your competition does best (focus on POD) (3c model)
To plot your competitors you do a
perceptual map or value curve
sell the benefit not the product or company
people buy results, not features
Benefit laddering
Functional benefit : offer a solution
emotional benefit: experience oriented / symbolic = lifestyle positioning
values, emotional benefit, functional benefit, product attribute
choose between 2 strategies in a positioning statement
either use a** transformational (ESP) strategy** or an Informational Strategy (USP)
