INPROCON INTERNATIONAL PROJECT CONSULTANS
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STP of the marketing plan.
STP in marketing stands for Segmentation, Targeting, and Positioning.
The STP model helps marketers craft their messaging and develop and deliver tailored and relevant messages that engage segmented, target audiences. This approach is useful in developing a digital strategy for content marketing. you'll be able to use STP to use marketing personas and archetypes that help develop relevant and targeted digital communications. This is an audience and customer approach to marketing. The goal is to deliver relevant messages to commercially attractive audience segments. STP focuses on identifying the foremost valuable segments so creating the correct marketing mix and product positioning strategy (think 4Ps) for those segments.
Segmentation:
In marketing, we would like to spot potential customers and
convince them to shop for it. We are also inquisitive about
convincing past customers to be repeat customers. We try this by
providing the products and services they have and wish. It’s all
about making the correct people tuned in to our price proposition.
Everyone is unique but we also tend to possess interests in common
with others. we would like to spot those commonalities within the
most refined and granular ways possible. These are called niches.
We use segmentation to spot niches with specific needs and desires
that we are able to articulate clearly. In mature markets, we use
segmentation to search out new customers. Segmentation allows us to
focus our messaging and deliver it more effectively. Marketing
messages should be designed to deal with and inform each segment of
the advantages and features that are most relevant to their
segment. this can be a unique approach from mass marketing where
one size fits all for all customer types. This approach is more
efficient and effective, because it delivers the correct mix to the
correct group of individuals, instead of a spray-and-pray shotgun
approach. Markets are often sliced and diced supported any
variable, as long as it’s clearly definable and measurable. Here
are some examples:
- Demographics This is the foremost well-known way of classifying
people into groups. It is often done by geography, age, gender,
income, education, ethnicity, legal status, profession or
occupation. Demographics explain ‘who’ your buyer is.
- Psychographics: Psychographics delve into ‘why’ your customer
makes a sale. this can be the way of classifying behavior supported
personality and emotional traits linked to buying decisions.
Psychographics include attitudes, lifestyle, hobbies, personality
and leadership traits and attitudes toward risk. Gather data to
assist form psychographic profiles for your typical customers
through interviews, surveys, questionnaires, customer data, and
feedback. this can be the type of knowledge that Facebook gathers
supported “likes”. Create archetypes of your customer segments that
supported their psychographic profile. You can purchase and access
massive troves of knowledge on the interests and attitudes of
potential customers from the Internet, web and mobile sources.
we'll explore this more after we discuss analytics tools and
sources later within the book.
- Lifestyle refers to non-work time endeavors like hobbies,
recreational activities, entertainment, vacations, and
others.
- Life Stages People change and like different activities and have
different interests supported their age. A twenty-something falls
into different categories than a 60-year-old. Life Stages is the
benchmarking of people’s lives at different chronological stages.
try the book “Passages” for an excellent primer on this approach.
Geography This is where you find people by country, region, area,
zip codes, metropolitan or rural location, climate or mountains,
etc. Language With translation tools freely available like Google
and Bing we are able to give some thought to targeting language
groups relatively easily. Behavior Behavioral economics studies the
consequences of psychological, cognitive, emotional, cultural and
social factors on the economic decisions of people. In segmenting
it refers to how a customer relates to the character of the
acquisition, brand loyalty, usage level, benefits sought,
distribution channels used, and therefore the reaction to marketing
messages. Amazon has mastered accumulating this data to form
profiles of purchasers. - Usage level Usage is a remarkable
variable. Many companies recognize that they need “power users”
that are to blame for an outsize portion of sales. Coke as an
example encompasses a club for his or her power users because they
estimate that 20 percent of their customers are to blame for 80
percent of their sales. Identity and cultivate your power
users.
Targeting :
The list below relates to varied criteria for evaluating the potential commercial viability of every segment. Size The market must be large enough to justify segmenting. Market potential size has expanded as Long Tail markets have emerged. Long-tail refers to markets that will be reached via the net where there's no concentration geographically but there's enthusiastic interest diffused across the world. Add up all those loners and that they can represent significant markets. The more idiosyncratic your offering the more you may be marketing across geographic zones. Difference Segments must be distinct and identifiable. Measurable differences must exist between segments. Measuring tools and techniques have proliferated with digital marketing. Google Analytics may be a major tool. Money It has to be worthwhile economically. The anticipated incremental profits must exceed the extra marketing costs. the price of acquisition of a customer (CAC) must be but their lifetime value of purchases (LTV). CAC Accessibility The potential customers in each segment must have the flexibility to receive your marketing messages and distribution networks must be ready to reach them. Different segments answer different benefits so target communicating the various benefits.
Positioning:
Positioning maps the variables discussed within the Segmenting
and Targeting steps and defines the space where your offering
resides relative to competitors within the view of your
customers.
Thoughtful positioning is critical in staking out a competitive
advantage within the market.
Positioning may be a component of Branding, which we are going to
discuss next. Customer perceptions and feedback influence a brand’s
positioning within the market.
Three sorts of positioning impact a brand and its competitive
advantage:
· Functional
· Symbolic
· Experiential
Functional Positioning
Functional Positioning needs to do with feature sets and user
experience.
It is focused on the aspects of the worth proposition that talk to
meeting and fulfilling customers’ needs and desires.
Symbolic Positioning
Luxury and prestige brands operate during this realm. These are the
aspirational elements of your offering; the characteristics of the
brand that fulfill customers’ self-esteem.
Experiential positioning
Experiential positioning focuses on the weather of a brand that
addresses emotional reference to customers.
These three elements combine to position the brand. Positioning may be a conceptual tool to assist tailor your value proposition and communicate it to customers. you wish to spotlight your advantages relative to competitors and communicate this distinction during a compelling thanks to customers.
INPROCON INTERNATIONAL PROJECT CONSULTANS INFORMATION STP of the marketing plan. Segmentation strategy Targeting strategy Positioning strategy
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