swot, segmentation, targeting

the marketing process

analysis market/consumer/company → consumer research → consumer insight → marketing stratergy → marketing mix

what is a swot analysis

a tool that helps synthesize ideas and present them in a strong way, it gathers ideas to segment them into positive and negatives/threats

• STRENGHTS, WEAKNESSES, OPPURTUNITIES, THREATS

what is a PESTEL analysis

helps you determine opputrtunities and threats

• POLITICAL, ECONOMIC, SOCIAL, TECHNOLOGICAL, ENVIRONMENTAL, LEGAL

how to dertermine strengths and weaknesses of a brand

tangible elements; financial resources, technological resources, subsidaries in several countries

intagible resources; human resources, brand awareness, brand identity, well known logo and brand reputation

what is a competetive stratergy

which competitors meet the same needs as my concept/brand

direct competitors

sells similar items for the same target audience using the same marketing methods

indirect/secondary competitors

trade services and products that are similar but different from your offer/product

substitute competitor

provides the audience with a completely different choice of product/service

market segmentation

the process by which a market is divided into distinct subsets of customers with similar needs and characteristics that leeds them to respond in similar ways to a particular product offering and marketing program

consumer segmentation

allows you to respond more effectivley to needs and wants of groups of prospective buyers to increase sales and PR

how to segment consumers

• demographic segmentation (e.g gender,income,age)

• geographic segmentation (e.g country/location)

• phsycographic segmentation (e.g attitudes, values and lifestyle)

• behavioral segmentation (e.g purchasing habits, customer loyalty, benefits sought, occasional or timing based)

which consumer segmentation to use and when

• if youre shaping stratergy and position (the promise/vocie); leading with phsycographic/needs

• if your activating in media; anchor in behavioral

• if youre sizing oppurtunity or planning stores/media; add demographic

• if data is scarce; start phsycographic interviews/observations then attach simple behavioral proxies you can track

target market

consists of a set of buyers who share common needs or characteristics that the company decides to serve

marketing stratergies

• undifferentiated/mass marketing

• differentiated/segmented marketing

• concentrated/niche marketing

• micro marketing

undifferntiated/mass marketing

• targeting broadly

• firms choose to ignore market differences and pursue the entire market with one offer

• as a brand you want to sell the highest amount of products to a high market

• treats all buyers or potential buyers as a homogeneous group

• requires an understanding of the largest possible segment of the population to achieve mass appeal

differentiated/segmented marketing

• firm decides to target several specific market segments and designs seperate offers for each

• each segment is targeted with specific products and marketing stratergies to fit the unique needs of that group

• depending on the expected product usage

concentrated/niche marketing

• firms pursue a large share of one or a few segments

• one tight audience, everything else (product, channels, content) optimised for them

• business that focus on a specific geographic region or specific demographic or specific need or specific interest

micro marketing

• local or individual marketing

• targeting narrowly

• tailoring programs to needs of specific individuals and local customer segments

• even more targeted than niche marketing

examples of undifferentiated targeting

primark, H&M, supermarkets

examples of differentiated targeting

zara targets multiple consumer segments by offering a variety of product lines (mens, womens and childrens fashion), within these categories they further differentiate by offering casual, workwear and formal lines which enables them to cater to different segments of the market while maintaining a unified brand identity

example of concentrated targeting

ralpha focuses on road cyclists who value performance kit, club culture and long ride credibility, the brand builds deep loyalty through the ralpha cyclying club, group rides, service cafes and specialist products

examples of individualised marketing

nike uses individualised marketing through their “nike by you” which allows customers to design and customize their own sneakers, this highly personalised experience fits the individualised targeting stratergy offering a customized solution for each customer

why consumer persona’s matter for personalised marketing

personas help businesses craft more relevant and personalised marketing messages by aligning content with the needs and motivations of their target audiences

why consumer personas matter for product developement

knowing the persona’s pain points and needs allows businesses to develop products or services that solve real problems for their customers

why consumer personas matter for improved customer experience

personas help companies create better customer experiences by understanding how to engage with customers at every touchpoint of their journey

why consumer personas matter for better targeting

instead of targeting a broad and vague audience, businesses can focus on segments that are more likely convinient

key elements of a ocnsumer persona

• demographic info (gender, age, location, occupation, education level)

• phsycographic info (lifestyle, personality, goals, challenges, motivations)

• behavioral traits (shopping habits, decision making process, preffered communication channels)

• personal quotates (statements that represent what the person might say about their problems or desires)

positioning

the place a product or brand occupies in customers mind relative to the competition, positioning is partly controlled by the marketer (marketing mix), compromises both competitive and customer need considerations

examples of brand positioning

• category based

• consumer based

• competitor

• price

• benefit

• attribute

• prestige

how to find a positioning

• what consumers want

• what your brand does best

• what your competitor does best