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Understanding & Segmenting Your Customer - Part II (MI)
 

Understanding & Segmenting Your Customer - Part II (MI)

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The final lecture in the market segmentation series

The final lecture in the market segmentation series

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    Understanding & Segmenting Your Customer - Part II (MI) Understanding & Segmenting Your Customer - Part II (MI) Presentation Transcript

    • Understanding  &  Segmen/ng  Your  Customer  –   Part  II   GeCng  the  Right  Customer  For  Your  Marke<ng  Message  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • Know  Your  Customer  Types  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • The  Resistant  Customer   Ø  Mindset:  Hates  your  company  and   holds  deep  resentment  for  your  brand   Ø  Behavior:   –  Will  spread  nega<ve  word  of   mouth  wherever  possible   –  Took  their  experience  with  your   brand  personally  and  is  looking  for   revenge   –  Will  defect  to  your  compe<tor  first   chance  they  get   Ø  Loyalty:  Zero   Ø  Possibility  of  Defec/on:  Extremely   High  (you  can’t  save  this  group)  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • The  Indifferent  Customer   Ø  Mindset:  Sees  your  company/product/ service  as  nothing  more  than  a   commodity   Ø  Behavior   –  Will  always  try  to  get  lower  prices   to  the  point  of  near  zero  margin   –  They  will  promise  volume  or  future   business,  but  see  li"le  unique   value  in  your  offering   –  Always  willing  to  walk  away  from   the  sale  because  they  have  other   op<ons  available   Ø  Loyalty:  One   Ø  Possibility  for  Defec/on:  Very  High  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • The  Acceptant  Customer   Ø  Mindset:  Expects  your  customer  to   provide  the  maximum  of  what’s  asked   and  nothing  more   Ø  Behavior:   –  Doesn’t  think  of  your  brand  un<l   absolutely  necessary   –  Comes  to  you  because  you  have   become  a  habit  or  more   convenient  choice   –  Maybe  aware  of  other,  be"er   op<ons,  but  simply  hasn’t  made   the  effort  to  pursue  them   Ø  Loyalty:  Two   Ø  Possibility  for  Defec/on:  High   –  Customer  expecta<ons  can   outpace  what  you  provide  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • The  Preferen<al  Customer   Ø  Mindset:  Has  grown  to  like  your  brand   and  tends  to  understand  the  unique   value  that  you  provide   Ø  Behavior:   –  Most  of  us  make  the  mistake  of   making  this  customer  type  the  top   of  our  customer  pyramid   –  When  given  a  choice,  they  will   probably  con<nue  to  use  your   brand   –  Very  aware  of  industry  trends  and   can  surprise  by  defec<ng  if  you   have  not  given  them  benefits  or   raised  the  bar  on  service  or   innova<on   Ø  Loyalty:  Three   Ø  Possibility  for  Defec/on:  Somewhat   High  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • The  Evangelist     Ø  Mindset:  The  pinnacle  of  the  customer   rela<onship  and  would  buy  anything   you  offer   Ø  Behavior:   –  They  tell  everyone  they  know   about  your  company   –  Men<ons  how  sa<sfied  they  are   even  in  casual  conversa<ons   –  Your  brand  has  become  part  of   their  life   –  Finds  personal  meaning  with  your   brand   –  Worth  their  weight  in  gold  because   they  do  more  to  grow  your   business  than  any  ad  campaign   Ø  Loyalty:  Four   Ø  Possibility  for  Defec/on:  None  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • The  Customer  Profile   Who  is  my  target  customer?  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • When  we  talk  about  profiling   customers,  we  start  with  the   basics  –  or  what  is  know  as  the   old  way….  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • Old  Way   Standard  Demographics     Age,  Race,  Income,     Educa<on,  Family  Size,  Employment  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • Now  this  way  has  given  marketers  a   great  deal  of  informa<on  over  the   decades,  it  has  not  improved  the   marke<ng  performance  of  our   ac<vi<es  and  campaigns  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • Why?  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • The  standard  demographics  are  a   very  general  way  of  looking  at  a   customer  –  it  gives  us  insights  but   not  details  which  we  need  to  drive   our  marke<ng  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • Rs.   40+   200,000+   Master’s   Business   Degree   Owner   Family  of   Middle   2   Eastern  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • This  is  the  limita<on  of  the  old   way  of  marke<ng  segmenta<on  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • New  Way  –  Audience  Segmenta/on   GeCng  to  the  root  of  your  customer  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • When  you  use  a  audience   segmenta<on  method,  you  are   be"er  able  to  break  down  your   customer  into  clear  sets  of  detail   that  allow  you  to  target  them  more   effec<vely  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • Is  audience  segmenta<on  just   about  behaviors?  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • When  we  work  with  this  method,   we  start  from  a  different  point   than  the  tradi<onal   demographics  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • Where  do  you  think  we  start  in  this   method?  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • Life  Roles  are  the  different  things   that  we  are  that  make  up  our   buying  decisions.  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • When  marketers  start  with  life  roles,   we  are  be"er  able  to  define  our   customer  because  different   behaviors  fall  into  the  different  roles   we  carry  in  life.  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • When  you  define  someone’s  life   roles,  you  are  be"er  able  to  define   their  –     behaviors,  habits,  interests  and   purchasing  decisions  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • Understanding  Market  Segmenta/on   Learning  How  to  Break  Down  Your  Customer’s  Into  Groups  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • Market  segmenta/on  is  the  process   that  companies  use  to  divide  large   markets  into  small  markets  that  can   be  reached  more  efficiently  and   effec<vely  with  products  and   services  that  match  their  unique   needs  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • Market  Segmenta<on  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • Market  Segmenta<on  Divides  the  market   Divides  the  market  into  different   into  groups  based  on  geographical  units   variables  such  as  such  as  na<ons,   age,  gender,  family  regions,  states,   Geographic   Demographic   size,  income,  coun<es,  or  ci<es   segmenta/on   segmenta/on   occupa<on  and   educa<on  Divides  buyers  into   Divides  buyers  into  different  groups   Psychographic   Behavioral   groups  based  on  based  on  social  class,   segmenta/on   segmenta/on   their  knowledge,  lifestyle,  or   aCtudes,  uses,  or  personality  traits   responses  to  a   product  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • How  Do  We  Market  To  These  Segments?  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • Marke<ng  Segmenta<on   New  vs.     4  Key   8  Major   16  Visitor   All   Returning   Products   Markets   Personas  100%  of  visitors   100%  of  visitors   1  segment  =  all     16  segments  =  all    h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • Market  Targe<ng   Mass   Segmented   Niche   Local/Individual  Undifferen<ated   Differen<ated   Concentrated   MicroMarke<ng   Marke<ng   Marke<ng   Marke<ng  Targets  the   Targets  several   Targets  a  small   Prac<ce  of  whole  market   different  market   share  of  a  large   tailoring  with  one  offer   segments  and   market   products  and     designs  separate     marke<ng  Mass  marke<ng   offers  for  each  to   Limited  company   programs  to  suit     achieve  higher   resources   the  tastes  of  Focuses  on   sales  and     specific  common  needs   stronger  posi<on   Knowledge  of   individuals  and  rather  than   the  market   loca<ons  what’s  different     More  effec<ve   and  efficient  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • Results  from  Mass  Marke<ng   Price   Direct  Sales   Fill  by  ad  networks   Volume  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • Results  from  Market  Segmenta<on   Price   Direct  Sales   Audience-­‐based  selling   New  Revenue   Fill  by  ad  networks   Volume  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled  
    • Results  from  Audience  Targe<ng   Price   Direct  Sales   Audience-­‐based  selling   New   Revenue   Fill  by  ad  networks   Volume  h"p://emagine-­‐group.com   Brand  Focused,  Socially  Ac<ve,  Digitally  Enabled