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The document discusses market segmentation and analyzing a target audience for a website. It describes identifying characteristics of the target market such as geographic location, demographics, psychographics, other classifications, and getting to know the audience's needs, wants, expectations and loyalty. The goal of segmentation is to tightly define the target to create an effective website that meets their requirements.
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Often when you ask a small business owner who they are targeting as customers, their response is “Everyone”, or “Anybody interested in…” They might refine this audience down to “homeowners” or “people who go to the gym”. This is still too broad. The problem is with this is, not all consumers think alike, and not everyone is going to purchase your product. Because of this broad focus, marketing can miss the mark.
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Pov slide share
- 1. Point of View on Marketing, Segmentation and Positioning By: Kayla Strausburg
- 2. Segmentation Buyers and markets are different in many ways such as in their needs, wants, locations, resources, attitudes and behaviors. By segmenting into groups with similar needs, you can develop a marketing strategy that can effectively target who you want to gain in your customer base.
- 3. First type of segmentation is geographic segmentation which divides a market based on where the consumer lives and works. Another segment is based on demographics, which is based on age, gender, family, income, occupation, education, religion, ethnicity and generational cohorts.
- 4. The third is psychographics segmentation which divides a market based on lifestyle and personality variables. Lastly is behavioral segmentation which divides a market based on the purchase behavior and the consumers use and knowledge of a product. So the four ways to segment a market are geographic, demographic, psychographic and behavioral.
- 5. Once you segment a market, you can decide on which specific segment or segments are better to target for your brand or company. Which is called target marketing. A target market is who you are focused on to engage interest in you. You want to attract many consumers but you want to target the correct people who will be interested and help your company become successful and well established.
- 6. The segment has to be accessible where the organization can develop a marketing mix strategy that can be effective in reaching the group. The more you specify you reduce who you are targeting which can make it hard to make a sustainable business. If you are targeting multiple segments you have to reach each segment in different ways. You can not always use one plain to target different types of people because what intrigues dog lovers might not also intrigue cat lovers.
- 7. Positioning In a positioning statement the segment must be identifiable so the segment is easily recognized. Variables like demographics, geography, psychographics or behavior are great examples. Your segment needs to be large enough where your business is able to make a profit. Would it make sense for you to go into business to only be able to sell to ten people in the world? Probably not, even if the price is high you will not be able to generate a sustainable profit for an extended amount of time.
- 8. Positioning is how the product is perceived by the consumer in comparison to other similar products. A product position statement needs to be a clear and concise statement describing your target market and paints a vision of how consumers see your product. With this, with environmental changes the position statement can move and keep showing a clear picture of what you want your product to be seen as.
- 9. Perceptual Map A perceptual map shows in a graphical form how your product compares to competitors on key attributes. This is an easy way to see how you are doing to competitors and how things can be altered to help your business. Using a perceptual map in a graphical form is easy to quickly see the overall levels on key attributes.
- 10. Segmenting and mapping needs to be aligned with the organization's objectives and resources. With all these being said, positioning of a company and segmenting the market that works for one company might not work for another. You have to find your own way and still continue to move with the environment.