-: Hello, and welcome to Part 2
of the Segment Target and Positioning video.
So, once you've segmented folks,
you've sort of broken them up into those four types:
geo, demo, psychographic, and behavioral,
then you wanna think about
which of these groups should we target?
Who should we send our promotion to?
Who should we spend our time and energy and resources on?
Because the better you do at choosing a segment,
the better use of the resources
and the better chance at success.
And one way of thinking about it is if it's too broad,
you're spending your effort on folks
that are very unlikely to be interested.
And if it's too narrow,
you're not reaching those who are,
and you could lose sales and revenue.
So, to find that sweet spot
where your promotional and other marketing efforts
are used most efficiently and effectively
is a big part of success.
So, the two sort of ends of the continuum
are an undifferentiated
and a differentiated approach.
And think back to when we talked about
the continuum of commodities
and differentiated products,
and how does that fit here?
That's a good sort of thing for you to think about
and see if you see the connection here.
So, if you're going for
the mass market,
you basically do a much more one-size-fits-all kind of thing
that you go after everyone more or less in the same way.
This tends to have a lower cost per individual,
this sort of market, mass blanket marketing
with the risk of seeming impersonal,
that if it feels like it's not really speaking to me,
it's a lot easier to dismiss it.
That you really want it to sound like, "Hey, they know me,
they understand me, they get my needs, they get my wants.
Wow, they really understand me
and their product or service
really is something I want."
But the other end is a highly differentiated,
more tightly targeted,
where you have marketing mix for each segment
that sort of for different products
or services that you offer
and different promotional strategies.
So, thinking about how does City Market
promote to students like you
that probably maybe live within walking distance,
lower income,
versus me who has a car,
who lives a little bit farther away,
we don't share the same demographics,
particularly in age and occupation.
How do they target you and me,
even though it's the same business?
Other ways to think about this is
as technology and the information about us
and our data that we generate about ourselves
through our searches, through our social media,
through using streaming services
for music and video and such,
that they really understand us better and better.
And it's you often see now
that if you liked this, you'll probably like that,
like a certain film or a certain musical artist.
Another way of thinking about it
is how aware are the consumers
of the sort of specific attributes
that your product or service has?
That if you're a very highly differentiated,
that you wanna find those folks
that really care about those attributes,
there will be fewer of them.
So, you really wanna hone in on what,
you know, who are those folks out there
that really care about
and will pay for the unique attributes
that I provide?
Versus if you're more at the commodity end of the scale,
you're probably gonna use more mass marketing,
that they're gonna see you as being one of many,
many will be interested in this,
and so that would be the more effective approach.
One concept that helps
to sort of hone in and define and describe
and help you understand a segment is the persona.
And that is a fictional character that you make up,
which represents, sort of embodies,
is the epitome of a segment.
And what it does is, is it helps
to sort of give that segment a face and a name,
and to help you and those that do the marketing with you
better understand them.
So, two of them in politics
are the soccer mom and the NASCAR dad,
and they're probably well-known ones.
Here is one that I just found online
where you can,
but you can think about who is the embodiment
of your segment?
When you're thinking about who will really want
your product or service,
what are their demo, geographic,
and behavioral attributes?
And we can also think about what would be a good persona
for a CDAE major?
The last topic on this video
is positioning.
And this is maybe one of the single most important concepts
and decisions that you will make in marketing.
And one of the ways that I think about it
is what do people think of your product or service
compared to others that offer similar things?
Where is your place?
What do you offer that's unique, that's unlike others?
How do you stand out?
What is it that what sort of space do you occupy
that is unique that you can articulate
and that those that buy your products say, "Yes,
this is what I am going to get."
So, it lets you clearly articulate the value
and it answers the question,
what do you expect when you buy it?
What are you going to get?
What do you know that you're getting
when you buy this thing?
What do potential customers think of you
compared to others?
What are the benefits that they get, that they seek?
And why should they buy you?
Why is yours the best for this need,
for this segment, for this want?
And again, it's clear to articulate this,
this is your place, this is your space in the market
so that people know what are they going to get
when they buy you.
Here are a few examples of firms
that offer the same basic product,
but do not have the same position.
The Farmhouse Tap & Grill and McDonald's
are both hamburger restaurants,
but they don't offer the same thing.
My Little Cupcake and Price Chopper
both sell baked goods.
Heady Topper and Keystone Light both sell beer.
Maserati and Chevrolet
both sell cars,
but again, what you're getting from them,
what is expected, what's the value
is not the same in these examples.
You wanna be clear,
what do you want someone to think of you?
And how does that match what they will think,
feel, and believe about your product or service?
One way to do this and to help map it out
is with perceptual mapping.
So, you can think about
a 2x2 graph here.
So, this is one with cars
where the y-axis at the top is classy
and the bottom is more practical.
And the x-axis on the right is sporty
and to the left is more conservative,
so this maps out.
So, sort of where do various cars,
well, what is the position of these cars?
They can be on,
so again, another 2x2 here.
And one for just for soda,
sugar, and caffeine.
So, that is it.
Thank you for watching,
and have a good day.