WEBVTT 1 00:00:03.150 --> 00:00:04.800 Hello, and welcome to Part 2 2 00:00:04.800 --> 00:00:09.543 of the Segment Target and Positioning video. 3 00:00:12.390 --> 00:00:15.150 So, once you've segmented folks, 4 00:00:15.150 --> 00:00:19.200 you've sort of broken them up into those four types: 5 00:00:19.200 --> 00:00:23.850 geo, demo, psychographic, and behavioral, 6 00:00:23.850 --> 00:00:25.680 then you wanna think about 7 00:00:25.680 --> 00:00:28.440 which of these groups should we target? 8 00:00:28.440 --> 00:00:31.530 Who should we send our promotion to? 9 00:00:31.530 --> 00:00:36.530 Who should we spend our time and energy and resources on? 10 00:00:36.990 --> 00:00:41.520 Because the better you do at choosing a segment, 11 00:00:41.520 --> 00:00:44.070 the better use of the resources 12 00:00:44.070 --> 00:00:47.340 and the better chance at success. 13 00:00:47.340 --> 00:00:52.340 And one way of thinking about it is if it's too broad, 14 00:00:52.350 --> 00:00:56.220 you're spending your effort on folks 15 00:00:56.220 --> 00:00:59.430 that are very unlikely to be interested. 16 00:00:59.430 --> 00:01:01.080 And if it's too narrow, 17 00:01:01.080 --> 00:01:04.020 you're not reaching those who are, 18 00:01:04.020 --> 00:01:07.230 and you could lose sales and revenue. 19 00:01:07.230 --> 00:01:09.730 So, to find that sweet spot 20 00:01:10.680 --> 00:01:15.680 where your promotional and other marketing efforts 21 00:01:15.810 --> 00:01:19.290 are used most efficiently and effectively 22 00:01:19.290 --> 00:01:21.273 is a big part of success. 23 00:01:23.520 --> 00:01:27.060 So, the two sort of ends of the continuum 24 00:01:27.060 --> 00:01:30.870 are an undifferentiated 25 00:01:30.870 --> 00:01:35.490 and a differentiated approach. 26 00:01:35.490 --> 00:01:39.630 And think back to when we talked about 27 00:01:39.630 --> 00:01:42.870 the continuum of commodities 28 00:01:42.870 --> 00:01:45.510 and differentiated products, 29 00:01:45.510 --> 00:01:47.730 and how does that fit here? 30 00:01:47.730 --> 00:01:50.850 That's a good sort of thing for you to think about 31 00:01:50.850 --> 00:01:55.203 and see if you see the connection here. 32 00:01:58.230 --> 00:02:01.420 So, if you're going for 33 00:02:02.910 --> 00:02:05.220 the mass market, 34 00:02:05.220 --> 00:02:10.220 you basically do a much more one-size-fits-all kind of thing 35 00:02:10.500 --> 00:02:15.500 that you go after everyone more or less in the same way. 36 00:02:15.600 --> 00:02:20.600 This tends to have a lower cost per individual, 37 00:02:21.120 --> 00:02:25.680 this sort of market, mass blanket marketing 38 00:02:25.680 --> 00:02:29.190 with the risk of seeming impersonal, 39 00:02:29.190 --> 00:02:33.900 that if it feels like it's not really speaking to me, 40 00:02:33.900 --> 00:02:36.750 it's a lot easier to dismiss it. 41 00:02:36.750 --> 00:02:40.050 That you really want it to sound like, "Hey, they know me, 42 00:02:40.050 --> 00:02:44.760 they understand me, they get my needs, they get my wants. 43 00:02:44.760 --> 00:02:47.610 Wow, they really understand me 44 00:02:47.610 --> 00:02:50.700 and their product or service 45 00:02:50.700 --> 00:02:53.457 really is something I want." 46 00:02:57.990 --> 00:03:02.303 But the other end is a highly differentiated, 47 00:03:03.300 --> 00:03:06.030 more tightly targeted, 48 00:03:06.030 --> 00:03:11.030 where you have marketing mix for each segment 49 00:03:11.598 --> 00:03:15.690 that sort of for different products 50 00:03:15.690 --> 00:03:17.790 or services that you offer 51 00:03:17.790 --> 00:03:21.540 and different promotional strategies. 52 00:03:21.540 --> 00:03:25.440 So, thinking about how does City Market 53 00:03:25.440 --> 00:03:28.650 promote to students like you 54 00:03:28.650 --> 00:03:33.543 that probably maybe live within walking distance, 55 00:03:35.850 --> 00:03:37.470 lower income, 56 00:03:37.470 --> 00:03:41.070 versus me who has a car, 57 00:03:41.070 --> 00:03:43.650 who lives a little bit farther away, 58 00:03:43.650 --> 00:03:46.950 we don't share the same demographics, 59 00:03:46.950 --> 00:03:49.950 particularly in age and occupation. 60 00:03:49.950 --> 00:03:53.640 How do they target you and me, 61 00:03:53.640 --> 00:03:56.073 even though it's the same business? 62 00:04:00.840 --> 00:04:03.640 Other ways to think about this is 63 00:04:06.900 --> 00:04:11.850 as technology and the information about us 64 00:04:11.850 --> 00:04:16.290 and our data that we generate about ourselves 65 00:04:16.290 --> 00:04:19.203 through our searches, through our social media, 66 00:04:20.160 --> 00:04:24.720 through using streaming services 67 00:04:24.720 --> 00:04:29.370 for music and video and such, 68 00:04:29.370 --> 00:04:32.040 that they really understand us better and better. 69 00:04:32.040 --> 00:04:37.040 And it's you often see now 70 00:04:37.770 --> 00:04:41.100 that if you liked this, you'll probably like that, 71 00:04:41.100 --> 00:04:44.583 like a certain film or a certain musical artist. 72 00:04:47.910 --> 00:04:49.950 Another way of thinking about it 73 00:04:49.950 --> 00:04:54.000 is how aware are the consumers 74 00:04:54.000 --> 00:04:58.350 of the sort of specific attributes 75 00:04:58.350 --> 00:05:01.533 that your product or service has? 76 00:05:02.490 --> 00:05:06.893 That if you're a very highly differentiated, 77 00:05:07.860 --> 00:05:10.260 that you wanna find those folks 78 00:05:10.260 --> 00:05:13.860 that really care about those attributes, 79 00:05:13.860 --> 00:05:15.600 there will be fewer of them. 80 00:05:15.600 --> 00:05:18.870 So, you really wanna hone in on what, 81 00:05:18.870 --> 00:05:20.670 you know, who are those folks out there 82 00:05:20.670 --> 00:05:22.710 that really care about 83 00:05:22.710 --> 00:05:26.700 and will pay for the unique attributes 84 00:05:26.700 --> 00:05:29.370 that I provide? 85 00:05:29.370 --> 00:05:33.480 Versus if you're more at the commodity end of the scale, 86 00:05:33.480 --> 00:05:36.900 you're probably gonna use more mass marketing, 87 00:05:36.900 --> 00:05:40.200 that they're gonna see you as being one of many, 88 00:05:40.200 --> 00:05:43.500 many will be interested in this, 89 00:05:43.500 --> 00:05:47.343 and so that would be the more effective approach. 90 00:05:50.250 --> 00:05:54.870 One concept that helps 91 00:05:54.870 --> 00:05:59.790 to sort of hone in and define and describe 92 00:05:59.790 --> 00:06:03.150 and help you understand a segment is the persona. 93 00:06:03.150 --> 00:06:06.930 And that is a fictional character that you make up, 94 00:06:06.930 --> 00:06:10.230 which represents, sort of embodies, 95 00:06:10.230 --> 00:06:13.560 is the epitome of a segment. 96 00:06:13.560 --> 00:06:17.160 And what it does is, is it helps 97 00:06:17.160 --> 00:06:21.180 to sort of give that segment a face and a name, 98 00:06:21.180 --> 00:06:26.070 and to help you and those that do the marketing with you 99 00:06:26.070 --> 00:06:27.690 better understand them. 100 00:06:27.690 --> 00:06:30.600 So, two of them in politics 101 00:06:30.600 --> 00:06:34.260 are the soccer mom and the NASCAR dad, 102 00:06:34.260 --> 00:06:37.953 and they're probably well-known ones. 103 00:06:40.800 --> 00:06:43.810 Here is one that I just found online 104 00:06:45.240 --> 00:06:47.460 where you can, 105 00:06:47.460 --> 00:06:51.690 but you can think about who is the embodiment 106 00:06:51.690 --> 00:06:53.130 of your segment? 107 00:06:53.130 --> 00:06:55.470 When you're thinking about who will really want 108 00:06:55.470 --> 00:06:59.340 your product or service, 109 00:06:59.340 --> 00:07:01.980 what are their demo, geographic, 110 00:07:01.980 --> 00:07:04.650 and behavioral attributes? 111 00:07:04.650 --> 00:07:07.410 And we can also think about what would be a good persona 112 00:07:07.410 --> 00:07:09.033 for a CDAE major? 113 00:07:13.230 --> 00:07:17.820 The last topic on this video 114 00:07:17.820 --> 00:07:20.610 is positioning. 115 00:07:20.610 --> 00:07:25.560 And this is maybe one of the single most important concepts 116 00:07:25.560 --> 00:07:29.103 and decisions that you will make in marketing. 117 00:07:30.930 --> 00:07:34.500 And one of the ways that I think about it 118 00:07:34.500 --> 00:07:38.970 is what do people think of your product or service 119 00:07:38.970 --> 00:07:43.560 compared to others that offer similar things? 120 00:07:43.560 --> 00:07:45.570 Where is your place? 121 00:07:45.570 --> 00:07:49.860 What do you offer that's unique, that's unlike others? 122 00:07:49.860 --> 00:07:51.570 How do you stand out? 123 00:07:51.570 --> 00:07:56.570 What is it that what sort of space do you occupy 124 00:07:57.180 --> 00:08:02.180 that is unique that you can articulate 125 00:08:02.280 --> 00:08:05.100 and that those that buy your products say, "Yes, 126 00:08:05.100 --> 00:08:07.467 this is what I am going to get." 127 00:08:11.310 --> 00:08:16.020 So, it lets you clearly articulate the value 128 00:08:16.020 --> 00:08:21.020 and it answers the question, 129 00:08:21.780 --> 00:08:24.030 what do you expect when you buy it? 130 00:08:24.030 --> 00:08:25.230 What are you going to get? 131 00:08:25.230 --> 00:08:26.850 What do you know that you're getting 132 00:08:26.850 --> 00:08:28.503 when you buy this thing? 133 00:08:34.650 --> 00:08:39.270 What do potential customers think of you 134 00:08:39.270 --> 00:08:40.950 compared to others? 135 00:08:40.950 --> 00:08:44.910 What are the benefits that they get, that they seek? 136 00:08:44.910 --> 00:08:46.890 And why should they buy you? 137 00:08:46.890 --> 00:08:50.610 Why is yours the best for this need, 138 00:08:50.610 --> 00:08:53.733 for this segment, for this want? 139 00:08:57.990 --> 00:09:00.870 And again, it's clear to articulate this, 140 00:09:00.870 --> 00:09:04.770 this is your place, this is your space in the market 141 00:09:04.770 --> 00:09:07.770 so that people know what are they going to get 142 00:09:07.770 --> 00:09:09.093 when they buy you. 143 00:09:11.610 --> 00:09:16.320 Here are a few examples of firms 144 00:09:16.320 --> 00:09:20.310 that offer the same basic product, 145 00:09:20.310 --> 00:09:23.910 but do not have the same position. 146 00:09:23.910 --> 00:09:26.790 The Farmhouse Tap & Grill and McDonald's 147 00:09:26.790 --> 00:09:29.910 are both hamburger restaurants, 148 00:09:29.910 --> 00:09:32.850 but they don't offer the same thing. 149 00:09:32.850 --> 00:09:36.150 My Little Cupcake and Price Chopper 150 00:09:36.150 --> 00:09:37.950 both sell baked goods. 151 00:09:37.950 --> 00:09:42.030 Heady Topper and Keystone Light both sell beer. 152 00:09:42.030 --> 00:09:46.590 Maserati and Chevrolet 153 00:09:46.590 --> 00:09:48.300 both sell cars, 154 00:09:48.300 --> 00:09:51.780 but again, what you're getting from them, 155 00:09:51.780 --> 00:09:55.380 what is expected, what's the value 156 00:09:55.380 --> 00:09:59.853 is not the same in these examples. 157 00:10:05.370 --> 00:10:06.390 You wanna be clear, 158 00:10:06.390 --> 00:10:08.970 what do you want someone to think of you? 159 00:10:08.970 --> 00:10:12.330 And how does that match what they will think, 160 00:10:12.330 --> 00:10:15.963 feel, and believe about your product or service? 161 00:10:19.050 --> 00:10:22.590 One way to do this and to help map it out 162 00:10:22.590 --> 00:10:25.020 is with perceptual mapping. 163 00:10:25.020 --> 00:10:26.130 So, you can think about 164 00:10:26.130 --> 00:10:31.050 a 2x2 graph here. 165 00:10:31.050 --> 00:10:33.510 So, this is one with cars 166 00:10:33.510 --> 00:10:38.250 where the y-axis at the top is classy 167 00:10:38.250 --> 00:10:40.317 and the bottom is more practical. 168 00:10:43.440 --> 00:10:47.040 And the x-axis on the right is sporty 169 00:10:47.040 --> 00:10:49.800 and to the left is more conservative, 170 00:10:49.800 --> 00:10:51.570 so this maps out. 171 00:10:51.570 --> 00:10:54.210 So, sort of where do various cars, 172 00:10:54.210 --> 00:10:57.183 well, what is the position of these cars? 173 00:11:00.930 --> 00:11:01.763 They can be on, 174 00:11:04.470 --> 00:11:07.593 so again, another 2x2 here. 175 00:11:08.910 --> 00:11:13.069 And one for just for soda, 176 00:11:13.069 --> 00:11:16.203 sugar, and caffeine. 177 00:11:18.630 --> 00:11:20.310 So, that is it. 178 00:11:20.310 --> 00:11:22.350 Thank you for watching, 179 00:11:22.350 --> 00:11:24.693 and have a good day.