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Target Marketing & Positioning

Target Marketing & Positioning. MKT 846 Professor West. Agenda. Finish Team Updates Discuss Targeting & Positioning Next time Tim Londergan from WBNS will join us. Segmentation & Targeting.

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Target Marketing & Positioning

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  1. Target Marketing & Positioning MKT 846 Professor West

  2. Agenda • Finish Team Updates • Discuss Targeting & Positioning • Next time Tim Londergan from WBNS will join us

  3. Segmentation & Targeting • Trying to reach “everyone” with a marketing message costs money and sends unwanted messages to people who aren’t customers or prospects. • It makes more sense to narrow the audience to people who are most likely to buy the brand. • Segmenting is used to identify these groups of people. • Targeting is the planning strategy for reaching and communicating with them.

  4. Steps in Segmentation & Targeting: • Identify your most profitable current customers • Create profiles of these segments • Target these segments to increase retention and customer growth • Use profitable-customer profiles to locate prospective segments • Evaluate prospective segments • Target prospective segments that are likely to respond favorably • Continue testing responsiveness of prospective segments

  5. Step 1: How to determine LVC • Lifetime Value of the Customer • Volume (spending) • Voice • Cost of servicing • Potential for growth • RFM Model: • Three critical variables: • Recency, Frequency, Monetary Value

  6. The Customer Pyramid Most Profitable Least Profitable Platinum Gold Iron Lead

  7. Step 2: Profiling Segments • There are many bases for segmentation • Behavior/Benefit • Demographic/Geodemographics • Psychographics & Lifestyle • Relationship level • Adopters • The objective is to create a useful description of segment that describes: • Who are they? How can they most effectively be reached? Why do they buy their brands of choice? How will they respond to our message?

  8. Claritas – Prizm Segmentation • Segment Descriptions

  9. VALS Psychographic segmentation • http://www.sric-bi.com/VALS/

  10. Goal of Profiling

  11. Selecting a Target Market • Measurable – Can we identify and quantify the segment? • Accessible – Can we reach this segment efficiently and effectively? • Substantial – Is there enough critical mass to be profitable? • Differential – Is this segment distinct from others? • Actionable – Can we serve this segment? Do we have the capacity and budget?

  12. Moving on to Positioning • “This is the art and science of fitting the product or service to one or more segments in such a way to set is apart from competition” • “Positioning is how your product is perceived on the hearts and minds of consumers” • Many advertising practitioners consider this to be the most important factor in establishing the brand in the marketplace.

  13. Positioning, the battle for your mind… • Trout & Ries suggest asking yourself the following questions: • What position, if any, do you already have in the prospect’s mind? (this most come from consumers not managers) • What position do we want to own? • What companies must be outgunned if we are to establish that position? • Do we have enough resources to occupy and hold the position? • Do we have enough guts to stick with one consistent positioning strategy? • Does our creative approach match our positioning strategy?

  14. Positioning Strategies • Product attributes & benefits • Price/Quality • Use or Application • Product Class • Product User • Competitor • Cultural Symbol

  15. Next Time… • Read Chapters 9 -11 • Prepare questions for Tim Londergan regarding targeting and media selection • Begin the process of developing a positioning strategy for your brand and communication objectives

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