The STP model is found to be incredibly useful to businesses since it helps them identify their most valuable types of customers. Once the population is identified, the business can develop products and service that can potentially be of interest to that group of people and then create a marketing message that will really grab their attention.The STP model consists of three different steps in the model: segmentation, targeting, and positioning.
Step one of the STP model is segmentation, meaning that as a business you need to "segment" or divide your customers into groups of people that have similar characteristics and needs. As a business, it allows you to adjust your approach to meet your customers' needs in a cost effective way. It also give your business an advantage over your competitors since you are using an approach in which it allows you to fit to your customer's needs, not the other way around. When it comes time identify the population, there are several approaches that can be used:
- Demographic which consists of identifying a the people's personal attributes such as age, marital status, gender, ethnicity, sexuality, education, or occupation.
- Geographic which consists of identify where the people are located by country, region, state, city, or neighborhood.
- Psychographic which identifies a people's personality, risk aversion, lifestyle, or values.
- Behavioral which identifies how people use the product or service, how loyal they are your business, the benefits they are seeking to acquiring, or their shopping behavior.
The second step of the STP model is to determine which segments from the previous step will be targeted. It is also vital to analyze the size and potential growth of that segment in order consider if they are worth addressing, compare them to other segments, and determine how to approach them in order to make the marketing of that particular product or service the best. It is best to choose one particular a
And finally, the third step consists of the business positioning what they have to offer to their potential customers. It is vital to consider why a customer should consider buying your product or service over the competitors, therefore it is imperative to consider the business's unique selling positions and to draw a positioning map to visualize and comprehend how each segment perceives each product, brand, or service. From there, the business can look at was the segment's needs and desires in a product or how your product or service can help improve their own personal lives. The business from there can create a value proposition that will clearly demonstrate how your business's product or service is above the corresponding competitors that is targeting a similar segment. As a result the company can develop a marketing campaign that will be appreciated by the audience and attract them to your company.
And finally, the third step consists of the business positioning what they have to offer to their potential customers. It is vital to consider why a customer should consider buying your product or service over the competitors, therefore it is imperative to consider the business's unique selling positions and to draw a positioning map to visualize and comprehend how each segment perceives each product, brand, or service. From there, the business can look at was the segment's needs and desires in a product or how your product or service can help improve their own personal lives. The business from there can create a value proposition that will clearly demonstrate how your business's product or service is above the corresponding competitors that is targeting a similar segment. As a result the company can develop a marketing campaign that will be appreciated by the audience and attract them to your company.
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