The STP promotional strategy approach (Segmentation, Targeting, Positioning) is presently a well-known strategic marketing tactic used by digital marketing agency Virginia. It is one of the most widely used marketing concepts, with marketing executives praising it for facilitating efficient and streamlined interaction.
STP marketing emphasizes economic effectiveness, identifying a company’s most lucrative segments and designing a marketing strategy and product brand positioning for each.
As the field of Martech evolves, so do the possibilities for categorization, targeting, and placement. Even if you’re new to STP or an experienced pro, it’s a good idea to take inventory and double-check that you’re taking advantage of every opportunity to connect, associate with, acquire, and engage consumers.
The following are some well-known methods for segmenting your audience:
1. Statistics on the population
Age, sex, salary, profession, culture, relationship status, schooling, family, population, duration of residency, kind of dwelling, and even profession/occupation are all considered.
Attitudes, lifestyle, interests, risk avoidance, character, and leadership traits are examples of ‘personal characteristics’ based on behavior and connected to buying decisions. While demographics tell you ‘who’ your consumer is, psychographics tells you ‘why’ they buy.
Hobbies, leisure interests, amusement, excursions, and other hobbies are all examples of this.
Organizations such as online and offline magazines will target people with specific interests.
Some interests, such as football fans, are vast and well-established, making them relatively straightforward to target. On the other hand, some firms have achieved considerable success by efficiently targeting somewhat limited niches. The rise of ‘prepping’-related firms, which has grown from a little-known fringe pastime to a billion-dollar sector in recent years, is a fantastic example. According to reports, 3.7 million Americans consider themselves “preppers” or “survivalists.”
3. Stages of life
The chronology of people’s lives at various phases is called life stages.
Saga vacations, for instance, are exclusively offered to persons over the age of 50. They claim to have a big enough market to concentrate on this era of life.
4. Geographical information
Drill down the data by nation, location, area, urban or rural site, population size, and even climate.
Neiman Marcus, a high-end supermarket chain in the United States, now ships to the United Kingdom.
The type of acquisition, brand attachment, amount of usage, advantages sought, channels of distribution employed, and response to advertising considerations are all considered.
The advantages sought in a B2B setting are frequently about ‘how quickly can it be delivered?’ This covers the ‘last-minute’ section – the preparing in the advance segment.
The items on the list below are required to assess each segment’s potential and commercial desirability.
The size of the marketplace for small business IT solutions must be sufficient to warrant segmentation. If the marketplace is tiny, it is possible that it will become even smaller.
- Difference: There must be discernible differences between sections.
- Money: Expected earnings must be greater than the costs of new marketing strategies and other adjustments.
- Accessible: Your staff must be able to view each segment, and the section must be able to obtain marketing communications.
- Concentrate on various perks: Different groups will require different benefits.