Understanding & Segmenting Your Customer - Part II (MI)
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The final lecture in the market segmentation series
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Understanding & Segmenting Your Customer - Part II (MI)
- 1. Understanding & Segmen/ng Your Customer – Part II GeCng the Right Customer For Your Marke<ng Message h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 2. Know Your Customer Types h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 3. The Resistant Customer Ø Mindset: Hates your company and holds deep resentment for your brand Ø Behavior: – Will spread nega<ve word of mouth wherever possible – Took their experience with your brand personally and is looking for revenge – Will defect to your compe<tor first chance they get Ø Loyalty: Zero Ø Possibility of Defec/on: Extremely High (you can’t save this group) h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 4. The Indifferent Customer Ø Mindset: Sees your company/product/ service as nothing more than a commodity Ø Behavior – Will always try to get lower prices to the point of near zero margin – They will promise volume or future business, but see li"le unique value in your offering – Always willing to walk away from the sale because they have other op<ons available Ø Loyalty: One Ø Possibility for Defec/on: Very High h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
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- 6. The Acceptant Customer Ø Mindset: Expects your customer to provide the maximum of what’s asked and nothing more Ø Behavior: – Doesn’t think of your brand un<l absolutely necessary – Comes to you because you have become a habit or more convenient choice – Maybe aware of other, be"er op<ons, but simply hasn’t made the effort to pursue them Ø Loyalty: Two Ø Possibility for Defec/on: High – Customer expecta<ons can outpace what you provide h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
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- 8. The Preferen<al Customer Ø Mindset: Has grown to like your brand and tends to understand the unique value that you provide Ø Behavior: – Most of us make the mistake of making this customer type the top of our customer pyramid – When given a choice, they will probably con<nue to use your brand – Very aware of industry trends and can surprise by defec<ng if you have not given them benefits or raised the bar on service or innova<on Ø Loyalty: Three Ø Possibility for Defec/on: Somewhat High h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
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- 10. The Evangelist Ø Mindset: The pinnacle of the customer rela<onship and would buy anything you offer Ø Behavior: – They tell everyone they know about your company – Men<ons how sa<sfied they are even in casual conversa<ons – Your brand has become part of their life – Finds personal meaning with your brand – Worth their weight in gold because they do more to grow your business than any ad campaign Ø Loyalty: Four Ø Possibility for Defec/on: None h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 11. The Customer Profile Who is my target customer? h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 12. When we talk about profiling customers, we start with the basics – or what is know as the old way…. h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 13. Old Way Standard Demographics Age, Race, Income, Educa<on, Family Size, Employment h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 14. Now this way has given marketers a great deal of informa<on over the decades, it has not improved the marke<ng performance of our ac<vi<es and campaigns h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 15. Why? h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 16. The standard demographics are a very general way of looking at a customer – it gives us insights but not details which we need to drive our marke<ng h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 17. Rs. 40+ 200,000+ Master’s Business Degree Owner Family of Middle 2 Eastern h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 18. This is the limita<on of the old way of marke<ng segmenta<on h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 19. New Way – Audience Segmenta/on GeCng to the root of your customer h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 20. When you use a audience segmenta<on method, you are be"er able to break down your customer into clear sets of detail that allow you to target them more effec<vely h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 21. Is audience segmenta<on just about behaviors? h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 22. When we work with this method, we start from a different point than the tradi<onal demographics h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 23. Where do you think we start in this method? h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 24. Life Roles are the different things that we are that make up our buying decisions. h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 25. When marketers start with life roles, we are be"er able to define our customer because different behaviors fall into the different roles we carry in life. h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 26. When you define someone’s life roles, you are be"er able to define their – behaviors, habits, interests and purchasing decisions h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 27. h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 28. h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 29. Understanding Market Segmenta/on Learning How to Break Down Your Customer’s Into Groups h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 30. Market segmenta/on is the process that companies use to divide large markets into small markets that can be reached more efficiently and effec<vely with products and services that match their unique needs h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 31. Market Segmenta<on h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 32. Market Segmenta<on Divides the market Divides the market into different into groups based on geographical units variables such as such as na<ons, age, gender, family regions, states, Geographic Demographic size, income, coun<es, or ci<es segmenta/on segmenta/on occupa<on and educa<on Divides buyers into Divides buyers into different groups Psychographic Behavioral groups based on based on social class, segmenta/on segmenta/on their knowledge, lifestyle, or aCtudes, uses, or personality traits responses to a product h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 33. How Do We Market To These Segments? h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 34. Marke<ng Segmenta<on New vs. 4 Key 8 Major 16 Visitor All Returning Products Markets Personas 100% of visitors 100% of visitors 1 segment = all 16 segments = all h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 35. Market Targe<ng Mass Segmented Niche Local/Individual Undifferen<ated Differen<ated Concentrated MicroMarke<ng Marke<ng Marke<ng Marke<ng Targets the Targets several Targets a small Prac<ce of whole market different market share of a large tailoring with one offer segments and market products and designs separate marke<ng Mass marke<ng offers for each to Limited company programs to suit achieve higher resources the tastes of Focuses on sales and specific common needs stronger posi<on Knowledge of individuals and rather than the market loca<ons what’s different More effec<ve and efficient h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 36. Results from Mass Marke<ng Price Direct Sales Fill by ad networks Volume h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 37. Results from Market Segmenta<on Price Direct Sales Audience-‐based selling New Revenue Fill by ad networks Volume h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled
- 38. Results from Audience Targe<ng Price Direct Sales Audience-‐based selling New Revenue Fill by ad networks Volume h"p://emagine-‐group.com Brand Focused, Socially Ac<ve, Digitally Enabled