I usually start with some simple S.T.P analysis. Segmentation, targeting and Positioning are the Marketers’ tool of choice when trying to decide who is the Primary and Secondary target markets.
Some brief background.
Segmentation
Market or Member segmentation involves dividing a broad target market into subsets of members who have, or are perceived to have, common needs, interests, and priorities. You then design and implement strategies to target them and service their needs. Market segmentation strategies are generally used to identify and further define the target customers and provide supporting data for marketing plan elements such as positioning to achieve certain marketing plan objectives.
You can segment in many ways
- Geographic segmentation
- Demographic segmentation
- Behavioral segmentation
- Psychographic segmentation
- Segmentation by benefits
- Cultural segmentation
Targeting
A target market is a group of customers (your members) where you aim your marketing efforts. The well-defined target market the first element of a marketing strategy. Product, price, promotion, and place are the four elements of a marketing mix strategy that determine the success of a product or service in the marketplace. There are an additional 3 specific to services marketing (Process, Physical Environment/Evidence and People).
These additional 3 are often overlooked by service marketers.
- People
Of both target market and people directly related to your business. This can be a secret, “internal” competitive advantage a business can have over other your competitors which can inherently affect a business’s position in the marketplace.
- Process
The systems and processes of the organisation affect the execution of the service. Tweaking and enhancements helps you maximise R.O.I.
- Physical Evidence
In the service industries, there should be physical evidence that the service was delivered. Additionally, physical evidence pertains also to how a business and it’s products are perceived in the marketplace. You immediately know exactly what your presence is in the marketplace.
Target markets are separated into primary and secondary groups (or markets). Primary target markets are those market segments to which marketing efforts are primarily directed and secondary markets are smaller or less important.
Positioning
Positioning is “the place a product or service occupies in consumers’ minds relative to competing products or services”. There are different strategies that can be used to entice the segment the marketer is trying to reach which will help consumer’s / customers position the brand in their mind.
Marketers have the power to create marketing strategies that can be more appealing to specific target market groups. Each brand differentiates itself differently to gain customers and to create a distinct position in the mind of the consumer/ member.
Applying it
So now that we have recapped, one of the most valuable things we do with my Not-For-Profit clients, is to go back to basics and see what exactly we are trying to do achieve in S.T.P. terms. We can develop primary and secondary group of stakeholders and develop messages that target them accordingly.
We can’t be all things to all people with the limited resources we have.
To get a clear picture of whom we are serving, use this worksheet to help you focus.
- List your current main stakeholders and be sure to complete the demo and also unmet needs and frustrations
- What do they really want from your organsiation
- Note down your current segments (likely too many)
- Highlight the desired segments we can focus on
- Who are our current targets and do they differ from the desired targets
- Circle your desired segments and desired targets then identify best ways to communicate with them
Finally, what have we learnt about their needs and whether or not we are delivering for them. Perhaps we are trying to be all things to all people? If so, what actions can we take to start to focus a little more on those stakeholders that will get more value from us if only we focused a little more on their needs. This usually relates to marketing comms activity. Doing a lot of activity that they perhaps don’t even value.
We can fix this.
The attached ideas, steps and simple to follow worksheets are typical of the style of hands on learning we engage in, with my on line workshops.
These are just some thought starters.
Having worked for large multinational companies in senior marketing roles for over 20 years, I’ve now fit my own mask and have now turned my skills to helping NFP marketers……
- Focus
- Create more thinking time
- Cut through the clutter
- Automate and outsource and ultimately
- Get more bang for your buck !
This is for the organisation and for you, personally.
The above is some of the areas we focus on in Week 1 of my On Line Program.
In my 6 week on line program, I help you discover and start to unpack, a simple 5 Step Plan that increases your professional worth to your boss, whilst freeing up time for you to plan and execute new ideas for your Not-For-Profit organisation and review your future career prospects. Learning new skills is part of that.
My aim is to help Not-For-Profit Marketers become a Million Dollar Marketer on a NFP budget !
After having helped many hundreds of Not-For-Profit marketers really excel at their work in recent years, this 5 Step plan helps alleviate some of the frustrations and concerns that can shackle us down and to rise above, to think and act like a million dollar commercial marketer.
You can learn too.
As a taste, this week, we are giving away a FREE copy of the “5 Step Plan: Become a Million Dollar Marketer, on a Not-For-Profit budget” Blueprint. In it, I break down the exact 5-steps to deploy in your NFP business. Click here to download your free copy www.milliondollarnfpmarketer.com
Download the free worksheet images and try the above for yourself, and let me know in the feedback box below how you went.
LAST CHANCE BEFORE THE END OF THE FINANCIAL YEAR
If you want all the details of the 6 week program, get the details here https://milliondollarnfpmarketer.com/5-step-program
It’s just $447 for x6 one hour webinars. We hold them at lunchtime and early evenings, mid week. Next intake is soon.
That’s the first step involved in becoming a Million Dollar Marketer on a Not-For-Profit budget.
I hope you received some benefit from the above ideas, please drop me a comment and tell me what might have benefited you most.
Until next time, all the best.
Steve