How do you use segmentation, targeting, and positioning (STP) to tailor your marketing strategy?

Being able to make use of STP in such a way that it drives your activity is a skill. I love the use of the word "framework" in the description as thats exactly what is needed to make a success of bringing your strategy/plan to life. Elements like this are vital but its the next step where so many fall down which is "the how"! Aligning daily activity with a clear WHY is where you make the difference.

The marketing concept focuses on identifying the needs of prospective consumers through marketing research and then producing a good or service to satisfy those needs. Various segmentation strategies enable you to identify consumers who are most likely to buy. The results of your marketing research allows you target specific industry segments and then formulate product and service positioning strategies as the first element in your marketing strategy. The introduction of Apple's Ipod is the quintessential example of STP.

STP is like tailoring a suit: segmentation measures the customer, targeting chooses the right fabric, and positioning ensures the perfect fit. Segmentation: Dividing the market into meaningful groups. Targeting: Evaluating and selecting the most attractive segments. Positioning: Creating a unique image and identity for your product/service in the minds of your target customers.

Ascertaining the appropriate and relevant strategy is a sine qua non for effective segmentation. Traditionalists may have a preference for demographic and contemporary professionals may prefer psychographic . Focusing on the objective conditions will certainly determine your strategy.

Think of segmentation, targeting, and positioning (STP) as the holy trinity of marketing. It's a bit like tailoring a suit: segmentation is measuring your customer's unique dimensions, targeting is choosing the right fabric that suits them, and positioning is crafting and presenting the suit to ensure it fits perfectly and stands out in the crowd. So, get your marketing tape measure ready, pick your customer threads wisely, and stitch your positioning with precision. And remember, just like with bespoke suits, one size never fits all in marketing!

A great example of this would be leaning on CRM data to define a list of closed won accounts and develop look-a-like segments targeting new logos with similar activities and properties as accounts your team has already closed. Another great way to segment your audience is based off intent and activity data that allows you to align a target audience to a buying stage.

Technology is evolving the way we segment our market. The use of machine learning and AI allow us to analyze past behaviors and predict future actions of customers. This can help in identifying potential high-value segments or those likely to engage.

Undifferentiated Targeting: Targets the whole market, focusing on common needs. Ideal for universally appealing products. Differentiated Targeting: Aims at multiple segments with unique marketing mixes. Best for businesses with varied product lines. Concentrated Targeting: Focuses on one specific segment. Suited for specialized businesses with limited resources. Niche Targeting: A refined approach targeting a small, specific segment. For businesses seeking leadership in a niche market.

I've worked for over a decade in Higher Education marketing, specifically promoting Masters and Ph.D. research programs. In terms of positioning, the strategy goes as follows: Perceptual Mapping: Chart the program balancing theoretical vs. applied research against career outcomes, highlighting its strong applied research potential. Value Proposition: The program fosters applied research skills, equipping students with both profound knowledge and practical innovation skills. Differentiation: The program uniquely prepares students for diverse roles: from lab research to future-shaping innovators and/or scholarly.

To market a Ph.D. program using STP: Segmentation: Research student needs via surveys and interviews, identifying segments like those seeking applied research or academic careers. Targeting: Assess segment potential, focusing on those aligning with the program's strengths, such as students keen on practical research. Positioning: The Ph.D. program uniquely blends theory and applied research, prepping students for roles from academia to industry. Emphasize strengths, like applied research focus, and showcase benefits like hands-on opportunities. Implementation: Craft strategies to resonate with targets, using webinars for depth seekers and success stories for career-focused students. Track, refine and stay updated with education trends.