In digital marketing we often pretend like the potential audience we’re targeting is infinite. The algorithm will provide. In reality good marketing strategy starts with proper audience segmentation, so you can decide what part of the market you want to go after.
Before figuring out your marketing strategy you first need to understand what audience you should be trying to reach...More
You’ve really stepped up in the past few months
However we’re still thinking tactical, and we need to be more strategic if we’re going to win the market
I want you to draw up a marketing plan
First things first, let’s figure out audience segmentation
Who should we be going after?
This course is a work of fiction. Unless otherwise indicated, all the names, characters, businesses, data, places, events and incidents in this course are either the product of the author's imagination or used in a fictitious manner. Any resemblance to actual persons, living or dead, or actual events is purely coincidental.
Marketing strategy is about the application of limited resources to where they’re most effective. In order to know where the best opportunities lie you need to understand audience segmentation. With a map of the market showing each customer segment at a high level, you can put some numbers around what segments are biggest, and make educated guesses about what areas are underserved or saturated.
Often it’s not possible to get complete data about a market and how it’s segmented. First it’s difficult to determine what the right way to break down a market is. Ideally the dimensions chosen should translate into actual targeting options or the resulting segmentation won’t be actionable. Segments should be mutually exclusive and collectively exhaustive. Meaning that customers can be in one segment only, and adding up all the segments describes the total market.
Once you have your segmentation typically you would look to industry reports, survey results, or figures cited in the media to fill in the relative sizes of each segment. This can be a challenging exercise as you don’t always have complete information and must attempt to pin down one or two segments before deriving the relative size of other segments by piecing together different statistics.
The goal of this exercise is not to get completely accurate information, but to get a good enough understanding of the relative size of each segment. Once you understand the wider picture you can usually reason about what segments might be good to target for your unique brand position.
Complete all of the exercises first to receive your certificate!
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