This is a guest post by Richard Baker.
In our last article, we discussed branding transformation. Though business is comfortable with a product-centric methodology, they must transform themselves. Why? Due to the power the internet has bestowed upon the consumer, they now have taken over defining what your brand is. The voice of the business must be heard because if they don’t, someone else perhaps a competitor will define your brand for you.
So how does business design a customer-driven marketing strategy and what is their objective? Their objective is simple: to bring the brand closer to customers and in line with their needs and wants. They must realize branding and advertising has become a two (2) way conversation.
Business must move away from mass marketing. The first step in the process is Market segmentation. This involves segmenting the market into smaller groups of buyers that can be reached more efficiently and effectively with products and services that match their unique needs. The available variables to business include:
- Geographic segmentation calls for dividing the market into different geographical units such as nations, regions, states, counties, cities, or even neighborhoods.
- Demographic segmentation divides the market into groups based on variables such as age, gender, family size, family life cycle, income, occupation, education, religion, race.
- Psycho-graphic segmentation divides buyers into different groups based on social class, lifestyle, or personality characteristics.
- Behavioral segmentation divides buyers into groups based on their knowledge, attitudes, uses, or responses to a product.
So has your business initiated target marketing, and are you engaged in a two way conversation with your customer?
*Baker Branding is a marketing boutique advisory service. We define business distinct brand identity so to be more resilient and predictably more profitable during these tough economic conditions. For a free Brand DNA analysis, contact Richard Baker at firstname.lastname@example.org or visit our web site: www.bakerbranding.ca.
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