Podcast: EP7 – The STP Framework – Segmentation, Targeting and Positioning

Episode Summary

In this episode, Will Green MA MBA delves into the depths of segmentation, targeting, and positioning (STP). The episode covers the importance of these processes in creating effective marketing strategies and how they help businesses understand and cater to diverse consumer needs. The discussion covers various models and definitions, emphasising the need for thorough market research before implementing STP.

WARNING: If you listen to this episode you will be subjected to the intricacies of segmentation, including demographic, geographic, psychographic, and behavioural factors. The episode uses some naughty analogies to illustrate the significance of precise targeting in marketing strategies. We then delve even deeper into positioning strategies, highlighting the need for brands to communicate their unique selling propositions effectively. The episode concludes with common questions and insights regarding STP, providing listeners with a comprehensive understanding of these essential marketing concepts.

Key Takeaways

• Segmentation, targeting, and positioning are fundamental to marketing.
• Different segments require tailored marketing strategies.
• Positioning influences consumer perceptions of products.
• Using multiple variables enhances segmentation accuracy.
• Specific research tailored to your audience is invaluable.
• Segments must be measurable, accessible, substantial, differentiable, and actionable.
• Targeting requires a deep understanding of segment behaviour.
• Emotional marketing can significantly enhance targeting effectiveness.
• Positioning is crucial for communicating relevance to target markets.
• Mass marketing often leads to average results; focus on specific segments.
• Regularly revisit STP strategies to adapt to market changes.

Quotable Quotes

“Segmentation, targeting, and positioning is fundamental to marketing.”

“Good marketing is about building the right relationships.”

“The goal of effective marketing segmentation is customer satisfaction.”

“You can’t beat specific research for your target audience.”

“Segments should be measurable, accessible, substantial.”

Episode Chapters

• 00:00 to 13:27 – Understanding Segmentation, Targeting, and Positioning
• 13:28 to 18:10 – Defining Key Concepts in STP Marketing
• 18:11 to 37:09 – Deep Dive into Segmentation
• 37:10 to 48:08 – Exploring Targeting Strategies
• 48:09 to 01:10:44 – Positioning and Its Importance
• 01:10:45 to 01:26:59 – Understanding STP: Segmentation, Targeting, Positioning
• 01:27:00 to 01:34:54 – Common Questions and Insights on STP