STP marketing is a very famous strategic marketing module. The meaning of STP is segmentation, targeting, and positioning. In today’s world, for a specific purpose, this module is used in businesses.
It is considered as one of the best model embodiment for the instant change in focus from a product-centric approach to a customer-centric approach. And it allows the company to understand and grasp more about who they are trying to reach and how to build themselves to achieve great success.
But this question structs in your mind like how you can apply the STP framework to develop your business and achieve success?
Read the article completely to get all your answers, here all your questions and query will be solved.
What is meant by STP marketing?
STP is called segmentation, targeting, and positioning. It is a procedure of three-step that allows an individual to build a better and actionable marketing strategy.
The main aim behind its procedure is to, segment a good number of crowd, targeted every segmented group according to their need and choices, create an adjustment in positioning for your brand.
The main reason why segmentation, targeting, and positioning is very efficient and better is that it breaks down the market into several small portions, try to build simple and easy approaches for reaching and engaging with a good crowd despite using a generic marketing strategy that would not be as effective and better.
How you can practice STP to build strategy?
In beginning, using an STP strategy in your business may seem to be difficult, but the later procedure is broken down into actionable steps.
Initially, you have to identify the market you want to visit and make market segments based on segmentation variables and bases like location, interests, age, etc.
Then, judge every segment for viability, understand how you can target them better, and try to pick the segment that gives the more promises.
After going through the analysis of STP and picking the most promising segments, building a targeting strategy for that market, and evaluate the better positioning opportunities to collaborate with that market.
Now go deeper to understand better segmentation, targeting, and positioning equation below.
In the segmentation procedure, you need to evaluate different and common traits between people in your market, which enables you to develop much more better and engaging marketing campaigns.
You can also go through audience insights to evaluate a particular need or requirements in a group of people in your market. You need to concentrate on your message and post it in such a manner that has a great impact as compared to broader marketing campaigns.
In saturated and developed markets, you will get more opportunities, displaying innovative advantages to a segment that was not catered by someone.
However, What kinds of segmentation variation you can practice for segmentation?
So, here there is a list of common segmentation variables. They are as follows:-
Demographics: age, gender, marital status, ethnicity, etc.
Geography: city, region, country, climate, etc.
Psychographics: personality traits, habits, attitudes, etc.
Values: politics, religion, nationalistic, cultural beliefs, identifications, etc.
Life Stages: It is just a chronological benchmarking of the life of the person at several stages. Like:- work status, education status, retirement, etc.
Behaviors: purchases, interests, clicks, browsing data, etc.
Benefits:- Profits are the practice and satisfaction acquire by the audience.
Here are some chances for segmenting your targeted audience. But still, they offer you a pretty better beginning point from which you can look at.
The following step is to take a view at the segments that you opt to evaluate the better opportunities for your business.
Initially, you need to evaluate the size of the segment, which will tell you that it’s worth pursuing or not. After this, the new market opportunities must be good enough to run a campaign. Otherwise, it will not worth the effort.
The following step is to view whether they are specific markets that fix the segments separately, and it can become the root of an STP marketing campaign.
Please be sure and evaluate the opportunities with keeping in mind the financial status- the benefits that you consider should exceed the extra marketing budget that would be needed to operate it.
At final, you can go through that is the market segment is accessible for your company, and also you are capable to get your marketing messages in front of them.
And in the end, targeting the steps is like evaluating all the better opportunities by using the customer data and insights that you will get throughout the segmentation stage. After this, you can optimize the trip of the customer and develop various relevant and useful marketing campaigns.
You can identify the potential and commercial attractiveness of every segment.
Size criteria:- The size of the market needs to be big enough to identify segments. If the market is somewhat small, it will make it smaller.
Difference:- Some differences still present between segments.
Money:- Some anticipated benefits can exceed the price of extra marketing programs and other plans.
Look at different benefits:– All the different segments want different advantages.
Accessibility:- Every segment can be accessible to your team members and the segment must be capable to get your marketing messages.
In the final, identifying positioning opportunities that will support you to respond to unmet individual or any wish in your market holdings that a product can satisfy.
Since you had identified the tangible data concerning what your customers want, you can practice those insights to value your product and create an innovative selling proposition, giving the right message at the correct time
By practicing audience segmentation models, you can overhaul your product position and focus your campaign around the main problem that your customer is facing and having trouble with.
Along with segmented and particularly targeted customers, your product position will influence more, supporting your messaging to face a good number of crowd at the marketplace.
Conclusion:- To evaluate the STP marketing well, you need to analyze all the three steps positioning, targeting, and segmentation well.
All three different strategies will help you to create a new and efficient marketing strategy.