The Niche Marketing Blog

Tools for understanding and reaching your market

Archive for the ‘market segmentation’ Category

Review: How to Market to People Not Like You

I have recently read the book, “How to Market to People Not Like You”, by Kelly McDonald. This is not your traditional, ho-hum book on marketing. Rather, it is an eye-opening read that changes the marketing paradigm with an approach that is both fresh and exciting.

McDonald focuses on the importance of identifying the “unlikely” customer – those customers who are not like you – how to tap into those customer segments with confidence and how to avoid mistakes and pitfalls when marketing to new customer groups. She has distilled this process into what she calls the “seven steps for selling to new and unfamiliar customers”.

McDonald asserts that, who you are is not defined by the color of your skin or the shape of your eyes or what generation you belong to; it’s about values. It’s about understanding that different groups have differing values. Traditional marketing approaches focus on demographics like gender, race, age, lifestyle and socio-economic groupings. To these, McDonald offers less conventional examples to the mix, including:

  • Rural vs. metro
  • Military vs. civilian
  • Stay-at-home Moms vs. working Moms
  • Home schooled children vs. children who attend public schools
  • Foreign-born residents vs. U.S. born residents
  • Political views and religious beliefs
  • Vegans vs. meat-eaters

Each group has a set of values that is different from their counterparts. As a marketer, if you can recognize and understand these key values, and their differences amongst groups, you can then design effective marketing messages to reach the members of those groups, thus creating the opportunity for expanding both your customer base and market share.

I especially like the discussion about the differing values that each generation (Baby Boomers, Gen X, Gen Y, etc.) have, and how marketing messages must be tailored to each group in order to be effective.

Using real-world examples from successful business owners and managers, “How to Market to People Not Like You” demonstrates how to create a deep, emotional connection between your products and new customer groups. The book is full of examples of successful – and not so successful – ads and marketing tactics from companies such as Toyota, BMW, Harley Davidson, AT&T, Apple, and many others.

The latest Census numbers are going to show that the U.S. population is the most diverse that is has ever been. As such, thinking about diversity will be more important than ever. Whether you are a niche marketer, a mass marketer, or somewhere in between, this book will provide you with insights into reaching new customer pools by tapping into the values of these consumer groups. By doing so, you’ll reach their hearts and minds and, ultimately, their wallets and purses.

This 209-page book is an easy to read, step by step guide, loaded with tactics that can be implemented just as easily by the owner of a local retail shop or the V.P. of Marketing of a Fortune 500 business.

I highly recommend this book to anyone who is responsible for expanding their sales base and attracting customers unlike the ones they already have.

 

(Please note that the above link is an “affiliate link”. If you purchase the book using the above link, I will receive a commission on that purchase. If that bothers you, do not purchase through the above link. Rather, go straight to your favorite on-line book seller and purchase the book directly).

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How to Create a Useful SWOT Analysis

This short video explores the SWOT Analysis as part of an overall Strategic Marketing Plan. Most people perform a SWOT analysis for entire companies, or across entire markets. This is the wrong approach, creating only generic results. Effective SWOT must be linked to a market segment.

From Oxford learning lab. For more information, go to: http://www.oxlearn.com

Duration : 0:4:1

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Market Segmentation and Research

This video is a good primer for those interested in market research and segmentation. The author describes and defines both market research and market segmentation and offers both reasons and techniques for their use.

Research topics include primary (field) and secondary (desk) market research, sampling techniques, surveys, and questionnaires.

Segmentation topcis include, demographics, and the “how and why” of segmenting a market.

Duration : 0:9:58

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Market Segmentation: Business Studies Revision (AS)

This short is part of a Business Studies Revision Exam. The video briefly covers the types of Market Segmentation: Geographical, Demographical, Benefit, Buyer Readiness, Behavioural, Lifestyle.

You can use this as a primer for more in-depth study into Market Segmentation.

Duration : 0:1:53

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Marketing Segmentation, Targeting, and Positioning

 

 

 

 

Here we find a brief presentation on Marketing Segmentation, Targeting, and Positioning. Included are topcis on demographics, psychographics, and various ways of looking at market segments. This video contains no sound, but can be easily used as a study aid.

Duration : 0:6:1

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Market Segmentation: a case study

 

 

 

 

This short video looks academic, but it packs an important, real-world marketing lesson for anybody that feels that they have to sell based on price alone. The example given here will encourage you to learn more about your various market segments, and will help you to avoid the “price commodity trap”.

From http://www.oxlearn.com

Duration : 0:4:43

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Market Segmentation

 

 

 

 

Here is a video project which was made by a group of five Laurentian University students. The tone is hip and laid-back, and the script is somewhat tongue-in-cheek, but the concepts of market segmentation come through.

This is short, but fun video that will visually introduce you to the concepts of markets (no pun intended) and how they can be segmented into sub-groups and niches.

Duration : 0:2:37

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Q & A: How do demographic variables affect Market Segmentation?

Note: The following was re-printed from Yahoo! Answers.

Question: How do the following demographic variables affect Market Segmentation? a. Age b. Education c. Family Size d. Race e. Social Class f. Occupation Can anyone answer meeeeee~!!!

Answer: Each is a factor in Market Segmentation. How they effect the Market Segmentation depends on what industry you are in. The Market for Anti-Aging Creams is more Age Dependent than say the Market for Washing Machines. Just think about it a bit, it’s easy to distinguish. How about the purchase of Luxury cars? Is education relevant? How about McDonalds? Do children and hence total family size play a role? Why do they have Ronalds Playland? Or Happy Meals? I tend to get sunburned when I spend to much time in the sun. Does my race relate to the sale of sun protection creams? I feel the need to identify myself with intangibles with Luxury Brand Names like LV, Gucci and Prado. Am I part of a social class? Or maybe want to look the part? Social Class Relevant? I am a construction worker and I a tough man. When I hear “Ford Tough” I feel that it related to who I am. Maybe I’ll buy a Ford?

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Q & A: What are the characteristics of market segmentation?

Note: The following was reprinted from Yahoo! Answers.

Question: What are the characteristics of market segmentation? Define

Answer: A market segmentation of people or organizations sharing one or more characteristics that cause them to have similar product and/or service needs. A true market segment meets all of the following criteria: it is distinct from other segments (different segments have different needs), it is homogeneous within the segment (exhibits common needs); it responds similarly to a market stimulus, and it can be reached by a market intervention.

The term is also used when consumers with identical product and/or service needs are divided up into groups so they can be charged different amounts. These can broadly be viewed as ‘positive’ and ‘negative’ applications of the same idea. You can read more about these concepts in wikipedia.

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