How to use Segmentation, Targeting, and Positioning (STP) to develop marketing strategies
Today, the STP marketing model (Segmentation, Targeting, Positioning) is a familiar strategic approach in modern marketing. It is one of the most commonly applied marketing models in practice, with marketing leaders crediting it for efficient, streamlined communications practice.
STP marketing focuses on commercial effectiveness, selecting the most valuable segments for a business and then developing a marketing mix and product positioning strategy for each segment. As Martech continues to develop, so do opportunities for segmentation, targeting, and positioning. So whether you're brand new to STP or a seasoned veteran, it can be useful to take stock and double-check you're utilizing every chance you get to reach, interact with, convert and engage customers.
Our Business Members have access to a range of marketing tools to help implement marketing models to develop their marketing strategies to win more customers. The STP marketing model…
What are the essential parts of a marketing plan template?
A marketing plan is a strategic document that specifies your organization’s target markets, marketing objectives, programs and activities to achieve them, timescales and the resources to be utilized, according to defined budgets.
The purpose of a marketing plan is to define strategies to engage audiences in order to achieve business objectives. In smaller businesses, the scope of a plan is typically annual and for the whole business. In larger organizations, its focus will change, depending on the type of organization. A separate marketing plan might be:
Business unit based
Focused on segmentation
A marketing plan in a large organization may integrate a number of plans, specific to individual parts of the business. It is practical planning that takes place at a divisional, business unit or individual company level. Moreover, a practical, integrated marketing plan is essential for business growth in 2021…
The Ansoff Model is a matrix that helps marketing leaders identify business growth opportunities for their marketing strategies in a challenging market
What is the Ansoff Model?
Also referred to as the Ansoff matrix, due to its grid format, the Ansoff Model helps marketers identify opportunities to grow revenue for a business through developing new products and services or "tapping into" new markets. So it's sometimes known as the ‘Product-Market Matrix’ instead of the ‘Ansoff Matrix’.
The Ansoff Model's focus on growth means that it's one of the most widely used marketing models. It is used to evaluate opportunities for companies to increase their sales through showing alternative combinations for new markets (i.e. customer segments and geographical locations) against products and services offering four strategies as shown.
How to use the Ansoff Matrix
Strategic questions that can be answered using the matrix include:
The push and pull model is popular for optimizing sales tactics. E-commerce, manufacturing, and branded goods marketers in particular must employ a mix of both push comms an inbound pull factors
What is push and pull distribution strategy?
Push and pull distribution strategy is all about directing your promotional route to market. Either by the product being pushed towards customers or your customers pulling the product through the retail chain towards them.
This method is crucial for supply management for manufacturers, brands, and online retailers planning promotional strategies. Here are the tactics associated with push and pull distribution strategy:
How to use the push and pull distribution model
There are many advantages and disadvantages of both models, as it depends on your business. For instance, manufacturers tend to use a push strategy for finding distributors to promote their products.
For example, …
Introducing 3 key methods for an integrated sales and marketing strategy
Marketing and sales teams have a reputation for not getting along. Working towards the same ultimate goal in different ways means there is often friction. That's why we recommend an integrated sales and marketing strategy.
We’ve all heard that when the sales are coming in it’s because the sales team is doing a great job and when the sales slow then the marketing team needs to pull its socks up. How do we fix this? The key levers are regular and open communication, an understanding that each team needs the other in order to succeed, and well-implemented systems that help, rather than hinder performance for both teams.
Traditionally, sales and marketing have different priorities, you can see some examples below. Of course, in an integrated approach, both teams are aware of and support each other's functions too.
Examples of using the BCG Matrix (Growth Market Share Matrix) to review your product portfolio
What is the BCG Matrix?
The Boston Consulting group’s product portfolio matrix (BCG matrix) is designed to help with long-term strategic planning, to help a business consider growth opportunities by reviewing its portfolio of products to decide where to invest, to discontinue or develop products. It's also known as the Growth/Share Matrix.
The Matrix is divided into 4 quadrants based on an analysis of market growth and relative market share, as shown in the diagram below.
1. Dogs: These are products with low growth or market share.
2. Question marks or Problem Child: Products in high growth markets with low market share.
3. Stars: Products in high growth markets with high market share.
4. Cash cows: Products in low growth markets with high market share
What is the 7Ps Marketing Mix and how should it be used?
The marketing mix is a familiar marketing strategy tool, which as you will probably know, was traditionally limited to the core 4Ps of Product, Price, Place and Promotion. It is one of the top 3 classic marketing models according to a poll on Smart Insights.
The traditional 7Ps of marketing consist of:
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Who created the 7Ps model
The 7Ps model was originally devised by E. Jerome McCarthy and published in 1960 in his book Basic Marketing. A Managerial Approach.
We've created the graphic below so you can see the key elements of the 7Ps marketing mix.
AIDA model explained: Examples and tips for using this strategic marcomms planning model the real world
The AIDA model, tracing the customer journey through Awareness, Interest, Desire and Action, is perhaps the best-known marketing model amongst all the classic marketing models. Many marketers find AIDA useful since we apply this model daily, whether consciously or subconsciously, when we're planning our marketing communications strategy.
What is the AIDA model?
The AIDA Model identifies cognitive stages an individual goes through during the buying process for a product or service. It's a purchasing funnel where buyers go to and fro at each stage, to support them in making the final purchase.
It's no longer a relationship purely between the buyer and the company since social media has extended it to achieving the different goals of AIDA via information added by other customers via social networks and…
9 key differences between strategy vs tactics
‘What is the difference between strategy vs tactics?’ is one of the most common questions that 'crops up' when I’m running training workshops or discussing creating marketing plans with businesses.
It’s no surprise since the difference between these two activities often isn’t distinct. Yet, it’s an important question to answer since our research shows that so many businesses don’t have a clear marketing strategy or plan. Without a clear strategy, it’s likely some of your tactics may be poorly directed, so may not be propelling the business in the direction needed.
9 key features that distinguish marketing strategy vs tactics
In this article, I will show the difference between strategy and tactics by looking at characteristics of marketing strategy, which distinguish it from tactics. I’ll give examples that help show the difference between the two based on essential strategic activities.
What's the difference between…
A practical tool for linking business or digital vision with goals, objectives, strategies and KPIs
What do you want to achieve and how will you get there? OGSM is a widely-used approach for getting focus to translate a vision into business and marketing strategy.
What is OGSM?
OGSM stands for objective, goals, strategies and measures. It's a way of defining what you want to achieve, and how you will get there. The model divides your aims into broad objectives, fixed and measurable goals, strategies to guide your actions, and measures to give you a direct way of monitoring your progress. Here is how the parts of the OGSM model link together.
Here's a more specific definition of OGSM:
Objective: Defining an over-arching breakthrough vision
Stable, concise and linked to company mission
Goals: Stepping stones to achieving the higher level objective
Specific, Measurable, Achievable, Compatible
Strategies: the choices we make to…