TV advertising, billboards, print publications, direct mail, telemarketing, co-marketing, OTT/CTV, social media, paid Influencers, micro-influencers, event marketing, earned media, paid media….. it’s enough to drive anyone crazy while zapping a marketing budget dry. Marketing Return on Investment (MROI) is achieved by developing a strategy that maximizes impressions and/or impact on mostly those who have a need for the product or service. After all, targeting casino play to teenagers, sail boats to desert dwellers, and denture cream to millennials just does not make much sense.
Several tools exist to assist us in segmenting the market in a meaningful way. Typical demographic data such as income, gender, and location is not enough. Bringing in the behavioral traits of your potential target – understanding what makes them tick from a motivation perspective – can vastly change how and here you spend your marketing dollars.
Similarly, geographic data beyond a zip code can tell us the types of motivations residents have in the area. Perhaps the geography is made up of Movers and Shakers with no kids, or Networked neighbors – wealthy middle aged families with kids. By leveraging an understanding of what motivates these segments, we better mold messaging and channel delivery of marketing messages. This type of data is available through a model called Claritas 360 (otherwise known as Prizm) (https://claritas360.claritas.com/mybestsegments/#zipLookup) which leverages over 5 Billion data points (About – Claritas LLC, 2021) to align a geography into discrete categories.
Additional segmentation is useful at a deep psychographic level. Mintel (https://www.mintel.com/) provides marketing intelligence insights into the motivators, likes, dislikes and fears, of consumers, based on everything from generation to trends to even religion (Mintel: Global Market Research & Market Insight, 2022). By utilizing these services, we make our targeted messaging more impactful. Driving impressions to not only the right person, but at the right time, through the right channel with the right message is the target of a well thought out marketing strategy.
By developing a Persona, or description of a theoretical person that encompasses what we learn in the segmentation, we put our target prospect in terms that may seem more apt for a dating application than quantitative analysis. However, it is just that relatability that is crucial when we develop messaging. Think of it…. writing copy for an ad and only knowing that your audience is dads over 35 is nebulous. But if we can say, Jim is a 35 year old married sales exec that loves coaching his kids little league team, loves outdoor activities and barbecuing on a Big Green Egg- you begin to form the vision of Jim and can relate your copy to his values and experience.
Mintel: Global Market Research & Market Insight. (2022). Mintel. https://www.mintel.com/
About – Claritas LLC. (2021, September 21). Claritas LLC. https://claritas.com/about/