You can say that positioning is a result of segmentation and targeting.

It is more convenient to understand the model using the STEP formula, where Segmentation + Targeting Equals Positioning, i.e.,

Segmentation + Targeting = Positioning

You can also remember STP MARKETING as a step-by-step process starting with segmentation, moving on to targeting and then positioning.

Segmentation in STP Marketing

Segmentation is the first process of determining the broad group of audience based on your offerings and their preferences.

The concept of customer segmentation covers what type of audience your product or service will cater to. You have

• Demographic Segmentation, where age, gender, income, etc are looked at

• Geographic Segmentation, which looks into where the audience belongs so that you know their local culture, language, etc

• Behavioural Segmentation, which includes their attitudes, beliefs, SOCIAL MEDIA ENGAGEMENT and response

• Technographic Segmentation, which covers what technologies are the audience using currently

• Psychographic Segmentation, which includes their attitudes, beliefs, etc.

Take interviews, use customer data from their past purchases from your brand, send surveys, to get started with segmenting the audience.

Targeting in STP Marketing

Targeting is the next step in the STP marketing framework. Once you determine the broader group of audience based on demographic, geographic, etc., segmentations, follow with targeting the ideal group.

Consider factors such as the size of the target audience, profitability, comparisons, etc. Answer questions such as

• Is the target audience too small in number?

• Will the audience pay the defined amount you set for the product or service?

• Is one target audience group better than the other?

• Will the target audience be interested to stay loyal customers in the future?

Positioning in STP Marketing

Positioning is the decision-making part, where you decide how you will market the product to the right audience that you chose in the above steps.

It is at this stage that you will be involved in crafting the right communication for your product or service. You will also have to analyse your competitors and create the USP (unique selling proposition).

The purpose of positioning is to show your customers that your product or service is better than your competitors.

source : www.naukri.com/

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