{"id":256967,"date":"2022-10-26T21:16:27","date_gmt":"2022-10-26T15:46:27","guid":{"rendered":"https:\/\/www.jigsawacademy.com\/?p=256967"},"modified":"2022-10-26T21:16:52","modified_gmt":"2022-10-26T15:46:52","slug":"detailed-elaboration-of-product-segmentation-targeting-and-positioning","status":"publish","type":"post","link":"https:\/\/www.jigsawacademy.com\/blogs\/product-management\/detailed-elaboration-of-product-segmentation-targeting-and-positioning\/","title":{"rendered":"Detailed Elaboration of Product Segmentation, Targeting, and Positioning"},"content":{"rendered":"

Introduction<\/span><\/b>\u00a0<\/span><\/h3>\n

Do you know what STP marketing is and its role in boosting revenue and conversions for your business? We will show you how segmentation, targeting, and positioning can be applied to marketing by illustrating real-life examples<\/span>.<\/span>\u00a0<\/span><\/p>\n

In modern-day marketing, <\/span>segmentation targeting positioning<\/span><\/b> is an important concept that has become one of the primary foundations for setting up a winning strategy. The lack of it would lead to generic and difficult-to-personalize marketing campaigns that wouldn’t be able to convert to the extent where the business would be deemed effective.<\/span>\u00a0<\/span><\/p>\n

The STP Model is designed to put you in control of your business, so let’s examine the intricacies of the model and see how it can be implemented and yield amazing results from your business platform.<\/span>\u00a0<\/span><\/p>\n

What Is the STP Process?<\/span><\/b>\u00a0<\/span><\/h2>\n

An STP marketing strategy involves <\/span>product segmentation, targeting, and positioning<\/span><\/b>: A three-step approach to examining your product or service and how you communicate its benefits.<\/span>\u00a0<\/span><\/p>\n

You can achieve STP marketing success by dividing your market into segments, targeting select customer segments with marketing campaigns tailored to their preferences, and adjusting your positioning based on their expectations and desires.<\/span>\u00a0<\/span><\/p>\n

Marketing, segmentation, targeting,<\/span><\/b> and positioning are effective because they allow you to reach and engage your target audiences by breaking down your customer base into smaller groups.<\/span>\u00a0<\/span><\/p>\n

The majority of customers, i.e., <\/span>59%<\/span><\/a>, said that their shopping decisions are influenced by personalization, and another <\/span>44%<\/span><\/a> said that a personalized shopping experience leads to repeat purchases.<\/span>\u00a0<\/span><\/p>\n

As a result of STP marketing, product-focused marketing is being replaced with customer-focused marketing. By embracing this shift, businesses will have the opportunity to better understand who their ideal customers are and how they can reach them to market to them effectively. The more targeted and personalized your marketing efforts are, the greater the chance your marketing campaign will succeed.<\/span>\u00a0<\/span><\/p>\n

STEP Formula<\/span><\/b>\u00a0<\/span><\/h2>\n

STP can be easily remembered using the STEP formula:<\/span>\u00a0<\/span><\/p>\n

Segmentation Targeting = Positioning<\/span>\u00a0<\/span><\/p>\n

Upon closer inspection, we can see that the product positioning varies depending on the target segment. As a result, the STP marketing approach is <\/span>segmentation, targeting<\/span><\/b>, and positioning.<\/span>\u00a0<\/span><\/p>\n

Segmentation, <\/span>targeting, and positioning<\/span><\/b> are all parts of the process. Let’s look at each of them in more detail.<\/span>\u00a0<\/span><\/p>\n

Segmentation<\/span><\/b>\u00a0<\/span><\/p>\n

In the STP marketing model, the segmentation process is the first step in setting up the marketing strategy. There is only one main objective here: to create different groups of customers based on multiple criteria and traits that you choose to use. Audience <\/span>segmentation of a product<\/span><\/b> can be classified into four main categories, which are:<\/span>\u00a0<\/span><\/p>\n