It’s important to deliver your business’s message to the right audience The STP marketing model is helpful in this case Segmentation, targeting, and positioning are what STP stands for It’s a strategy that assists companies in identifying their most essential customers, focusing their marketing on these groups, and ensuring their brand stands out from competitors
The development process The first step in the STP strategy is segmentation Segmentation involves dividing the overall market into smaller groups based on factors such as age, gender, tastes, and common preferences Customers with similar needs and behaviours should be grouped together
A market segment is a part of the larger market that is likely to respond similarly to a specific event Segmentation helps the firm identify which types of customers to target for their goods or services Because of this, a business should carry out the segmentation process carefully You can segment a market based on:
-Psychographic traits (lifestyle choices)
-Geographic Attributes (where it is)
-Habits and other behavioural traits
-Once the organisation has finished dividing the market into segments, it can choose the best one for its goods and/or services
When segmentation is done right, a business can focus on one or more categories without wasting time or money When the segmentation process is complete, Pan-African entrepreneurs will proceed to the second stage, known as targeting Market targeting involves analysing different market segments and selecting the most appropriate one to focus on It identifies who the ideal target audience is and the size of the target market to be reached
Source: The Standard Zimbabwe
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Source: Thestandard
