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  • Market segmentation: Criteria

    Market segmentation: Criteria

    Market segmentation criteria

    Market segmentation is key to creating an effective marketing strategy.

    When you know who you want to talk to, you’ll know what to tell. But what are the criteria we need to follow to choose our person buyer?

    We’ll start at the beginning…

    What is market segmentation

    Market segmentation is about the research we conduct to define who the buyer person we will target is. Once this research is done we will establish a division, with the criteria that are relevant to our niche market; age, sex, income, behavior, personality, geographic location, etc.

    These criteria can be used for different purposes;

    1. to improve the product

    2. to improve the advertising issued.

    Companies that correctly target their audience enjoy much greater benefits than those that don’t.

    According to recent studies:

    1. 81% of executives worldwide advocate increased profits to proper market segmentation.
    1. They also claim that companies with great market segmentation strategies enjoy 10% more profits.

    2. Criteria in market segmentation

      Once we know what market segmentation is, it’s time to define what criteria we’ll follow to carry it out. Here’s a list of the most common market segmentation criteria. It will be you who must decide whether to use these, others or just a few.

      1. Market segmentation criteria. Geography

      Although it’s usually not the only data to keep in mind, geography can be a big fltro when considering our audience. In addition, within this criterion, different subgroups may emerge that help us to locate our advertising on the right track.

      Why? Because geography defines many of our purchasing behaviors; whether it’s climate, culture, way of life, etc.

      2. Market segmentation criteria. Demographics

      Demographic targeting greatly filters the number of people we’ll reach, with essential data such as:

      1. Age
      1. Education
      1. Income level
      1. Number of family members
      1. Race
      1. Gender
      1. Work
      1. Nationality
      1. Etc.

      This data is of paramount importance when creating special advertisements and discounts for specific sectors of the population. There are products that are characteristic of large families, so it may be interesting to make a 2×1 or discount on the second unit. Or, on the contrary, there are services that only women need, so you can create a special promotion for Mother’s Day.

      3. Firmographic

      This targeting is similar to demographic targeting.

      Difference? The firmography is fixed in organizations, while demographics see people.

      4. Behavioral

      It divides the market by behaviors and patterns of action in terms of purchasing decisions, lifestyle, consumption and use of the product.

      This type of market segmentation allows market specialists to develop an even more specific niche than the latter exposed.

      5. Psychological

      This type of segmentation takes into account the psychological aspects of the future client. Once you’ve divided your niche market by its lifestyle and personality traits, you’ll be able to define its values, opinions and interests.

      Which markets use this type of targeting? The fitness market, for example. When they classify campaigns for their customers, they focus on people concerned with living a healthy life and constant exercise.

      How to get started with targeting

      When creating a market segmentation you should not go with the idea that it is difficult. Creating a market segmentation should not be complex, it must be effective.

      Here are five main steps to create successful market segmentation:

      1. Pre-investigate your competition and your customers.
      1. Decide, with regard to that investigation, which public you want to reach.
      1. Design another study to investigate the chosen audience.
      1. Within your own customers, create market segments.
      1. Try different campaigns and interact with your person buyer, so they give you the answers themselves.

      Why it’s important to use market segmentation criteria

      1. It will improve your knowledge about your customers and the state of your competition.

      2. You will improve your prices to be more competitive.

      3. You will generate greater value.

  • Redesign your brand: What’s the ideal time

    Redesign your brand: What’s the ideal time

    Redesign your brand

    Have you ever heard the phrase “redesign your brand”? Or, on the contrary, have you noticed that there are big brands that change their logos subtly?

    We refer to specific cases, such as: Coca-Cola’s Cursive letter, Apple fruit, Starbkucks corporate colors, or Nike logo. Even the famous Google, in 2015 flattened its six letters of different color, by a new typography that best suited the new screens.

    Redesigning your brand is no small thing, but in many cases it helps you improve your corporate identity and gain greater engagement. This doesn’t mean you can redesign your brand at any time. Otherwise, you must find the right time to do so.

    When is the time to redesign your brand

    If you’re thinking about it, it’s now. When everything is fine in our company, we have no doubts. The right time is when you feel like sweeping the market and outperforming your competition.

    Depends on what you want to achieve, you’ll have to wait or get it out as soon as possible. In many cases, to achieve the expected results, we need to design complement our corporate identity from scratch.

    How to redesign your brand

    Maybe you’re at that point where you want to redesign your brand, but you don’t even know where to start.

    Don’t panic! That’s what Edunet is for, to help you and accompany you throughout the process of creating your new corporate identity.

    Don’t think restyling is just a matter of small brands that need to increase their sales. Large companies such as BBVA or Pepsi have carried out redesigns in their brand.

    Not only is the aesthetic part about restructuring a company’s corporate identity, but also the ability to connect with new audiences; of another culture, country, sex, age… Orange won’t say the same thing to a 15-year-old as a 70-year-old man.

    Restyling vs brand redesign

    The logo of your company is much more than the graphic representation of who you are, it is your ID, your corporate essence, the personality of your brand. It sets you apart from your competition and can get you to a place in the market where you can be preferred by many, if you know how to play your cards well.

    The famous “customer loyalty” was born with the creation of branding of a brand. Benefits are not always tangible.

    As we anticipated, restyling is not only used to improve a company’s sales, although it may be one of the reasons for doing so.

    Restyling or brand refresh means making an adjustment to the details of the corporate identity. Which is different from a redesign.

    Why? Because redesign means total change, both logo and brand identity in full.

    There are two terms that are frequently used in the world of rebranding, and are restyling and brand refreshment. As with words restore and reform.

    Do you feel like you have to redesign your brand?

    If you’re not entirely comfortable with the result of your brand identity, you need to change it completely. Feeling identified with what others see of you is paramount to achieving business success.

    You must honestly answer the following questions:

    1. Are you going to do it because your competition does it or because you want to?
    1. Are you going to solve your needs and prevent future problems?
    1. Will it represent an expense or investment for your business?
    1. Do you feel that your business conversions have dropped because of your current corporate identity?
    1. Does your business give the wrong picture of what it really does?

    If any of these questions you have answered yes, then you should not redesign your brand, but only perform some tweaks to “refresh” your brand.

    It is important that you analyze each element with a cold head, and considering that sudden changes can have great future repercussions.

    Studying your audience is what will help you define whether you finally need to refresh or redesign your brand from scratch.

    Remember that what you transmit is what matters most to your consumer and potential customers. Nobody wants to work with cold people and calculators.

    If you want to redesign your brand to get closer to your audience, humanize your brand.

  • Social media crisis: How to deal with them

    Social media crisis: How to deal with them

    Tackling social media crises

    In this article you will find out what to do in the face of a possible crisis on social networks.

    The digital age does not stop and more and more companies are choosing to be present on social networks. However, this digital conversion has its risks.

    Have you ever had a social media crisis and didn’t know what to do?

    The most common case is when you post a post on Instagram and receive a negative comment towards your post.

    Many companies choose to delete the negative comment and act as if it never existed. This is the last thing you have to do.

    Consumers value companies that are transparent and ingenuity. You should use that negative comment and reverse the negative situation in your favor. This is a correct crisis management on social networks.

    But what exactly is a social media crisis? Are we just talking about negative comments, or is there so much more?

    In short, it’s an attack on your business in the eyes of your audience. Such an attack may be due to various reasons: discomfort with your products, misunderstood communication, unfair competition, misunderstandings, etc.

    When such attacks exist, your brand’s reputation is at stake and you must be prepared to face it, because if you don’t you can lose engagement.

    Social media crisis. Consequences of not acting on time

    If you let time go or delete the comments you will only be able to create a negative image of your brand and aggravate problems.

    There are different steps you can take to manage crises on social media and emerge victorious from your attackers.

    Let’s take an example. The case of the Hershey’s brand. The brand ran an influencer campaign showing its chocolates for low-income people. The influencers chosen were all white-skinned, while their clients were brown-skinned. Many interpreted this campaign as a classist and racist message under the hashtag #hacerelbiensabebien.

    After several destructive messages to the company, Hershey’s decided to viralize a statement apologising and withdrawing the campaign.

    His quick performance was very important.

    In these cases, the company’s response time is vital to avoid greater consequences. Before it happens, you should have your manual and protocol prepared in the face of social media crises.

    Steps to follow crises in networks

    1. Identify the magnitude of the problem and the type of crisis
    1. Go to global company policies already in place for these cases
    1. Do not delete messages. Instead answer them under advice.
    1. Offer apologies as soon as possible.
      Social media crisis. Protocol of action

      It is very difficult to establish a perfect plan for each crisis. We leave you the main steps to follow in any crisis that you want to solve quickly and on good terms.

      Social media crisis. Advance

      One of the main keys. It can be carried out by establishing a crisis management manual in advance. Or, on the other hand, periodically reviewing the feedback of our audience and improving details that are emerging.

      The ability to react is crucial to crisis situations. If you manage to anticipate, you’ll be more likely not to significantly affect your business.

      Appoint a specialized team

      In every company there is a person in charge of managing social networks, either full-time or through freelance. Regardless of this situation, you must be clear who will be in charge of appeasing these situations. He must be a qualified person. Having a social media crisis management manager will help you be prepared.

      Social media crisis. Give the attackers a good deal

      Although it seems that the easiest and fastest thing is to delete negative comments, this is not a solution. To solve a problem, you have to face it. If you respond with education and kindness to the attackers, you will show that you are not afraid of complaints.

      Quickly

      If responding to feedback quickly is important for getting sales, imagine yourself in times of crisis. Keep in mind that when someone criticizes your business, they’ll be expecting a reaction from you. If you don’t give it to her, you’ll get the feeling that you have something to hide.

      Know what the problem is

      Why is your hearing complaining? Listen carefully to what your potential customers say. That will help you improve aspects of your brand that others don’t like.