You may have heard before about the importance of segmentation, targeting, and positioning, well, we are talking about the STP in marketing.
STP is the process of studying and application of marketing, it’s also known as a fundamental process that helps marketers to avoid generic marketing strategies
also for more specialization… STP can be called STDP in which the D can stand for differentiation and differentiation is an essential component of positioning.
So we all agree that STP is a must in marketing plans as selecting the target market and positioning is the first main strategic decision for your brand.
The goal of the STP process is to help the organization to develop and implement an appropriate marketing mix.
If you don’t know everything about the STP in marketing, we can answer some of your questions in this article
Summarization… at the outset the company needs to know what is the market they are competing in which takes the company to make segments that allow it to answer the question of where to compete finally, this clarifies the suitable positioning for the product and how to compete.
Define the Market: in this step, you have to be more definite to choose your target market according to your industry so you will consider the sub-market and do not look for the overall market.
Make Market Segments: market segmentation in the next step after, market definition, market segmentation will be done by using variety of different segmentation bases to construct similar groups of consumers based on market needs, behavior or other characteristics
Evaluate each segment attractiveness: look at the available market data and consumer research data like segment size, growth rates, brand loyalty, after evaluating the segment according to its overall attractiveness.
Select the target market: after having detailed information about each segment decide which market is more appropriate, and consider some factors while choosing the target market like (the company strategy, the segment attractiveness, the company’s ability to compete successfully.
Develop the Positioning Strategy: in this step, you have to choose the best way to compete in your selected target market, think about how to position your product or brand it, know how to win a market share from the established players.
Implement and Develop the marketing mix: after finishing from the previous step you have to move to the implementation process, this will be a development of a marketing mix that will support your product positioning in the marketplace,
This process will require you to provide (suitable products that need to be developed, at a suitable price, with a suitable distribution channel, and an effective promotional program.
You have to check your performance on a regular basis and the performance of various products and their segmentation in order to look for new opportunities
STP process associates with digital marketing as digital channels offers new options for targeting that weren't available before, like: -
- Search process on google where the people type some keywords searching for specific products they are interested in
- The targeting based on interest in Facebook.
- Email personalization is based on profile and behavior.
So don’t forget that the STP models are important for marketers to prioritize propositions and develop relevant messages to engage with their targeted audiences.
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