The Friday Morning

13.08.24

Friday Morning 92: Marketing Strategy - Understanding Your Target Audience

Tubudd

In this week’s "Friday Morning" session, Ms. Thanh Lam, the CEO & Founder of Carrot Solution, shared her expertise on "Marketing Strategy: Understanding Your Target Audience." The session was packed with valuable insights into identifying and connecting with target customers, a crucial element for any successful marketing strategy.

1. Understanding Target Customers

Ms. Thanh Lam began by emphasizing the importance of meeting customer needs profitably, referencing a famous quote by Philip Kotler: "Meeting needs profitably = Marketing." She explained the distinction between customer needs and wants:

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Needs

: A state of deprivation requiring satisfaction.

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Wants

: A need shaped by culture and individual personality, often involving a specific product that customers believe will fulfill their needs.

She discussed how customers often don't fully understand what they truly need or want, making it essential for businesses to discern and address these needs effectively. The Maslow's hierarchy of needs was introduced as a tool to better understand these concepts.

2. Customer Profiling

Building a detailed customer profile is key to effective marketing. Ms. Thanh Lam highlighted the following aspects to consider:

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Demographics

: Age, gender, income, education, etc.

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Consumer Behavior

: How customers interact with products or services.

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Preferred Media

: Channels through which customers consume content.

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Purchase Motivation

: Reasons why customers buy.

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Influencers

: People or factors that influence purchasing decisions.

3. Consumer Behavior

Understanding customer behavior is crucial. It involves tracking how customers interact with a product or service, from discovering it to making a purchase and providing feedback. These interactions can include researching, selecting, using, and reviewing products or services.

Ms. Thanh Lam - CEO & Founder of Carrot Solution

4. Factors Influencing Consumer Behavior

Consumer behavior is shaped by a multitude of factors, including:

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Social Factors

: Society, family, friends, celebrities.

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Personal Factors

: Education, social status, income, psychology, religion, beliefs.

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Individual Preferences

: Personality, personal interests, opinions, age, gender, culture, living conditions, and brand loyalty.

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External Influences

: Price sensitivity, reviews, word-of-mouth recommendations.

5. Applying Consumer Behavior in the 4Ps

Consumer behavior influences how and when products are used, the volume consumed, and how it ties into the 4Ps of marketing: Product, Price, Place, and Promotion.

6. Customer Journey

The customer journey encompasses all experiences a customer has with a business, from initial awareness of a product or service to purchase and ongoing loyalty. Understanding this journey is vital for creating a seamless and positive customer experience.

7. Customer Insight

Insights are the hidden thoughts, feelings, beliefs, or values that influence customer behavior. These can include:

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Purchase Motivations

: The real reasons customers choose to buy or not buy a product, often not openly shared.

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Consumption Challenges

: Real problems customers face when using a product, which they may not disclose.

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Associated Emotions

: Fear, hope, desire, and other emotions that drive purchasing decisions.

8. Pain Points

Pain points are specific, recurring problems that customers face, often characterized by negative emotions like frustration or annoyance. These are unique to specific industries or situations and often require tailored solutions. A good pain point is very specific and not easily transferable to other industries or scenarios.

Friday Morning 92: Marketing Strategy - Understanding Your Target Audience

Conclusion:

This session offered a comprehensive guide to understanding target customers, from identifying needs and wants to mapping out their journey and addressing pain points. By applying these insights, businesses can better align their marketing strategies with customer behavior, ultimately leading to more successful and profitable outcomes.