Geodemographic Segmentation: Finding your People
Finding and Targeting Your People
Geodemographic Segmentation: Finding Your People
Geodemographics is a common and effective means to segment potential customers. Leveraging both demographic (e.g., gender, age, income, marital status) and psychographic (e.g., habits, hobbies, spending habits, values) data, households can be classified into segments and the relative attractiveness of these segments for your product or service can be determined.
In this interactivity, you're going to take a geodemographic system (Prizm Premier) and determine which segment best describes you. Then, exploring map data, you'll assess how common your segment is for where you live and where you could live amongst more people like yourself! Finally, with knowledge of your segment's profile, you're going to suggest a promotion for your internship brand targeted specifically to your segment.
Guided Response:
1. Begin by perusing the Prizm Premier interactive tutorial.
o You'll note there are 68 segments. Fortunately these are broken into 11 lifestage groups that provide a more manageable starting point.
2. Visit the Prizm Premier Lifestage Groups page and determine the following:
o The lifestage group and segment that best matches you
o How common your segment is where you live
o Where you could move to find more of "your people"
o How to do all that? Our step by step Prizm Premier Tutorial reveals all.
3. Create a promotion from your mentor marketer to target your segment.
o Imagine you're executing a targeted promotion. Tell us the product or service and deal that you will pitch your segment and justify its appeal.
o Feel free to package products or services together.
4. Publish a post to the forum below containing the following...
o Your Premier Prizm lifestage group
o Your Premier Prizm segment and the characteristics driving your choice
o The "popularity" index of your selected segment where you live
o The high indexing area for your segment that you've chosen and its value. Tell us what town is in your county that we might have heard of (or any other attraction).
o Your segment specific targeted promotional offer and rationale
5. Provide feedback to three of your peers
o Find peers who picked a different segment than you. Argue why their identified product/service would be more, equally or less appealing to your segment. Peruse their segment's summary page as necessary.
I Need Help! I Can Help!
Got questions about segmentation, Prizm or this assignment? Or maybe a helpful tip to share? Please post to our week 4 help forum, so others can benefit!
FAQs
Do I have to use my internship brand for this assignment?
• Please do, as this will enhance your understanding of their marketing practices.
My internship brand doesn't market products targeted to my segment. What should I do?
• Be creative and make one up!
Market segmentation in action
View Prizm Premier Lifestage Groups page
A step by step Prizm tutorial...
View online tutorial
Our sample post...
My Prizm Premier lifestage segment is "Striving Singles" and the segment I chose is "Small-Town Collegiates." I chose that segment as we are a younger family just starting out who does occasionally horseback ride and shop at True Value hardware stores.
The index for my segment in San Diego County, CA, where I currently live, is very low at 14. The high indexing area for Small-Town Collegiates that I chose as my potential future home is James City County, VA. It has a 468 value for Small Town Collegiates and is where you'll find colonial Williamsburg and the Loch Ness Monster roller coaster!
For my mentor marketer, Papa John's Pizza, I am proposing a mid-week $5 small pizza deal to appeal to Small-Town Collegiates' tight purse strings and likely smaller households. This will be a pick-up only offer, as delivery would not likely be profitable. This segment tends to live in more rural areas and their smaller households mean smaller order values.