What is STP analysis? Explaining specific methods to improve the quality of your marketing strategy
Posted: Tue Dec 03, 2024 5:46 am
table of contents
What is STP analysis?
Timing of STP analysis
How to do STP analysis
Specific examples of STP analysis
Points to note when performing STP analysis
summary
In the previous article, we explained the "3C analysis," which is important for understanding the market environment. However, along with 3C analysis, "STP analysis" is also often used when developing new products and services and reviewing promotional strategies .
This is one of the basic south africa business email list analytical frameworks that anyone involved in marketing should have.
I know the name STP analysis, but I don't know how to do it ."
" I don't know when to perform STP analysis ."
In this article, we will explain in detail how to practice "STP analysis" and the key points to answer such questions .
When used in conjunction with 3C analysis, STP analysis can help you formulate a more effective strategy, so we hope you will learn how to implement STP analysis so that you can put into practice high-quality marketing.
*Please also see the following article for a detailed explanation of "3C analysis."
> What is 3C analysis? A clear explanation of the purpose and specific methods
What is STP analysis?
STP analysis is a framework used by many companies and marketers as an effective method for responding flexibly to market fluctuations, competitive situations, and changes in consumer needs.
The name " S.T.P. " is an acronym for the following three processes:
Segmentation:
The process of dividing a market into smaller groups or segments based on common characteristics.
Targeting:
The process of selecting the most profitable targets from among the segmented targets that best fit your brand or product.
Positioning:
The process of determining how to position a brand or product in relation to a selected target.
Through these three processes, the aim is to effectively target customers in a market where diverse needs coexist, and establish the position of the brand or product.
A well-crafted STP analysis will help you develop an effective marketing strategy that will make the most of market opportunities.
Timing of STP analysis
STP analysis is best performed after market analysis such as 3C analysis, SWOT analysis, and PEST analysis.
These market analyses are steps towards gaining a detailed understanding of the current market environment.
On the other hand, the purpose of STP analysis is to lay the foundation for a promotion strategy that effectively targets the market and establishes the position of the brand or product based on the information obtained from the market analysis.
Therefore, by conducting an STP analysis based on the information clarified through market analysis, you will be able to make decisions about promotion strategies that are appropriate for the current market environment.
How to do STP analysis
As mentioned above, STP analysis is
Segmentation
Targeting
Positioning
The analysis will be carried out in three steps:
I will explain each one in detail.
Step 1: Segmentation
Segmentation is the process of dividing the overall market into smaller parts based on certain criteria or attributes.
The goal of this process is to identify consumer segments with different needs and desires and develop effective marketing strategies tailored to each segment.
The main segments include:
Geographic segmentation
A method of classifying markets based on geographical factors such as region , country , and climate .
Demographic segmentation
A method of segmenting a market based on demographic factors such as age , gender , income , family structure, and education level .
Psychological segmentation
A method of segmenting markets based on psychological factors such as consumer lifestyles , values , and personality .
Behavioral Segmentation
A method of segmenting markets based on consumer behavior patterns, such as frequency of product or service use and brand loyalty .
Using these criteria, you can divide your market into specific segments, allowing you to better understand the characteristics and needs of each segment and tailor your marketing efforts accordingly .
[The key to segmentation is to avoid excessive fine-tuning]
An important thing to keep in mind when segmenting is that "dividing the market too finely will make it difficult to approach each segment and make effective marketing difficult."
It is also important to be aware that if the market becomes too small, it may become difficult to see the results of each individual measure.
What is STP analysis?
Timing of STP analysis
How to do STP analysis
Specific examples of STP analysis
Points to note when performing STP analysis
summary
In the previous article, we explained the "3C analysis," which is important for understanding the market environment. However, along with 3C analysis, "STP analysis" is also often used when developing new products and services and reviewing promotional strategies .
This is one of the basic south africa business email list analytical frameworks that anyone involved in marketing should have.
I know the name STP analysis, but I don't know how to do it ."
" I don't know when to perform STP analysis ."
In this article, we will explain in detail how to practice "STP analysis" and the key points to answer such questions .
When used in conjunction with 3C analysis, STP analysis can help you formulate a more effective strategy, so we hope you will learn how to implement STP analysis so that you can put into practice high-quality marketing.
*Please also see the following article for a detailed explanation of "3C analysis."
> What is 3C analysis? A clear explanation of the purpose and specific methods
What is STP analysis?
STP analysis is a framework used by many companies and marketers as an effective method for responding flexibly to market fluctuations, competitive situations, and changes in consumer needs.
The name " S.T.P. " is an acronym for the following three processes:
Segmentation:
The process of dividing a market into smaller groups or segments based on common characteristics.
Targeting:
The process of selecting the most profitable targets from among the segmented targets that best fit your brand or product.
Positioning:
The process of determining how to position a brand or product in relation to a selected target.
Through these three processes, the aim is to effectively target customers in a market where diverse needs coexist, and establish the position of the brand or product.
A well-crafted STP analysis will help you develop an effective marketing strategy that will make the most of market opportunities.
Timing of STP analysis
STP analysis is best performed after market analysis such as 3C analysis, SWOT analysis, and PEST analysis.
These market analyses are steps towards gaining a detailed understanding of the current market environment.
On the other hand, the purpose of STP analysis is to lay the foundation for a promotion strategy that effectively targets the market and establishes the position of the brand or product based on the information obtained from the market analysis.
Therefore, by conducting an STP analysis based on the information clarified through market analysis, you will be able to make decisions about promotion strategies that are appropriate for the current market environment.
How to do STP analysis
As mentioned above, STP analysis is
Segmentation
Targeting
Positioning
The analysis will be carried out in three steps:
I will explain each one in detail.
Step 1: Segmentation
Segmentation is the process of dividing the overall market into smaller parts based on certain criteria or attributes.
The goal of this process is to identify consumer segments with different needs and desires and develop effective marketing strategies tailored to each segment.
The main segments include:
Geographic segmentationA method of classifying markets based on geographical factors such as region , country , and climate .
Demographic segmentationA method of segmenting a market based on demographic factors such as age , gender , income , family structure, and education level .
Psychological segmentationA method of segmenting markets based on psychological factors such as consumer lifestyles , values , and personality .
Behavioral SegmentationA method of segmenting markets based on consumer behavior patterns, such as frequency of product or service use and brand loyalty .
Using these criteria, you can divide your market into specific segments, allowing you to better understand the characteristics and needs of each segment and tailor your marketing efforts accordingly .
[The key to segmentation is to avoid excessive fine-tuning]
An important thing to keep in mind when segmenting is that "dividing the market too finely will make it difficult to approach each segment and make effective marketing difficult."
It is also important to be aware that if the market becomes too small, it may become difficult to see the results of each individual measure.