Can One Piece Be Greater Than The Whole?
Segmented Marketing | Part I
By Stephanie Schwenn Sebring
Go for it all! This expression has become standard protocol for many corporate marketing plans. It implies confidence and achieving maximum gain. Businesses, including credit unions, have been tempted to reach out to every market. Perhaps it’s because of the sponsor group relationship expanding, or fields of membership becoming more community-based. It may even be board-driven. Whatever the reason, many CUs have shifted their message to the market as a whole—and away from what made them unique in the first place: the exclusivity they offer their members.
So here’s the question:
If the whole pie is there for the taking, could it pay to go for just one slice instead? It can when it comes to potential returns for your credit union.
“Segmented marketing lets you engage in your role as financial advisor,” says Holly Arter, director of media and planning at CUES Supplier member Third Degree Advertising, Oklahoma City. “It enables you to provide a distinct voice to a niche group. It helps you fulfill a purpose to that group or demographic. It also enables you to use communication channels specific for that group while providing relevant content.”
Segmented marketing compels you to define your membership by buyers or sectors, and gauge the profitability among those sectors. It can also assist with the aligning of products or services to buyer needs. Finally, segmented marketing gives you the ability to discern clear differences between your segments and more effectively align your message.
What are your goals? Which products will help you to attain those goals? And, who are the greatest users of those products? By understanding who your audience is, you can begin to look for commonalities, niches and similarities. You can also look at your members geographically—is there momentum in an area from which you could build? Where does it make sense to market for your greatest return on investment?
Read the full article at CUES CU Management Magazine:
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