Page 10 - Going for Growth: Targeting Today's Diverse Consumers

GOING FOR GROWTH: TARGETING TODAY’S DIVERSE CONSUMER 9

III. BUSINESS STRATEGY

After a strategic and detailed assessment of the business, the market, and the competition
— all basic inquiries that lead to defi ning “what” you want to achieve — the strategic process
should begin. The “how” and “with whom” can be fi gured out later. In fact, when segmentation
is factored into the business analysis, the Growth Opportunity Model can yield broader and
bigger results because considering “with whom” and “how” earlier in the process makes you
consider untapped opportunities. The cultural through-line encourages marketers to examine
more nuanced territories by raising questions like:

• With whom are we currently winning or not? What makes our targets different?

• How might we better serve them?

• How might we better resonate and build a relationship with them?

A. SIZE OPPORTUNITY BY SEGMENT

Once there is a clear understanding of what you want to accomplish, the critical question
becomes how to go about it. It’s important to examine where the current and potential
volume growth is coming from, which means having a full understanding of the consumer
landscape. Here’s a question every marketer should ask and answer:

What would growth among segment consumers mean to my brand in dollar terms?

Investigating growth opportunities by segment should help to prioritize your target
audiences. There is nothing homogeneous about today’s “General Market.” It is inclusive
of all segments but is often not treated as such. Diverse consumers are making their
values known, and expect marketers to refl ect their communities and respect their
infl uence and impact on the bottom line.

B. DEFINE THE TARGET CONSUMER

Knowing which segments represent growth for your brand is important, but it is only part
of the picture. The next step is to examine psychographics, including why your brand may
appeal to a specifi c segment, and how behavioral changes may be required for cultural
engagement. When it comes to immersion in the current behaviors of growth segments,
the deeper the understanding the better. Consider exploring the following lines of inquiry: