Speaker 1: One of the first and most important steps to any marketing strategy, especially a social media marketing strategy, is a market segmentation analysis. This is where we do a deep dive into our customer, who they are, where they live, what they look like, what their lifestyles, behaviors are. Now remember, Neno's Kitchen, which we're using as the focal point of this strategy, at Neno's Kitchen, we believe that cooking is therapy. This is an online and in-person platform where business people, corporate executives, HR pros, entrepreneurs, can go to become more connected to the kitchen. We do team building exercises. We do individual classes for folks that are interested in things like organic food, and cooking is therapy, like I said before. So we're going to use this as the focal point and do a market segmentation analysis. Before we get there, let's take a look at the four quadrants of the market segmentation analysis. This is what you all will be doing for your final project strategies to get in-depth understanding of who your customer is. We start by first looking in the top left quadrant at the demographic variables of your customers. This is what you would find on a census for the government for voting, right? Age, race, gender, income, education, religion, family, life cycle, occupation. These are the things that, without detail, define us. In the top right quadrant, we have the geographic variables, region, climate, population, community. Are we targeting people in big cities or in small cities? Are we targeting people on the coasts? Are we targeting people in the mountains or in the desert? You can imagine, you know, we're here in Ventura County, California. Say you're in the surfboard or wetsuit making business. Chances are your target audience is going to be coastal, probably not in Denver, Colorado, for example. That's just an example of something to think through. Think through also selling cars here, right? Think about city living. Say you live in Los Angeles. Might make sense to have a Toyota sedan that gets really good gas mileage versus, again, living back in Aspen, Colorado or Denver, Colorado, where you might be encountering a lot of snow and mountain driving, different types of cars going to be marketed in different geographic areas. Next up, you have life, psychographic variables. These include things like lifestyles, interests, personalities, self-identification. These are some of our characteristics or our community things, right? Think about military veterans. Think about young mothers. Think about senior citizens. Think about baby boomers. Think about the lifestyles that come across with this, right? We may have folks with active outdoor lifestyles. We may have folks that are really interested in movies and entertainment and television. We may have folks that are really interested in food and wine. Or maybe you're a gamer and you're part of that community, right? Call of Duty, World of Warcraft, these kinds of things. These are our interests that define us beyond just the demographic variables. Finally, we have behavioristic variables, which include things like usage, brand loyalty, price sensitivity, and frequency. This involves the behavior and the interaction of your customer online, in person, and with your brand. Where if your customer base is online, where online are they? Are they younger and on Snapchat and on TikTok? Or are they a little bit more older and possibly professional and be more on LinkedIn? Brand loyalty, price sensitivity. Are you a luxury brand, in which case price sensitivity doesn't matter? Or are you a penetration pricing brand, where price sensitivity makes all the difference in the world? Think about your Netflix subscription. It was once $5 a month, and then $7, and then $8, and then $13, or whatever it is now. Think about the price sensitivity when Netflix increases their prices and whether or not that makes you think, hmm, is it now time to cancel Netflix? These are the four quadrants, and these are all of the variables within the quadrants that I would like you all to think about for your brand, for your strategy. You get a sense of what we're doing here. I'm going to do this, and I've already done this, for Nino's Kitchen. Again, Nino's Kitchen, we believe that food is therapy. Our target audience is a little bit older. They're more professional and looking for team-building exercises for their businesses or to find a connection to the kitchen that's a little bit higher level than just your basic chef. Now, behind my head, you're going to see here market segmentation analysis. Let's take a look at the demographic variables for Nino's Kitchen. I've got an age range of about 30 to 50. These are working professionals, income of about $60,000 or higher. These folks, generally speaking, have a college degree or higher, maybe a master's degree. Maybe they have a JD, which is a law degree. Maybe they're an accountant. I'm not sure. These are working professionals like HR managers that are looking to plan the next big team-building exercise. You've got VPs, which are vice presidents, executives, entrepreneurs. These are leadership management at businesses. Business family life cycles, usually not single, although that's not always the case. A lot of times, the younger professionals are going to have young families. Your folks that are maybe 50 or so might have kids that are grown. Geographic variables. Again, this is going to be more of a premium-priced service. We are targeting national audience because this is online. But also, we have in-person stores, and so we're going to be targeting folks in-person. We need to decide what cities we're going to locate in. We're going to start focusing with large metro cities like LA, New York, Chicago, Houston, Philadelphia, all the big cities in the United States. We also have economic hub cities like Austin, Texas, and Boulder, Colorado. These are places where there's a lot of young technology, entrepreneurs, and businesses. Various climates, as I had mentioned on the previous slide. Sometimes you've got the coast, sometimes you've got the snow. In all honesty, because ours is an online platform, we can go with various climates, so it doesn't really matter the climate. But again, what we're looking at here is cities where there's a big population, and a big population that values organic food, self-help, mental health, food as therapy, cooking as therapy. Psychographic variables. So again, consider who our target audience is, what age range they are, and the fact that they're probably interested in our brand. What do they look like? A lot of family-centric lifestyles. And workaholics. I know these don't seem like they go together, but a lot of times they do. Because workaholics oftentimes work really hard so that they can support their family's needs. Your higher-end folks, your corporate executives, maybe they're interested in golf and luxury cars. Because this is a cooking brand, or a food brand, maybe they're interested in fine dining and wine tasting and these kinds of things. Oftentimes we're going to have folks that are leading an active and healthy outdoors-type lifestyle. They're paying attention to the food that they're putting in their body. These folks might be interested in travel. Personal and professional development. They might be part of mastermind groups. These are groups that talk about corporate and personal and professional development. And these folks might be interested in live entertainment. Concerts, plays, opera, ball games, baseball games, basketball games, college games, and so on and so on. And then you've got the behavioristic variables. You've got a number of different customer types. We might have folks that have recurring membership. I would like to have folks that are doing an online weekly or monthly class, depending on what the topic is. We've also got in-person and remote experiences. So we've got recurring membership where the folks are coming in monthly and they're paying a monthly subscription. Or you have a one-time class or event where, like I said, you're doing this team-building exercise and you're going to a kitchen, a Ninos kitchen center, and this might be a one-time thing, like a ropes course or that kind of thing for folks. Again, we've got in-person and remote experiences. My audience is going to be active on LinkedIn and YouTube. Now, they're probably active on other platforms as well, but I believe this is where our corporate audience is going to be spending a lot of their time. Other behaviors, our folks might be following celebrity chefs online and maybe leadership gurus like Gary Vee on social media. Our folks are, generally speaking, not price-sensitive, which means this is an expensive service that we're offering, especially for in-person. Say you're going to bring a group of 20 people into one of our kitchens, and we're going to do a wine tasting in addition to cooking a highly organic, natural meal. This might cost several hundred, if not several thousand dollars, so we are not looking for folks that are price-sensitive, meaning we're not looking for folks that are looking for a cheap one-time deal. We are looking for repeat customers. We want folks to come into our brand and our network and come back over and over again, and we're also looking for first-time guests, folks that have not experienced our brand before either. So these are our demographic, geographic, psychographic, and behavioristic variables. Going through this analysis gives us a better understanding of who our target audience is or who our market segmentation is, and this will lead us to be able to create some target audience personas. The next step in this is to take some of these variables and make some connections to think about three example customers. So I've created that on the next slide. These are my three target audience personas. Based on the previous slide, the market segmentation analysis, I have created three types of people that fit within here that would be ideal target audience customers. The first is an HR manager. This guy is a young HR manager. He lives in San Francisco or in the Bay Area. San Francisco is a general term. Silicon Valley, maybe he's in San Jose. I'm not sure. But he lives up there. He's about 30 years old. He's working at a large corporation, probably has a bachelor's degree and a few years of experience. He's active on LinkedIn building networks and recruiting talent. Since that's his job, he is looking for the next new talented, you know, software engineer or young accountant or lawyer for his business. That's target audience persona number one. Target audience persona number two is a young executive. She's a young corporate executive, age 40. Not bad for a corporate executive, getting there at age 40. She lives in Indianapolis or another city in the Midwest, Chicago, Minneapolis, fill in the blank. She watches TED Talks on YouTube and enjoys team building experiences. She's the one looking for a way to get the group together, to bond so they can be more productive as a team and take the business to the next step. And my third target audience persona is the entrepreneur. He's a serial tech, which is technology entrepreneur, living in Boulder, Colorado. He's 50. He's on his third entrepreneurial venture. He lives an active, healthy lifestyle. He's interested in cooking at home with fresh organic ingredients. So as you can see, based on the market segmentation analysis that I did for Nino's Kitchen, I've now created three target audience personas that are informed by the market segmentation analysis. And that's part of your assignment for this week. You're going to be doing the market segmentation analysis for your business, for your final project. And after you're done doing that market segmentation analysis, addressing all of these bullets, all of these quadrants, you're going to take that information and you're going to curate it into three target audience personas. Again, we're kind of making some generalizations and assumptions here and some stereotypes, and that's okay. That's part of what marketers do to build their brands and properly identify and target their audience. So this is your responsibility. You will be creating this market segmentation analysis by addressing all of the variables and all of these quadrants, and then coming up with three target audience personas. So that's it. That's the market segmentation analysis, and this will slide in well with your social media marketing strategy.