part 1 Flashcards
What is a Customer persona?
The “Persona” is directly related to your target audience
It is built on demographic and geographic elements and descriptors, and includes other elements that flesh out and includes other elements that flesh out a broader definition: profession, family data, desires and difficulties, preferences and needs, psychographic factors..
The goal is to create a representation of your ideal consumers and you should aim to create a portrait of real users, with a real name and representative image
Each character must reflect a human being that you would actually find in real life
The “Persona” should be predictive, not descriptive, and it should represent a person who may become a user and not merely someone who already is.
PESTEL (P)
Political
Government regulations
-Trade policies
-Labor regulations
PESTEL (E)
Economic
The economy where you operate
-GDP
-Exchange rates
-Inflation
PESTEL (S)
Sociocultural
Social and cultural factors related to company validation
-Consumer spending
-demographic data
PESTEL (T)
Penetration and adoption of new and existing technologies, including infrastructure:
-Robotics
-Internet access
-smartphones
-automation
PESTEL (En)
Environmental
Interaction and interdependence with the environment
sustainability
UN SDG’s
PESTEL (L)
LEGAL
They Often overlap with political factors
-trade legislation
-consumer laws
-copyright laws
-intellectual property laws
Porter’s 5 forces
A framework for industry and strategy development
Studies the factors driving an industry’s competitive environment intensity.
Crucial for competitive analysis
What does porte 5 forces identify
Substitute products
established rivals
entry of new competitors
bargaining power of customers
bargaining power of suppliers
Porter’s 5 forces (Substitute products )
Buyer propensity to substitute
Ease of Substitution
-Number of products
-product availability
-switching costs
Perceived product quality, and differentiation
Porter’s 5 forces (Established rivals)
Innovation (especially in product quality)
advertising
pricing
firm concentration ratio
Porter’s 5 forces (Threat of entry of new competitors )
potential barriers to entry :
Brand equity
capital requirement
absolute cost advantages
learning curve advantages
access to distribution
possible retaliation
industry profitability
Poters 5 forces (Bargaining power of customers )
customer’s ability to put the firm under pressure :
ratio of buyer concentration to firm concentration
dependency upon existing channels of distribution
bargaining leverage
buyer volume
availability of existing substitute products
buyer price sensitivity
buyer switching costs
Porters 5 forces (Barging power of suppliers )
Supplier’s ability to pressure their customer :
differentiation of inputs, and availability of substitutes
supplier switching costs
strength of distribution channel
ratio of supplier concentration to firm concentration
supplier competition’s ability to forward vertically integrate and cut out the buyer
SWOT
A template to analyze a company’s operating environment
MUST always be used in the context of achieving a desired objective
Demographics → what they are
Consumers can be segmented on the basis of their social class, combining factors such as education, income, profession, purchasing power…
Commonly the levels used in spain are :
the new middle class
former middle class
new proletariat
former working class
Demographic Data
single
male
65,000 a year
lives in bilbao
police chief
45 years old
Psychographics → why they do it
Is the study of consumers based on their activities, interests and opinions.
It goes beyond merely classifying people based on general demographics (age, gender, race, income)
It seeks to understand the cognitive and affective factors that drive consumer behavior, including emotion responses and motivations, moral, ethical, and political values, and inherent attitudes, social biases, and prejudices.
Psychographic data
supports FCB
surfer
saver
annual vacation to a remote surf destination
dog lover
member of a txoko
drummer in a band with his friends
One of the most detailed examples of psychographic data structure
is cambridge Analytica’s OCEAN. It studies how the person is, based on these facets, on a scale with their opposite concepts.
Open
Conscientious
Extroverted
agreeable
neurotic
Sources of information for creating a psychographic analysis table include:
- focus groups / traditional interviews
- TV viewing data
- surveys / questionnaires / contests
- psycholinguistic dictionaries
- web analytics (e.g. Google Analytics)
- online search history
- social media activity (follows, likes, clicks, tweets, posts, photos, etc.)
- third-party analytics
Psychometrics → how their life is
Psychometrics defines an audience by factores of how they think, considering their values attitudes and lifestyles
One of the most important psychometric categorization methods for advertising was developed by Young & Rubicam : the “4 C’s” model»_space; Cross Cultural consumer Characterisation :
Explorer
aspirer
Succeeder
Reformer
Mainstream
Struggler
Resigned
Archetypes → what type of person they are
Are the embodiment of human behavior
They are based on universal truths that are rich in meaning and distinctiveness
They transcend culture and geography
They provide a roadmap that allows us to address a given desire more precisely by using a specific personality
They are NOT stereotypes : stereotypes are simplistic, and are rooted in norms, customs and habits related to specific culture or places.
There are two main reasons why you would want to align your brand with an Archetype :
Connection :
Most brands today battle by competing on features, benefits and price
Establishing a deeper connection with your audience will help you connect emotionally with your target
Differentiation:
When you want to stand out in the crowd, differentiation is a key strategy, but everyone is trying to do it, and stragglers will be left with little to use on their behalf if they focus exclusively on tangibles
Personalities, on the other hand, have infinite possibilities, not only are they unique, but they can be extremely memorable.
