Chapter 5: Targeting and Positioning
Let's use the product Beyond Meat (a brand of plant-based meat substitutes) and apply the targeting process outlined above.
Measurable:
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How it applies to Beyond Meat: Beyond Meat would look into the growing number of vegetarians, vegans, and meat-reducing individuals (often referred to as 'flexitarians'). They'd examine data on dietary preferences by region, age groups, and even socioeconomic backgrounds. For instance, the brand might discover that urban areas with a higher concentration of young adults have a higher propensity for plant-based diets.
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Insight: Areas or demographics with higher vegan, vegetarian, or health-conscious populations are likely more lucrative for Beyond Meat.
Substantial:
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How it applies to Beyond Meat: While the vegan and vegetarian market might be smaller compared to the total meat-eating population, the rising interest in health and sustainability ensures that this segment is growing and is profitable. Plus, flexitarians – those reducing meat intake without eliminating it – broaden the potential market substantially.
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Insight: The plant-based meat substitute market, while niche, has significant growth potential and can offer substantial returns.
Accessible:
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How it applies to Beyond Meat: Beyond Meat products are available in supermarkets, restaurants, and even fast-food chains. However, they need to ensure they're reaching areas with a higher inclination towards plant-based diets. It also means using targeted ads on platforms frequented by health-conscious and environmentally-aware consumers, such as health blogs, vegetarian forums, or sustainability-focused podcasts.
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Insight: Beyond Meat needs to ensure its products are readily available wherever there's a substantial vegan, vegetarian, or health-conscious demographic.
Differentiable:
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How it applies to Beyond Meat: Beyond Meat could segment its market into health- and environmentally-focused consumers. While both segments might be interested in plant-based meats, their primary motivations differ. Health-focused consumers are driven by personal well-being, while environmentally-focused ones are motivated by sustainability and reducing carbon footprint.
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Insight: The messaging for the health-focused segment might revolve around nutritional benefits, while for the environmentally-focused group, it might emphasize the reduced environmental impact of plant-based diets.
Actionable:
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How it applies to Beyond Meat: Recognizing these segments, Beyond Meat could introduce product lines or campaigns catering specifically to each. For the health-focused group, they might highlight products with added nutritional benefits (like Omega-3s or added vitamins). They could emphasize their sustainability efforts for the environmentally-focused, showcasing how choosing Beyond Meat over traditional meat reduces carbon emissions and water usage.
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Insight: Beyond Meat can roll out targeted campaigns or even product variations to appeal specifically to each identified segment, ensuring they're addressing the unique motivations of each group.
Through this targeting exercise, Beyond Meat can identify potential customers and tailor its marketing strategies to resonate with each segment.
