Successful brand building with Passion Point marketing
Articles - 2017 / 05 / 17
More and more companies are using value-based segmentation as the basis for their brand building. This is a more stable and insightful method than a demographic segmentation where people are divided by, for example, age or living situation. A more in-depth understanding of what drives consumers also allows companies to create more relevant offers and communication. However, the challenge of finding the right way to communicate with consumers remains. This is why Lynxeye is launching a new tool: Passion Point marketing. This tool helps companies find the right channel to get their message out to the target group.
People who share the same values tend to have similar priorities, but the driving forces can be expressed differently. A target group driven by a need for development can include both people that push themselves through physical exercise, as well as a group that learns by investing in the stock market. The two groups will likely be found in different channels: spend time in different physical locations, read different industry media, and follow different bloggers online. Because the target group shares fundamental values they will be attracted by similar offers and brands, but the ways to reach them will likely vary. Here is where the Passion Points tool comes in. It enables us to find the target group in the digital flow.
The Passion Points tool has four main advantages:
1. Focused and cost-efficient communication
Where do people who share the same values and drivers gather? This question is hard to answer because digital presence is not something that can be generalized for a group of people, even though they have similar priorities. Passion Point marketing is based on a better and more nuanced understanding of consumer interests. It works by linking consumer drivers to the digital arenas where they are active, via their interests. This gives companies a better opportunity to focus their communication and talk directly to the target group. As a result, marketing budgets can be used more efficiently because wide campaigns that do not reach the right people can be avoided.
2. Relevant messages that achieve better results
Because Passion Point marketing increases accuracy in communication, it gives companies a chance to diversify their communication. Marketers can communicate a higher number of messages that are more relevant to the recipients because they are more narrowly targeted to a specific group. Today, many business leaders and marketers hesitate to communicate concrete initiatives that support parts of the brand strategy but not all aspects of it. Take for example a food provider with a strong brand equity related to traditional values and caring for the local environment. The company is making big investments in research and development to create more environmentally sustainable ways of producing food. The problem is that all initiatives are very innovative and risk alienating the more traditional people in their target group. In this case, Passion Point marketing allows the company to communicate these initiatives only to more progressive consumers.
3. In-depth understanding of existing and potential target groups
Passion Point marketing makes it possible to follow what the target group’s behavior online. Based on this information, it is possible to identify other people in their networks, what events they are going to, and what discussions they are involved in. This understanding completes the knowledge of values and driving forces, and makes it easier to visualize the target group internally. It also creates the opportunity to find new potential target groups for the company’s existing offers.
4. A basis for successful partnerships
Finally, Passion Point marketing gives the company a better understanding of what other brands and categories are of interest to the target group. This knowledge enables companies to create more successful collaborations with other players. This can also assist in guiding the company when developing new offers. Thanks to Passion Points, a company that wants to create a new collaboration can choose which other brand to partner with based on knowledge of what brands the target group prefers. This gives the company a greater chance to develop relevant offers that take the brand towards its long-term goal.