Pub. 2 2020 Issue 8

24 | HOMETOWN BANKER | HOMETOWNBANKER.ORG MARKET SEGMENTATION: MEET ‘EM, GET ‘EM, ROCK & ROLL ADVERTORIAL By Michael C. Keenan, President, Keenan-Nagle Advertising, Inc. D eep within the vaults of the Rock & Roll Hall of Fame in Cleveland — and alive in the memory banks of every red-blooded American Boomer — lurks one of the key secrets to success in digital marketing. It is encrypted in three lyrical lines of the popular classic “Another Saturday Night,” a bouncy 1963 lament about a young guy who has a job and money, but no girl to enjoy his time with. It was penned and sung by the immortal Sam Cooke, an R&B artist and early civil rights activist so formative to the American music scene during the 1960s that he was inducted into the inaugural class of the Rock & Roll Hall of Fame when it first opened in 1986. And that was just one of the many ways Sam Cooke was first in class throughout his life. THOSE THREE LINES ARE: IF I COULD MEET ‘EM I COULD GET ‘EM BUT AS YET I HAVEN’T MET ‘EM THAT’S WHY I’M IN THE SHAPE I’M IN. It has long been apparent in my marketing mind that Sam was singing to all of us about market segmentation. Obviously. How could it be otherwise? After all, market segmentation is all about meeting ‘em (specific target audiences) so you can get ‘em (sell your bank’s products/services/ brand experience.) We all know market segmentation is the first chapter in Advertising Strategies 101 for all media choices, both traditional and digital. But because digital technologies enable so many more ways to slice and dice today’s target markets, they are extraordinarily essential in enabling savvy marketing professionals (and their employers and clients) to cash in on the two-pronged value proposition of digital marketing: 1. More value and less waste. 2. More accountability for each advertising investment (ROI). Here’s a quick overview of the most common market segmentation alchemies that we use at Keenan-Nagle. Where applicable, elements of each can be formulated into a single targeting strategy tailored to zero in on audience targets most likely to say “tell me more” about your offering. DEMOGRAPHIC SEGMENTATION: The trusty stalwart of all marketing, demographics remains a reliable vehicle to get you into the general neighborhood. Target audiences are identified by any or all of their most measurable characteristics; the main ones include gender, age, income, geographic residence, education, marital status, race and household size. BEHAVIORAL SEGMENTATION: A more-focused breed of market segmentation, this groups consumers based on specific consumption patterns that they have demonstrated in their website-visiting