Understanding Market Segments: Lessons for Notaries, from Under Armour
Kitsie Ferguson 1/18/2024
Segment Identification and Strategies in Under Armour
Under Armour's strategic pivot to target the female market segment was a game-changer. Initially focusing on men's athletic wear, they realized the potential in women's apparel, which was underrepresented in their sales (Saghian, 2016).
This led to the iconic "I Will What I Want" campaign, a multi-channel effort with a strong digital focus, highlighting non-traditional athletes like ballerina Misty Copeland and supermodel Gisele Bündchen (Saghian, 2016). This approach resulted in significant growth in women's sales and overall brand enhancement (Saghian, 2016).
Key Takeaways for Effective Segmentation
Identify Underrepresented Demographics: Just like Under Armour spotted potential in women's apparel, notaries should look for under-served (Spacey, 2018) professional segments.
Tailor Your Message: The campaign's success hinged on messages that resonated with its target audience, emphasizing empowerment and resilience. Fi
Embrace Digital Platforms: Utilizing social media and digital ads can amplify reach and engagement.
Monitor and Adapt: Constantly evaluate the effectiveness of your strategies and be ready to pivot if needed.
Authenticity Matters: Authentic and relatable content, as seen in Under Armour's campaign, can foster a deeper connection with the audience.
A (New to You) Segment for Notaries: Targeting CPAs and Accountants
By focusing on CPAs and accountants, independent notaries can tap into a professional market that values accuracy, legality, and efficiency, similar to how Under Armour targeted a specific demographic with great success.
Step-by-Step Segmentation Strategy
1.Market Analysis: Begin by researching the unique needs of CPAs and accountants, focusing on their notarization requirements for financial documents, affidavits, and declarations.
· Industry Surveys: Conduct surveys or polls targeting CPAs and accountants to gather direct insights about their notarization requirements and preferences.
· Interviews and Focus Groups: Arrange interviews or focus group sessions with CPAs and accounting professionals to discuss their specific needs and challenges related to notary services.
· Market Analysis Reports: Review market analysis reports or industry publications related to accounting and financial services to understand broader trends and needs.
· Networking at Industry Events: Attend accounting and financial industry events, such as conferences or seminars, to network with professionals and gather firsthand information.
· Online Forums and Social Media Groups: Participate in online forums and social media groups where CPAs and accountants congregate, to observe discussions and ask questions directly related to their notary needs.
2. Service Customization: Tailor your notarial services to cater to the specific legal and documentation needs of this segment, such as offering mobile notary services for busy professionals.
3. Networking and Relationship Building: Engage with local accounting firms and CPA networks, attend their events, and offer specialized seminars on the importance of notarization in financial matters.
4. Digital Marketing Strategy: Develop targeted digital marketing campaigns, leveraging LinkedIn and financial forums, to reach this professional audience effectively.
5. Feedback and Optimization: Regularly gather feedback from your CPA clients and refine your approach based on their needs and responses. Here are five fun and engaging ways to gather feedback from clients:
· Feedback Games: Organize simple online games where clients can earn points or rewards by providing feedback. For instance, a 'spin the wheel' game where each segment represents a feedback question.
· Interactive Surveys: Use visually appealing and interactive surveys, like quizzes or polls, with a touch of humor or interesting graphics to keep clients engaged.
· Social Media Contests: Run contests on social media where clients can share their experiences or ideas in creative ways, like short videos or photo captions, to win prizes.
· Client Appreciation Events: Host a client appreciation event (virtual or in-person) where feedback sessions are part of the fun activities, encouraging open and casual conversation.
· Feedback through Storytelling: Invite clients to share their experiences in a storytelling format, either written or as a short video, making it more personal and engaging.
References
Saghian, M., & Murray, M. (2016). Under Armour’s Willful Digital Moves. Darden Business Publishing Cases, (UV7147), 1–5. https://doi.org/10.1108/case.darden.2021.000025
Spacey, J. (2018, January 29). 18 examples of a market segment. Simplicable. https://simplicable.com/new/market-segment
