The company, in this example, sells a line of custom handmade goods from different parts of the globe. Each has a special story about the culture from which it was made. The brand is known for its limited-edition runs and its excellent quality of goods. Since they are all imported, and hand-crafted, they tend to be 20-25% more expensive than regularly priced items in the same category. Consumers can choose free-shipping if they are willing to have the item shipped by regular mail..
B2B markets are typically segmented by size either by revenue or by number of employees. In this case, it’s a bit different, as it is the number of transactions that drive cost. In this case, it might be better to segment by industry, because some industries, like retail, will have a more transactions than others. It is important to segment the market by the right metric.
This is a tricky target market. One could argue that all three would be interested. However, which one would be best?
In this case, we’d argue that the luxury buyer, as defined, would be the best target because they purchase regularly, the exclusivity is likely to be very appealing, and it provides them with a status piece. The story allows them to share that piece with their peers, which gives them a sort of cool edge.
I love telling stories. I like to have something interesting to share with my friends. My friends are well-educated, so it’s hard to find something they’ve never seen before. I don’t mind spending more for something really unique to share.
Insights in the real world aren’t this ready-made. You often need to do some rapid-fire testing to see whether or not they are real. For the purposes of example, we will assume it has been validated, but this is a CRUCIAL step. You should never assume. You should always test.
For luxury brand buyers, who love to have interesting stories to share with their friends, Company Example is the only accessory brand that provides unique, limited-edition, exquisitly curated goods with a real cultural story. That’s because we love to travel to unique places searching for items you can only find there, and since they are all hand-crafted, they are always in limited supply with a real story to tell.
For this example, the persona would most likely be a woman or gay male with a high disposable-income, who is looking for a showpiece that would like to share with the friends. This person is also likely highly-educated, social and part of the dinner party set. One would expect them to have a significant social following, where this brand would align with their interests
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