Defining the ideal Marketing persona for your brand is a job that is easier said than done.
Hubspot defines Marketing Persona as fictional, generalized representations of your ideal customers. Personas help in marketing, sales and relates to your ideal customers as real humans.
There is only one winning strategy. It is to carefully define the target market and direct a superior offering to that target market.
~ Philip Kotler
You can find a detailed analysis on connecting and understanding your Target audience in our previous blog.
In this article, I will throw some light on how and why corporate employees might be your ideal potential buyers.
Targeting Corporate Employees
You might have seen big brands offering special and attractive discounts to Corporate Employees from time to time. Throwing targeted advertisements to a corporate audience is not a rare sight too.
Here are some top examples that I came across recently:
- Apple offers special pricing on a range of its products under their Employee Purchase program.
- Under a unique corporate tie-up, Samsung India has announced a special sale for over two million corporate employees from 500 plus companies.
- Volkswagen introduces special offers for corporate professionals under which the entire Volkswagen product range will be available with huge benefits.
- Ford India offers special discounts on select models and variants for employees from 3000 companies.
- Under its employee purchase program, Dell provides special offers to employees of its member companies.
You name a brand, and it’s most likely that they have special discounts for corporate employees.
But why is it so?
What can be the reasons behind this marketing tactic?
And what kind of brands should target the corporate audience?
Let’s start from the beginning.
The most basic types of market segmentation include:
- Demographics segmentation
- Geographical Segmentation
- Psychographic segmentation
- Socioeconomic segmentation
- Behavioral Segmentation
Demographic Segmentation can help an organization target its buyer more effectively and more accurately than other types of segmentation.
Demographic segmentation is a segmentation of the market on the based on** age, income, race, religion, gender, family size, ethnicity, and education.**
With this type of segmentation, a brand can categorize the needs of its buyer.
Income plays a significant role in defining your target audience.
Income segmentation is when you segment customers as per the annual or monthly income they are earning. It is best suited for products that are very specific, niche, and are priced high.
It makes so much sense.
For example, if your brand is a high-priced luxury clothing brand, there is no point in targeting all audiences. Doing so would only overshoot your marketing budget.
Instead, if you market it to people who have an income above a certain level, the chances of getting better results are higher.
Your ideal buyers could be students, working class, salaried professionals, business class, or a combination of all of these. And which one should you specifically channel your marketing tactics on will be dependent on your product/ service.
For example, for brands in Financial Services or Real Estate, the ideal buyer persona is most likely to be verified, young and salaried professionals. If one could segment such a target audience, it will most probably give the best results.
Here we are going to be discussing exclusively corporate employees and how they make the most suitable buyers.
Why Target Corporate Employees?
Corporate audience or Corporate employees, I’m referring to employees that work in big corporations and large enterprises.
International corporations are business entities with their management headquarters in one country, known as the home country, and operate in several other countries, known as host countries.
A huge number of people work in corporations. At least 75% of the world flows come from international Corporations.
In India, in the year 2016 19.2 mn people were working in private sector jobs.
If you are a marketer looking for new and better ways to improve your marketing strategies, you cannot ignore these numbers!
But it still might not have convinced you why should you specifically target Corporate Employees?
What is so unique about them that makes them stand out from your whole market?
Let’s learn more about whom you are selling to.
Here are 6 reasons explaining why should brands specifically target Corporate Employees:
When you target corporate employees, you target a section that is** Verified,**which means you have a lot of information related to their persona at the ready.
“Accuracy builds credibility.” ~ Jim Rohn
Verification of identity increases customer trust. It creates a higher level of confidence that a person is whom they say they are.
This also automatically creates more willingness for brands to do business with the said customers.
The ultimate aim of every marketer is to improve the Return on Investment and maximize the Conversion rate.
A verified customer does precisely that. It improves the traffic's quality, and brings you the right traffic with the right expectations.
With the availability of customer verification eligibility, brands have the following advantages:
- They can be open and clear about their discounts.
- Chances of fraudulent purchases become near to zero.
- They can gain more insights into statistics.
- Increase their loyal customer base.
2. Salaried Customers
Corporate employees imply Salaried Employees, meaning they get a fixed amount of money at regular intervals.
According to the location or country, one can quickly determine when the employees get their salaries (which can be regular, bi-weekly, or monthly and generally at the end of the period).
The predictability of income in the case of corporate employees simplifies things for your marketing campaigns.
For example, if a brand offers instant cash or a loan, it can schedule its marketing campaigns nearing the end of the month because naturally, that is when salaried people might run out of money.
Similarly, a clothing brand might schedule its campaigns at the start of the month because people generally shop at that time.
Marketers also get the golden opportunity to upsell and cross-sell their products to corporate employees due to their predictable, fixed, and timely income.
Additionally, dealing with Salaried Professional have some other benefits as well.
Brands that offer installment payment options (for example, electrical and electronics products) naturally benefit from doing business with salaried professionals. To a certain extent, it ensures timely recovery of money without fault.
Also, as discussed earlier, products priced on the higher side have more reasons to advertise their brand to salaried professionals.
3. Distinctive and Viable Buyers
When you focus on Corporate Employees, you’re dealing with an Audience that is Distinctive, Viable, and Target Oriented.
Firstly, it ensures that your audience is someone who already knows that they need a product/service that is similar to what you’re selling.
They are the distinctive buyer because they are intelligent, aware, educated, and up-to-date. They are more likely to understand the technicality behind the small and big details that make your product or service stand out from your competitors. In short, they are more likely to understand your Unique Selling Proposition.
Secondly, Corporate employees are what you would call a viable buyer.
They fulfill all the three factors that make them viable buyers:
- They are likely to have decent credit.
- They are professionals with a fixed income.
- They have equity for down-payment.
This should help marketers save time in determining the Minimum Viable Personas (MVPs) of their audience.
4. Power of word of mouth marketing
“If you do build a great experience, customers tell each other about that. Word of mouth is very powerful.” ~ Jeff Bezos
Word of mouth advertisement has been there from the very beginning.
But even today, Word of mouth plays as one of the most valuable forms of advertisement. It has proven to be one of the best ways to earn customer trust.
You can achieve Word of Mouth Marketing when a customer’s interest and satisfaction for a product is reflected in their organic day-to-day conversation.
Believe it or not, customers consider it as the most trustworthy and genuine form of promotion during a buying decision. After all, Word of mouth is the only “free” form of advertising.
According to Nielsen, 92% of consumers believe recommendations from friends and family over all forms of advertising.
When you offer a particular scheme to corporate employees, be it in the form Employee Purchase program or special discounts in an employee benefits platform, you’re automatically fueling positive Word of mouth marketing for your brand.
It may be in the form of lunchtime discussion in cafeterias or high recommendation for future buy, people will talk, and you can be pretty sure your brand or your unique scheme will be talked about.
5. Organizations are willing to invite employee discount programs just as much.
Employee disengagement is the biggest problem in corporations.
Employee disengagement has led to poor employee retention, falling performance levels among employees, and job-hopping.
Tackling with disengagement is the topmost priority of every HR department everywhere.
According to Gallup, just 13% of employees across 142 countries worldwide are engaged at work.
We cannot expect employees to be engaged in their work if they have to work hard to make their ends meet.
While it is not always feasible to offer a raise or promotion to employees, it is still very much possible to help them stretch their salary and help their money go a little further.
Hence, an Employee discount program or Employee Purchase Program is a smart buy for the organizations. Meaning brands have the freedom to engage with corporate employees.
Becoming associated with an Employee benefits platform such as Vantage Circle()has a great advantage for brands. It brings you a large audience of corporate buyers from top corporations on a single platform.
Additionally, there is a tax exemption benefit for employers associated with employee gifts to a specific limit.
During a Financial Year, if the aggregate value of all the gifts received by the employee is equal to or less than Rs. 5,000, it is exempt from tax.
Also, attractive employee benefits give an added advantage during recruitments. They make recruitments easy and adds to the appeal of the job profile.
6. Corporate Employees love when they get exclusive benefits.
Employees love Benefits!
Special employee pricing on products and services are cost-effective ways to cover their expenses. In this world of discount and offer-driven sales, people are ever ready to grab every opportunity that may reduce their costs in any way.
Offering an exclusive discount could be the deciding factor in getting employees to buy your products that they may not have purchased otherwise.
"42% of millennial workers" use services like payday loans, pawnshops, or tax-refund advances to make ends meet.
It is a well-established fact that places that offer various unique and out-of-the-box corporate perks and employee benefits get better ratings at “Best places to work at” over multiple sites.
For example, according to an article in Scoopwoop, HCL is one of the top 15 companies in India, and here is why:
At HCL, employee satisfaction holds as much importance as customer satisfaction. The company maintains this balance through its ‘Employee First’ program, where the prime focus is on anything that the employee needs.
When corporate employees get special pricing on products and services of their choice, they get a VIP experience. They feel valued and special. What’s not to love! Right?
Making a Marketing Strategy is not a one-time thing for a marketer. It is ever-evolving.
Simply advertising your brand on conventional platforms wouldn’t necessarily give you the worth of your time and money. You’ll have to go out of your way.
Once you’ve identified your buyer, the next most important step is to strategize a contact plan to reach out to them.
There are too many marketing channels available today.
Identifying a relevant marketing channel for your brand is extremely important. It is a very tricky job at the same time.
Employee discount platforms can be such a rare and unique marketing channel for brands.
If used wisely, Brands can easily reach out to a large number of buying customers through this.
Corporate Employees have some very unique characteristics that make them suitable buyers for most brands.
The three parties, namely the brand, the corporate employees, and the employers, are all in a win-win-win proposition, making it easier for you to do business with corporate employees.
Ponder on the characteristics that make them stand out from the crowd and decide for yourself if they fit your Buyer Persona!