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- Goes with: Masterclass #2 – How to build an Avatar and create your perfect Client
Here is a glossary of terms with regards to an Avatar.
Avatar – An imagined personality and visual which is often used to aid understanding in relation to your ideal customer, what they look like and their personality types.
Behavioural Segmentation – Segmentation carried out based on customer’s behavioural characteristics, such as; occasion, brand loyalty, usage, benefits sought et.
Blue Ocean Strategy – Strategic tool developed by W. Chan Kim and Renée Mauborgne which challenges a number of the widely accepted strategic management tools, by arguing that if you can find a new area / point of value within an industry and occupy it then you can open up ‘blue ocean’ for yourself and thrive, instead of being a in the red competitive ocean.
Boards – Online environment, whereby electronic communities collate to discuss a wide range of tops in which they are interested, these can range from brands they love, to places to visit to recipe sharing.
Brand Communities – A community formed on the basis or shared attachment and admiration for a specific brand and its goods or services.
Demographics – Statistical data relating to the population and particular groups, usually includes factors such as age, sex, income & employment status.
E-Tribes – These are electronic communities or tribes that connect online to discuss their shared interests.
Evoked set – The brands that consumers actually consider and compare during the decision-making process, as they see them as effective options.
Geo-demographics – Geographic location is one of the main factors that is often combined with demographic such as income and can become central to certain parts of a business’s strategic planning.
Heuristics – Within the decision-making process heuristics are mental short-cuts used to make the decision-making process easier and shorter, even if they are based on little evidence – an example would be more expensive products are better quality
Inept set – The brands that are not considered during customer decision making due to them being inept in their eyes of the customer.
Inert set – The brands that customers ignore during the decision-making process as they have no real view of them – think of them in a neutral way.
Pareto Effect – This is the law that claims that 80% of the effects come from 20% of the causes – In the context of marketing, this is the idea that 80% of a companies’ profits will come from 20% of their customers – therefore finding these customers is key!
Profile – An outline of a person, in this case your customer, including what they look like and their main characteristics.
Psychographic – This is one of the three pillar of segmentation which focuses of segmenting customer based on their values, opinions, attitudes, personality, lifestyle and interests.
Segmentation – Division into separate parts based on their shared characteristics, be that; demographic, behavioural or psychographic.
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