Getty Images Market Segmentation
Segmenting the market helped Getty Images to focus on the things that mattered
MY ROLE
Project Direction | Evangelist | Vendor Management
THE CHALLENGE
Getty’s challenge to business growth was to better understand the market of potential customers and how to best meet their needs today and in the future
THE VISION
To be a best-in-class destination that positions Getty Images as a forward-thinking industry leader, defies the ordinary and delivers the unexpected.
Why?
With the goal of better understanding the different type of users and behaviors in the market, I partnered with Ipsos to conduct in depth research and create a custom market segmentation.
Ipsos invited business professionals to participate in a web survey from a variety of different industries and roles, including advertising, media, publishing, marketing, editorial and small businesses. The average length of interview among survey takers was 10 minutes
To analyze the results and participate in the process of segmenting the results I put together a task force formed by business analysts, marketing specialists, designers, ux researchers, product managers and business owners. This team meet weekly and closely collaborated with Ipsos ensuring that the results of the exercise made sense based on our knowledge and they also were actionable.
(See more on the methodology at the end of this page)
The segments
We identified seven segments, two of them representing the true opportunity for Getty Images.
As important as it was to identify our target segments it was to realize those who were distracting and not on brand. There were three segments that were out of our target because of either a mismatch in the budget or in their stock photography needs.
I understood that by serving well our main two targets, the Mainstreamer and the Avant-Garde, we might also reach a portion of those other segments.
Applications
It helped product and ux define a high level roadmap that served our main target segments.
It helped content teams to produce and curate relevant content to each target segment.
It helped everyone to better understand which segments should not be a priority for the business, reducing noise and increasing productivity.
* Methodology: Attitudinal and behavioral
A series of survey questions regarding needs, attitudes, and behaviors served as the focus of our segmentation. These segmentation “inputs” allowed us to effectively reveal similarities within groups and differences between them. Inputs were determined from a review of past Getty research and discussions with key stakeholders.
Analysis consisted of partitioning consumers into homogeneous groups using K-means clustering, a preferred clustering method when dealing with large sample sizes. In this analysis, an algorithm is run multiple times to ensure robustness, calculating each respondent’s proximity to randomly assigned central points (each central point serves as the “centroid” of a cluster).
K-means clustering was conducted 7 times on the sample data, one for each segmentation solution evaluated (ultimately our solutions ranged from 4 to 10 segments).Designed to explore, understand & synthesize the stock image purchasing marketplace built on a solid understanding of: Attitudes, Motivations and Behaviors.