“My product is for everyone”
Doesn’t that sound balming?
But is “everyone” your targeted audience?
It is nice to believe that “everyone” would be interested in purchasing the product but defining your target market based on “everyone” is a BLUNDER!
If you have a good customer base and want to acquire new customers, you should be aware of the fact that even if the customers that fall in your targeted audience objective, share distinct personalities. They have different expectations and pains.
Halt for a second and think..
“Would launching the same strategy for everyone will be beneficial for my business online or will it affect the marketing efforts?”
And if it will not be beneficial : “How will my business solve the problems of different customers having different expectations and needs?”
Now, the most common questions that will hit your head can be-
“How will I attend to the individual needs of the customers?”
“How will I provide a solution individually?”
If you failed in attending the customer’s requirement to full, you may lose them to competitors! That will slash your sales and Revenue goals too!
Sounds freaking? It is!
Well, attending to the customer’s needs to full is something that makes a business dominate the online marketplace.
No two persons share the same personality traits and so your customers. By over-widening your scope of marketing, you fail to dispense a clear message about how your products and services can improve their lives and that’s where Market Segmentation fills the gap.
Launch Targeted campaigns and messages that address the individual pains of your customers and interact with each of your prospects in their skin.
How? That’s what the blog is about! Read It NOW!
The Blog Discusses Market Segmentation and its benefits for businesses online.
Market segmentation is a process that is commonly used by businesses. It entails dividing the customers based on specific characteristics which define the marketing parameters. Some of the characteristics include- age, gender, income, and interests. You can segment the audience based on 4 criteria-
For example, Paws and Tails in Chicago’s pet-sitting company offer pet-sitting, dog-walking, and boarding services. Owing to the vast number of pet owners in the city, they need to segment their audience into smaller groups to understand how to position their services. The possible groups can be:
Segment A: High-income pet owners who don’t have time for dog-walking.
Segment B: Middle-class families who travel and need overnight boarding and pet-sitting services
Segment C: Older pet owners who need help caring for their pet
Segmentation improves targeting, engagement, and traffic. Well, segmenting requires good research and analysis and help you understand the viability of each marketing segment.
1. Determining Opportunities in Market
Market segmentation helps in identifying opportunities. The marketers by understanding the needs of each segment can launch relevant campaigns in that light and provide customer satisfaction.
For example: If the customers aren’t satisfied with the current water purifiers, the company can launch a fresh range of water purifiers to ensure satisfaction.
2. Leverage Data-driven Personalized Advertising
Market segmentation helps in launching personalized ads as per the data. The company can utilize customer data to analyze the deals they opted for in the past, the products bought and searched, and choose to target the customers with the same products and different deals going.
Personalized advertising utilizes customer data to launch campaigns that interest the customer and address their needs.
3. Assists Product Development
Market segmentation assists product development. You can create products to meet the needs of your main segment and develop different products tailored to the needs of different segments.
For example, You run an automotive company, and your primary segment is middle-class families. You would like to improve leg space, a lot of seating space to accommodate multiple family members. You could mid-range price vehicles.
Designing the product with the customer’s need in mind will help you relish a happy customer base.
4. Improves Customer Engagement and Brand Loyalty
Customer Engagement is one of the best segmentation strategies to identify and influence customer’s decisions. The customer data collected organically and from social media help in developing psychological segments of the customers and help in running ad campaigns addressing the needs.
Engage your customers with communications and motivating offers for improving customer engagement and brand loyalty.
For example, Some customers may be hesitant and leave their products in the cart without checking it out. You could send them a discount coupon or special offer to encourage a purchase.
Furthermore, analyzing the customer behavior as to when they make a purchase (weekends, evenings, or certain holidays) can help you bridge the gap between the brand and the customer, engage and drive more sales.
Click Nurture’s Customer Journey Builder can help you with:
Furthermore, market segmentation helps the companies determine the optimal strategies for the distribution of their product. Companies can decide which stores to pitch their products based on the location where their target audience shops the most.
Market segmentation is important and the benefits of it are unavoidable. However, to control the segmented audience data, you need the right data software.
Click Nurture helps you define, and segment customers through the Customer segmentation tool. It helps you in-
Understanding audience to the core is crucial for any business and Click Nurture assists in easing up the efforts with a responsive analytics dashboard which helps you enable content personalization and Ad targeting.
To learn more about how we can help you know your audience better, Contact us today.