Market Segmentation: What You’ll Learn If It’s Done Right
No matter the size of the company, success is a direct result of a lot of hard work aimed at getting to know the ideal customer. It’s through market segmentation that any company can direct their advertising & marketing efforts in such a way where their resources (think time & money) work FOR them.
But how can you be sure if your market segmentation efforts are doing what they’re supposed to? Sure, you can evaluate the merit of conversions and how well your online traffic is doing, but is that all there is to this kind of strategy? The obvious answer is, “No”, but less obvious is what else there really NEEDS to be.
Talk to any marketing expert, and they’ll tell you that if you put market segmentation into practice, you’ll actually learn more about YOURSELF than anything else. That is, of course, if you’re paying attention. This is where most folks get tripped up. Unfortunately, it’s not always easy to backtrack if you want to make things right.
Remember Newton’s Third Law of Motion — for every action there is an equal and opposite reaction. What does this mean for marketing strategies like segmentation? In short, you need to pay attention to what your strategies are trying to teach you. Otherwise, you’re liable to miss something important. For example:
The Impact of Your Messaging
If you’ve developed a knack for connecting with the right audience, it makes it much easier to craft the right kind company messaging/branding. You know what your audience wants & what elicits the most positive response.
Knowing your brand/message so well lets you really show why you’re different than your competition. In business, the easiest way to gets people’s attention is to be different in the right ways.
Serving The Underserved
Your market segmentation efforts might also highlight certain niche markets that aren’t being served. You can pool resources & find ways to get these markets the product/service they desire when no one else can or will.
Understanding the behavior of a customer allows companies to help make interactions with the product/service they offer more meaningful. This interaction helps fuel loyalty & increases the chances of word-of-mouth advertising.
The fact remains that market segmentation isn’t a difficult strategy to understand. You’re breaking up a target market into groups that seem to gel with similar marketing strategies. As with most things in life, it’s the little things that make the real difference. In the end, the one important thing you’ll learn when using market segmentation correctly is how to evaluate yourself. The more you learn about who you are & what you bring to the table, the better you’ll be at fixing problems & cultivating brand loyalty with a customer.
MindEcology, an Austin advertising agency, understands that worthwhile market segmentation is about making your brand synonymous with trust. See how they can make this happen for you today.