Correcting a Failed Marketing Strategy |
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The ultimate use of segmentation technique is that it allows the businesses to target the entire set of their consumers and group them. These groups are based on the similarities that they share with respect to the attributes that the businesses use to define the marketing strategy. In other words, the segments that are obtained from the segmentation process will have their own preferred marketing mixes. However, segmentation for developing marketing strategies is a 2-step process. STEP 1: Identify “the WHO”
In the very initial stages, companies are required to identify ‘the who’. ‘the who’ are the people among your entire customer base that have expressed personal interest in the products category that your company has to offer. These could be the people who have needs relevant to the product categories that your company has to offer. However, in this step all you have to do is simply separate out the ones who are termed as interested customers from the rest of the general population. STEP 2: Identify your target segments The second and final step is where you need to start working on the thing. Here you take the people who are interested and group them based on their similarities. The grouping process should be done with respect to ‘the what, why, where and how’ of the product category. Your ultimate aim should be to identify the most profitable segment of your target audience. These segments are the ones for which the following statements can be true:
The entire aim of this exercise is to base parts of the segmentation on similarities shared by the customers across the key factors of the marketing mixes.
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