Companies used to segment their markets to improve their competitiveness and profitability in basic ways, but now is the age of personalization which is segmenting in ways that an individual customer chooses his need -
By focusing on marketing, product development, and service resources on the right segments with the most potential, companies literally can multiply their marketing and service efficacy. By developing the right marketing, products, services messages that address those specific segments’ needs, they can greatly improve their share of the most desirable business. At the same time, by focusing on the needs & behavioural indicators of the most valued customers, companies can improve customers retention.
Most often, companies shape their market techniques using the results of market research and analysis. Market segmentation and research are not typically designed to shape the market. Rather it reveals underlying differences in the market & characteristics of the market segments that can be used for effective - profitable marketing.
Segmentation research uncovers characteristics of the market that are not obvious and identifies ways of dividing and approaching the market that will be particularly effective. If these ways are not evident to competitors, the marketing impact of segmentation research can be even more beneficial.
Limits of Market Segmentation
Market segmentation research is more of an art and less of science than other types of market research. This is the case because analysis often turns up two or more different sets of segments, different ways of dividing the market. Under these circumstances, what matters most is a segmentation scheme that the firm can utilize to create real marketing advantages. Which method is best depends not just on which provides the best description of the market, but also on the company’s advantages & market goals:
For example, a company that is relatively large in its market reach might view a segment constituting 5% of the market as too small to serve as the fundamental marketing strategy, no matter how attractive or profitable that segment is. A smaller firm in the same market might see the pursuit of the same market segment as an exceptionally brilliant and fruitful strategy.
The new age of Marketing Intelligence
There are several aspects of segmentation which are not addressed by actual marketing outcomes. The new technique is real-time marketing or in marketing intelligence considers the right technique to apply two situations, real-time understanding the customer behaviour models then retrospective market segmentation techniques.
Marketing intelligence allows you to digitally pause life journey Customers. This allows your solution to make the whole digital experience more personal to the user and behaviour centric. Marketing intelligence is no longer only for the experts in the scope of marketing intelligence, it simply goes beyond absolute marketing, it allows businesses to connect and sell their products and services to customers who are literally unknown to them earlier.
Optimise your staff time as well as the leader sign in, allowing the business to connect with customers online and yet also very personal about the connection. It removes process bottlenecks and inefficiencies that result from retrospective application of market segmentation.
Customer experience is everything in the world today
When your customers have a positive experience with your brand, they feel happy and appreciated. Good customer experience is a result of minimised friction personalization assessing, utilising good customer data, getting the right insights and providing the most compelling strategies of communication.
Understanding customer interactions remarkable results to manifest it gives a competitive advantage to companies and measurable outcomes. If you give your customers a fantastic experience they are likely to buy from you and your brand will also share their positive experience with friends which will have a ripple effect.
Simple Used cases to apply Marketing Intelligence to Customer Experience
1. Connect the right product to the right customer- based on the history of the customer journey, wants and tags, position the right product and service to the customer who is interested.
2. Sell the right message - Don't just create a template for messaging, instead apply the used cases to smartly transition interest to leads using journey mapping & visitor tracking
3. Connect the dots - there are various aspects of the customer which can determine the intent to act and Call to Action, utilizing them effectively would result in right footprints on your digital portfolio. This can then be utilized to bridge the gap between a lead and who is about to become one.
About the Author
Jaidev Chatanat is a thought leader in the space of marketing intelligence, customer service and digital transformation. He has been an advocate for applying the right digital transformative strategies and techniques for many decades for fortune 500 companies.
He is reachable for consultation on firstname.lastname@example.org
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