Marketing Strategy
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Articles from The Marketing Compass Wiki -
How segmentation can help you to
win more business
Deciding on who you should market to is one of the most important business decisions you will ever make. Market segmentation is all about: Communicating with groups of people who have similar needs.
The benefits of this approach include:
- Segmentation cartoon by Simon Ellinas
1. Get more attention
2. Being seen as an expert
3. Relevant messages for defined groups
4. More effective marketing
Get more attention
In the 21st Century - we are all inundated by marketing messages. It is said that we are swamped by some 5,000 on an average day. So how do you ensure that your 'marketing arrows' get through?
The answer is to create compelling, consistent and relevant messages to defined groups of people.
When you talk to a defined group ('market segment') about their concerns - it is much easier to get their attention. After all, you are talking about their challenges and their issues.
You are seen as an expert
People like dealing with specialists. Imagine that you are the Senior Partner of a firm of accountants. You need a new website. You find a couple of local web development companies. On the first homepage, it proclaims: 'We build websites. No job too small. Free quotations.' The second homepage says: 'We build websites for professional services firms. We help you to keep your clients happy and to find more of them!' Who are you going to call?
Being seen as an expert in your field helps to differentiate your enterprise. If you are in a crowded marketplace, this has got to be good news.
More effective marketing
This benefit happens because your marketing efforts are now 'singing off the same hymn sheet'. Everything is in tune. Your messages 'sound right' to each market segment you are talking to.
Prospective customers will come over and give you a big hug - because you clearly understand the
and their needs. And if the hugs aren't enough for you - they are pretty likely to give you their cash as well. Whoopee!
How do you decide which segments to go for?
2. Think about the types of customer you like dealing with.
3. Consider which segments have the best financial prospects.
4. Conduct some market research.
With regard to market research - you could of course hire a market research company. However, if you can't afford this, here are some alternative ideas for you:
2. Carry out some research yourself, using questionnaires
3. Find out as much as you can about your prospective customers
4. Take a look at the Market Research section on Nigel Temple's links page
Build an integrated marketing campaign
The next step is to sort your marketing out - so that it delivers consistent messages to your target market segments.
Conclusion
If you adopt this approach - your marketing will be much more focused. This means that your audience will be more prepared to listen to you. In addition, as your messages are not being scattered - they are more likely to be repeated to the right people.
This in turn helps with brand recognition. This is how 'famous name brands' and successful businesses are built.
So the rules in this game are very simple:
2. Find out as much as you can about their situation
3. Create compelling propositions, which address their needs
4. Differentiate yourself
5. Use the promotional mix to communicate your proposition.Keep communicating!
An introduction to The Marketing Compass
by founder Nigel Temple
Filmed by Ichthus Video
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