Do you have trouble identifying your target group? What factors decide which approach is most effective for which target group? You are not alone!
Well, we are dealing with people, probably the most diverse of creations, and so are their tastes and preferences. Likewise, consumers are a varied lot, wanting or preferring various things, chasing a dream lifestyle, and therefore, change in tastes too. Same people may select different products at different times, and different people of various demographies and geographies may still prefer the same product.
By proper segmentation we can divide the marketplace into parts, or segments, which are definable, accessible, actionable, and profitable and have a growth potential. In other words, a company would find it impossible to target the entire market, because of time, cost and effort restrictions. Therefore, a proper segmentation is necessary. This is where we can step in and help you.
Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics. The segments created are composed of consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or locations.
Types of Market Segmentation:Demographic segmentation | Behavioral segmentation | Psychographic segmentation | Geographic segmentation
In reality, average consumers and average people don’t exist. Therefore, we can use market and consumer segmentation to: Generate and increase customer satisfaction | Enhance marketing effectiveness | Identify strategic opportunities | Create savings
Whether or not a company can afford to target an entire market, it is more successful if products and communications are adapted to individual segments.
At MAVI we always start our market and consumer segmentation with a detailed understanding of the industry and category of the client in question. Tying these up with the client’s needs, we arrive at the right segmentation that ensures our clients get maximum benefits.
As we understand that only creative market and consumer segmentation strategies work better, we combine possible starting points, instead of relying on only one segment, using both qualitative and quantitative approaches, to provide our clients the strategic edge they are looking for.
Our clients regularly use MAVI segmentation and positioning assistance to develop the most profitable market position and to recognize the most profitable (potential) segments.