Market segmentation is a marketing strategy which involves dividing a broad target audience into one or more subgroups of people with common wants and needs, and then designing and implementing strategies around various media channels and other touch points considered most likely to reach each subgroup.
Market segmentation enables businesses to better target their products and services to the right consumers at the right time by forming prospective buyers into groups (segments) that have common needs..
With the aid of the digital tools, marketers can segment based on new sets of data-driven criteria that are timely and actionable:
• Current interests, lifestyle changes, keyword searches (e.g. real estate in Dubai, purchase new property, Dubai Marina apartments, etc).
• Brand loyal vs brand agnostic.
• Shopping preferences (e.g. in-store, online research, mobile interactive, sales and coupons, shopping list or spontaneous, experimental or fixed choice).
• Profiled interests and values (e.g. using data from Facebook, Google, CRM etc).
• Digital personas (e.g. profiles of online behavior, analytics data, device preferences).
Do you or your organization use marketing segmentation in your digital marketing?
Let me know!