Marketing and segmentation are like peas in a pod. For years, it’s been a given that you can’t have one without the other, and to be honest, the relationship has worked very well. Companies of all sizes have been able to see the benefit of knowing as much about their audience as possible so that they can really sell their product/service. But can marketing budgets actually be put into overdrive by segmentation, at least more than usual? It’s a fair question, but not one with an easy answer.
It all starts with thinking about the segmentation process in general. The whole purpose of it is to get as narrow a focus as can be had on a customer base 가락동노래방. With so much “hyper-focus” in play, the belief is that companies are better able to reach the people most likely to buy their product and/or service. This sounds simple until you start digging into just how much data it takes to find valuable information. Moreover, there also has to be some serious analytical skill involved in getting something out of your data. Finally, and this is perhaps the kicker for many, there is at least some level of judgement call to be factored into everything.
Marketing budgets vary drastically between companies, with some operating at shoestring levels while others work with entire departments at the ready. The one thing they can all agree on, though, is that they don’t want to waste money. It’s too precious a resource & losing too much of it can mean losing one’s job or closing up shop. The biggest bang for the buck needs to be regularly had, and the best way to do this is by working off the central principle of segmentation – marketing to the right people.
The biggest hurdle in being able to reach the right folks is admitting that there are wrong folks. In other words, company leadership has to come to terms with the idea that some people don’t want or need the product and/or service you’re offering. Since there is no potential for sale with this part of the population, there is no reason to invest resources marketing with no return potential in sight.
In the same way segmentation shows you where there is little to no profitability potential, segmentation also creates a call-to-action of sorts for companies in terms of what they actually bring to the table. Does your company fill a need or want in a given area? If your data is showing that what you’ve got to offer doesn’t mean a lot to some folks, there’s no need to invest in site selection for either a first business or secondary location. In other words, why go where you may not be wanted or needed?
If you’ve been paying attention, you’d have noticed that the common theme in segmentation so far has been data. Many people aren’t big fans of metrics, but doing business in the 21st century is all about data collection and analysis. Segmentation, in particular, thrives on not only collecting data but also making sure it’s the right data. There is no room for crossing one’s fingers and hoping for the best, especially segmentation is all about giving you a focused vantage point.
Finally, and perhaps most importantly, the best way to make sure that segmentation can supersize your marketing budget is by recognizing when you need help with the process. Not everyone is a numbers person. Moreover, one of the most important parts of segmentation is understanding that data can bring on a type of analysis paralysis (catchy, huh? ). It’s too much to look at & you can’t make sense of it. Plus, it’s easy to lose track of one significant notion – data is only information when it’s applied in the right way for the right decision.