The growing importance of marketing

segmentation
Before going for any segmentation, a company should know about its current market size
and future market size. This not only makes a company more responsible but also makes
them future-ready and can plan their operation properly. Also, the most important thing for
a company is to measure the market demand. In this marketing can play an important role,
it not only is a part of bringing products to the customer but also it researches the market
and helps the company analyze the demand in the market. Marketing also plays a great role
in increasing the value of the customer and product. It uses strategy to build a relationship
and develop loyalty towards the company. So, now the question comes why marketing is
not enough to reach the desired target by the company and how segmentation plays an
important role in marketing.

In many ways’ customers are similar but not identical. It means that their preference and
behaviour for the product can be similar, but the expectations can be different. There is no
single way to segment the market. For a company to be competitive globally several
combinations of segmentation are needed. Organizations will need to innovate, change, and
adapt according to the situation. Over the year’s customer pool has diversified socially,
geographically, demographically, and psychologically. This is where marketing segmentation
becomes important for the success of the company. Marketing segmentation strategies can
be made by considering the attributes of the targeted market. Segmentation can be done
based on age, gender, and social need though it is hard to pinpoint a particular attribute.
Companies need to be clever enough to come up with a good mix of marketing
segmentation strategies. Creating a proper marketing segmentation can send a positive
message to the customers that they are transparent about who their purchaser is, and they
care about them.

Marketing segmentation strategies also can be built to satisfy a specific group of customers.
Where instead of providing the same service or product they tailor each product and change
targeting strategies according to it. By using customer segmentation some companies can
allocate the resources at the right place where customers will most likely buy what they are
selling. To explain properly we can take the example of Lamborghini or BMW who target
especially certain customers knowing their purchasing power.

Buying behaviour is also an important attribute that can help to shape up the marketing
segmentation strategy. But before analyzing the buying behaviour of the market
organization must be clear about the market segment they are targeting. Analyzing the
buying behaviour can help the company know the customer’s pricing plans and
commitment towards the product. Whether customers will make an extra effort to engage
with the product if it is important to them considering that they have no prior information
about the product.

So, in conclusion, we can say that a company needs to be vigilant while using a marketing
strategy. A no of combinations must be made to get a proper strategy for their product or
service. The Sooner a company will realize the diversity of the customers is arising, the
stronger the approach will be from the company.

BY

DEBJEET GANGULY