Business and Consumer Driven: Market and Multidimensional Segmentation
By Kym Gordon Moore
What methods or tools do you or your organization use to expand the application of segmented marketing? Do you identify and develop products for a particular segment of consumers who other companies in your industry do not target? Is your customer driven marketing strategy parallel to your multidimensional segmentation approach?
Companies seeking to identify and reach target markets, while developing segmented marketing strategies are using different approaches and tools for their industries. Well-defined segments based on a number of variables such as behavior, geography, demographics and psychological profiles relate and influence a consumer’s needs, lifestyle and purchasing behavior. Beyond traditional marketing practices, many companies are approaching segmentation to target certain niches within their marketing reach.
Achieving specific goals require developing and implementing a marketing strategy that includes product, promotion, price and distribution in your marketing mix. Systematically collecting information and researching data about the buying behavior of current and potential customers will help to guide key marketing decisions. Buying behavior is based on psychological and social variables, such as culture, attitude, social roles, character traits or habits.
With multidimensional segmentation, instead of grouping variables into one category, they are divided into several different groups of variables. Data that is collected directly from respondents and data that is compiled by internal or external organizations help to guide marketing decisions. Some methods are not statistically flawless and the process can pose some confusing results. If different groups of variables are segmented and create independent segmentations, then each respondent could fall into multiple segments. This type of marketing approach can cross over into other data gathering segments that include categories of pricing, culture, demographics, gender, age, lifestyle, social media and communication preferences.
Customer driven marketing strategies helps to focus on the needs of a business’ target consumers and gives organizations an edge in a highly competitive market. Dividing your marketing plan into customer groups will build the right relationships and create meaningful customer value that will appeal to your customer’s characteristics.
Kym Gordon Moore, author of “Diversities of Gifts: Same Spirit” and “Wings of the Wind: A Cornucopia of Poetry” is an award winning poet, author, speaker, philanthropist, certified email marketing specialist and an authority in strategic marketing. http://www.kymgmoore.com She is co-founder of Favorite Things for a CAUSE http://www.favoritethingsforacause.com and was selected as one of the 2012 U.S. World Book Night Volunteer Book Givers.