Segmentation Is not A Bad Thing for Aiding in Consumer Behavior [Helpful info]
If we want to write a blog it can seem like a large task. It does not have to be if we take a little time, and work on our basics in consideration. Market segmentation is a process of dividing markets into smaller more defined categories. Consumer behavior is the factors that a consumer uses to make purchases. These two definitions help us to understand, but how can they help you in reaching the customers that you need?
Looking a little deeper at Segmentation.
A study done by Harvard Business claims that in the US, 85% of new products failed because of poor market segmentation. That is a staggering amount of product failures to think about. Marketing segmentation is about finding your products clients, but to help reduce failure, wasted resources, and cost. Obviously, no one wants to sell a unique dog product to an individual who does not own or care for canines! The marketing strategy of segmentation helps a seller to locate their ideal canine lover. This strategy lets a seller to know exactly who it is they are advertising to. A radio ad for the product may help get the word out on a product but putting advertising in a veterinarian’s office of doggy day care allows an advertiser to make a more impactful message to their consumer.
Talking about Consumer Behavior
This usually includes market research. From competitor’s analysis, interviews, focus groups, so on to surveys. This is finding out what the people want. To help you develop a product that is more likely to locate sales, but even if you know what they want there is additional things to consider. What is the competition of that products? What will it take to produce that product? Will it be a product that you can both produce effectively, compete in existing markets, and still locate a buyer? Now let’s say that a dog product for canine raincoats has been created, and they can produce it to sell at less than other competitors. Where will they sell it? This is another factor that challenges consumer behaviors. Will it be sold online? Will it be sold in a major retailor?
Combining for success
A survey found that approximately 45% percent of married men enjoy shopping. A study by Resource Interactive, found that in shopping online, men prefer sites with lots of pictures of products. Perhaps the visualization of the product helps men in visualizing a product in their real life, but these are things we must consider in market strategies. These descriptions are known as situational influences, and they are some factors that effect buying. Returning to our canine rain jacket product. If the rain jacket is sold on a floating barged located in a popular family tourist boating destination during a heavy rainstorm, then the price would not matter as much as giving comfort to the family pet during the storm. Though to be able to always gain such a selling location that appealed during a storm is not as easy as writing it. Though if a producer has conducted their research and made a sustainable plan for their product, they would have a boat in that water with knowledge that they can make sales others who are stuck in a store front in a town many miles away from the location did not have.
A successful marketing strategy would combine the research and the availability to find success in maximizing their profits. If you would like to learn more about segmentation, positioning, and consumer behaviors please see the wonderful resources below.
Please read these wonderful resources for additional information.
4 Types of Market Segmentation With Examples
The Complete Guide to STP Marketing: Segmentation, Targeting & Positioning
MARKET SEGMENTATION: YOU’RE DOING IT WRONG
GUIDE TO MARKET RESEARCH AND UNDERSTANDING CONSUMER BEHAVIOR
