Customer segmentation is at the core of marketing practice, yet practically does not help much due to lack of innovation in the segmentation strategy. The forecasting study no longer involves only looking at demographic indices or age groups. It is wide, complicated and micro-segmented. A comprehensive theme “18-24 year old males” is too broad a category to adequately describe a customer base.
Knowing who your audience is and what they think has never been so important. There is a need to look at a multidimensional approach to expose the vast, untapped business opportunities.
Moment Segmentation
In a digital and social age, the consumer uses the internet to do things differently depending on conscious goals and unconscious perceptions. Moments are instances that drive consumer action, which can be perceived to gain deeper insights. Moment segmentation preserves this interaction between internal factors and external context as a consumer steps into different moments of their lives.
Interests and Value Segmentation
Create segments on factors that reflect actionable characteristics from the vast and valuable statistics available via Facebook and Google profiles. A deeper analysis of the interests, cultural values and lifestyle characteristics can bring to light specific opportunities.
Targeting the “Switchables”
The “Switchables” are the consumers who buy your brand only at specific occasions. According to marketing and research consultant Joel Rubinson, promoting and advertising to “Switchables” will yield a much higher response than from those who are loyal to your brand or some other competitive brand.
Today, Big Data enables us to follow the journey of technologically empowered consumers’ to create their solutions. Although traditional market research concepts can create a small number of segments that reflect sizeable opportunities, ad targeting is all about micro-segmentation.
The Buzz in Business 