As a student of marketing, you must be aware that it plays a pivotal part in determining the success of a business. You need to think about which customers to target. You need to determine how you will reach out, win over new customers, and keep the existing customers happy.
Market segmentation is a small but significant part of the whole process that helps students to achieve the objectives mentioned above. So, let us delve further with pertinent examples from Adidas market segmentation.
The first and foremost step is to determine the target market. You must be clear about what should be incorporated in a common segment. Always ensure that the individuals have something in common.
For instance, when you are carrying out Adidas marketing segmentation; you need to understand that a male and a female can’t be in one segment as they have different expectations and needs.
Once the target market is identified, it’s vital to find out the needs of the target audience. The product must fulfil the expectations of the individuals. In fact, there should be proper interaction with the target consumers to know more about their demands and interests.
For instance, Adidas in its marketing segmentation process has divided its target consumers into demographic, psychographic and behavioural factors.
For every brand, it’s important to check that their target market is well defined. Keeping that thought in mind, you need to create subgroups within groups for effective outcomes.
It is essential for you to monitor and review the needs and preferences of individuals belonging to each category and sub-category. Now that you have defined the market clearly, you need to understand what type of different consumers form that overall market. To do this, we need to review the list of groups or categories and their variables.
You might have to elaborate on the segments and create profiles. It’s possible that you may not get adequate information about some factors. In that case, you can either make a logical assumption or don’t incorporate the factor in the segment profile. You must remember that the task here is to elaborate and understand the segments in a better way.
Come up with pertinent strategies to promote the brand among the different segments that you have created. Now, you must understand that you can’t afford to prepare the same strategies for all the segments.
Also, you need to focus on establishing a connection between the product and the target consumers. Like advertisements promoting empowered women can’t afford to have a male model, else the purpose will be lost.
You need to continuously monitor and study the behaviour of the target consumers. It is not necessary that people would have the same requirement or demand all throughout the year. Demands change with time, perceptions change and interests differ. This is why a detailed study of the target audience is extremely crucial.
Using all the information you have gathered so far, you can determine the most suitable target market for the brand. It is essential to gain sufficient idea about the size of the target market. So, collect necessary data for the same.
Once all these steps are followed diligently, the process of marketing segmentation turns out to be successful.