Before designing any sort of marketing strategy, organizations should have a thorough understanding of their best potential customers. Enter market segmentation. Market segmentation involves dividing your market into groups of consumers sharing similar priorities—then, targeting them with specific, customized marketing messages that seek to meet each segment’s unique needs, desires and motivations. Done right, market segmentation can help organizations increase profits, reduce costs, successfully develop new products and enter new markets.
This Blue Paper® discusses the evolution of market segmentation, its benefits and potential pitfalls and how it serves as the foundation of any marketing strategy. It also offers an in-depth, six-step guide to help organizations get started.