Even with the technological advances and vast choice of media at our disposal, the possibility of effectively reaching “everyone” is nothing more than marketing utopia.
Small companies develop into large corporations because they realise that segmentation multiplies opportunities. They also realise that market segmentation is the most efficient and profitable means to better client service.
Unless you want to remain a small, run of the mill business you have to realise that you cannot be all things to all people all of the time. This is especially true in business. You simply do not have the time, energy and money to give every customer everything they want.
Through the process of market segmentation you will group clients together who have similar requirements or behaviour. Once you have set the criteria for your focus groups you can begin to tailor your products and services in a way that will appeal to your focus group, and therefore “attract” the clients you want.
The trick of segmentation is to have more than one market segment. In other words, you need more than one product or service with every product or service aimed at a specific segment of the market. The more segments you have, the more opportunities you will have.
As time goes by you will notice that new segments emerge. You will also notice that your existing segments are living organisms. They constantly change as a result of economic climate changes, advances in technology, political influence, fashion trends and a whole range of internal and external economic factors.
Start growing your business through successful market segmentation and claim a bigger piece of the pie.
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