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Market Segmentation: The Art of Selling More to Few

Posted by Rishabh Arora
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Market segmentation can emerge as a decisive marketing strategy. Its primary objective is identifying and delineating market segments or a specific set of buyers that can become prospects or targets for company’s long term market plans. The major benefit of marketing management is that it is useful in devising a technique that divides total demand into large homogenous segments that can be identified by visualizing some common traits. Such characteristics are pertinent in explaining and in envisaging the response of customers in a market segment to a marketing stimulus. 

Many business conglomerates often take help from professional call centres services to divide the market into homogenous segments. These call centres lend a helping hand in subdividing the market for their clients on the basis of demographic, psycho-graphic, geographic and behavioral variables. Marketers can further study all the variables related to a specific target market so as to gauge the desirability of potential market segments. Once a segment is identified that meets such requirements, it becomes feasible to develop an offering that meets the requirement of this segment. A result-oriented market segmentation often makes attempts to create a rapport with customers that can be sustained over a long period of time. 

Let us now discuss in detail the factors based on which many businesses disintegrate their customer base into smaller segments so that they sell more units of their offering to a limited set of customers:

Demographic factors

When business units try to break down the market by variables like age, gender, occupation, income, family size, race or nationality, they are using the most widely used form of segmentation commonly known as demographic segmentation. These business setups often opt for expert call centres services because of their proficiency in collecting the required data that will help an organisation divide the market as per their offerings. Various companies from European shores trying to sell their products in Asian markets opt for call centres India or Bangladesh because of their knowledge of Asian markets and their proficient levels of communication with people of other member countries. This will help such companies in devising a comprehensive integrated marketing strategy based on varying demographics.

Psychographic factors

When a business entity tries to categorise their customers by their attitude, lifestyle, interests, personality and other factors, then it can be concluded that they are disintegrating their customers on the basis of psychographic factors. Organisations often opt for professional call centres services that have their research tools in place to divide their customers into different segments. Opting for such call centres will help in analysing the psychographic makeup of the entire population. Grouping the people with similar characteristics on the basis of personality and traits will help in devising a suitable marketing strategy for the future.  

Geographic factors

Many organisations often tend to segment their market geographically when they are trying to focus on a particular area. Having proper knowledge of integrated marketing communications strategies will make it very easy and cost-effective method to drive home the advantage and gather good numbers to drive the business in the best possible manner. Business conglomerates also make effective use of call centres services when they see that there are regional differences in customer expectations. For example, call centres India, Indonesia and Bangladesh have helped many multinational companies entering their countries in delivering their offerings to the most sustainable customer base at the least possible cost because of their ability to segment customer bases on the basis of their geography.

Behavioral factors

Many industry experts often wonder as to why customers act and behave in a certain way when it comes to buying or consuming a particular product or service. The most intricate thing to do is to understand customer behavior and segmenting our market on the basis of these characteristics which can help in creation of more dominant marketing programs. Segmenting markets on the basis of behavior is completely opposite to mass marketing. While there is no differentiation of market in mass marketing as there is uniform packaging, pricing and promotion in complete isolation with customers’ relationship with the product; behavioral segmentation focuses on dividing the market in a way customer responds to in the more personal manners. Organisations often opt for expert call centres services to consider opinions, hobbies and interests of the target markets.

Read interesting Article at: Importance of Call Centre Analytics in Improving Customer Service

It can be derived from the above discussion that a combination of all the above factors is required to target the set of customers most suitable for an organisation’s overall vision. Many business conglomerates who do not have the required mechanism to gauge the factors mentioned above look to take help from professional call centres services that are more adept in analysing the changing market dyanmics and the ever changing customers’ tastes and preferences. Such call centres provide the much needed direction to their clients and will surely help them master the art of selling more to a selected few.

 

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