Carpenter Group recently published an article on market segmentation, which focuses on how Big Data can redefine company-customer communication and how to analyze the viability of segments.
Polly Carpenter recently issued “Market Segmentation: Strengthening Your Brand One Customer at a Time” in LIMRA’s MarketFacts Quarterly (June 2015). The article focuses on consumers’ increasing demand for messages tailored specifically to them, and how marketers can leverage Big Data in identifying new communication channels between companies and customers, stimulating the two-way flow of information.
Data, however, is not an end in itself, notes Carpenter. Marketers need a clear strategy that distinguishes which segments are worth targeting: It is important to scrutinize market segments to make sure they are compatible, identifiable, substantial, accessible and measureable.
Starting with this solid foundation – one that identifies meaningful segments that match what a company has to offer – helps generate the kind of messaging that resonates with each segment and inspires action. Such prioritization also allows for the efficient allocation of finite resources.