The technique of grouping consumers together based on shared criteria is known as customer segmentation. These customer segments can help with marketing campaigns, identifying potentially profitable clients, and building customer loyalty. One can conceive the market segmentation process in three steps as a customer segmentation driver:-aligning on problems and principles, generating the segments, and promoting internal acceptance. Since the customer group is a vast set of people who vary based on geography, demography, culture, taste, and preference, it is important to divide the customers based on these factors. The following image shows the four types of segmentation of the market:
The customers can be divided based on geographical locations such as different countries, cities, urban and rural areas, etc.
Further, there can be a categorization based on demographic factors such as age, gender, education, and income.
Moreover, it has been noticed that due to different psycho-graphic characteristics also there can be segmentation. These factors include the type of profession, education, goals, and areas of interest.
Finally, the last factor based on which segmentation is done is on behavioral factor. This includes the attitude and preferences of the customers.
Customer Size as Segmentation Variable
It is important to understand that it is not needed to segment the market if the customer base is small. Market segmentation is done only because the customer base is very large and varying. If the customer base is small, the company can address each specific customer’s need and provide a customized product or service to them. The problem arises only when the customer group is large, and it is not possible to understand the different needs and expectations of a different set of customers. Hence, customer size is the basic reason why the segments are formed. Customer size can serve as a segmentation variable when the segments are formed based on geography. If the customer group is of average size, fewer segments can be created to understand the market better. For example, segments based on cities can be formed. However, if the customer group is very large:- it can further be divided into many segments so that each segment can be addressed properly. For example, within a city, more segments can be formed area-wise. Like this, the size of the customer group plays a key role in the segmentation of the final market.
Advantages of Customer Segmentation
When a product is designed, it may focus on one specific sub-group of the customers. Hence, it is important to divide the entire customer base into small sub-groups or segments. The company can identify which segment is the niche market for the product manufactured by them. It helps the company to target its promotional and sales activities towards the desired set of customer groups. It also helps the company to understand the changing needs of that specific group and strategize their new product features and services accordingly. This allows the company to hold a good market share and stay competitively ahead of the other players in the market.
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