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Strategic Marketing Segmentation & The 6 Consumer Segments

 

By: Josh Druck

Marketing Segmentation & The 6 Consumer Segments

Segmenting markets is a foundation for superior business performance. Understanding how buyers’ needs and wants vary is essential in designing effective marketing strategies. Segmenting markets may be critical to developing  and implementing market driven strategy.

Buyers vary according to how they use products, the  needs and preferences that the products satisfy, and their  consumption patterns. These differences create market segments.

Marketing Segmentation is the process of identifying and analyzing groups of buyers in a market based on similar response characteristics (like their frequency of purchase). Recognizing these differences in your consumer base, and how they change, better and faster is an increasingly important source of competitive advantage.

The most specific form of market segmentation is to consider each buyer as a market segment. This is the structure needed for better overall brand reputation management . Such fine-tuned analysis is now possible due to mass customization techniques, which offer an exciting new approach to serving the unique needs and wants of individual buyers.

Custom designed products now satisfy individual buyers wants and needs at prices comparable to mass produced products. The growing adoption of Customer Relationship Management (CRM) systems that integrate all the information about each individual customer into a single location provides amazing opportunities to lean about customer needs based on actual customer behavior.

Finally, it is important to recognize that segmentation has an international dimension nowadays in many markets.

Based on interviews about core values with 1000 people in 35 countries, 6 global consumer segments are considered to exist to a varying degree:

1) Strivers: Place more emphasis on material and professional goals.

2) Devouts: Tradition & duty are very important.

3) Altruists: Interested in social issues & social welfare.

4) Intimates: Value close personal & family relationships.

5) Fun Seekers: High consumption of restaurants, bars, & movies.

6) Creatives: Strong interest in education, knowledge, & technology.

The global study found that people in different segments generally pursued different activities, different products and also consumed/used different kinds of media. Be sure to consider this before choosing your market and consumer base to target.

 

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