Targeting High-value Consumers Through Segmentation Marketing

Many organizations find that there is real value in separating or segmenting their consumer lists into various groups

. Doing so allows you to customize marketing materials toward certain demographics, which is more effective than implementing a blanket strategy delivered to their entire customer list.

Few companies have the resources to successfully reach an entire market. By segmenting consumer lists based on a number of different categories, such as gender, income level, geographic location or spending habits, an organization can adapt its strategies to attract groups of high-value consumers who share the same wants and needs. For instance, an email list campaign that uses gamification might be effective at engaging the younger audience, but neglects older individuals who may prefer receiving direct mail. When the market is divided into smaller segments, your company can account for such differences between groups and streamline its consumer list marketing efforts to ensure the greatest ROI possible.

Before you start collecting profits, you must figure out how to segment the market for maximum impact. For a consumer list segmentation strategy to be worth the investment, youll need to make sure that each group you wish to target includes a large and sustainable customer base that is likely to respond to market stimuli.

Consider the following common ways to segment your consumer lists into different groups that will be most likely to purchase your companys offerings:

Geographic segmentation: The company aims its marketing efforts at specific geographic regions, from a particular neighborhood or zip code to an entire city.

Demographic segmentation: The market is divided into various demographic groups, such as gender, age, family size, income, education, religion, race and nationality.

Psychographic segmentation: Individuals are separated based on their lifestyle, personality and values, regardless of location or demographic.

Behavioral segmentation: Using data about consumers spending habits as well as their knowledge or use of a product, individuals can be grouped together based on their consumer behavior.

In order to develop an effective consumer list segmentation marketing strategy, it is crucial to perform comprehensive data analysis to recognize the groups most likely to be high-value customers and identify the individuals comprising each segment you wish to target. Using such information, you can gain deeper insight into the behavior of individuals on your consumer lists, the size of each segment and the revenue potential each one presents.

In order to benefit from a consumer list segmentation strategy, it is crucial that you have the information needed to group the customers appropriately. Through an extensive database of millions of consumers, Redi-Data can help you append your current consumer list with key data points needed to segment customers into any of the groups mentioned above. Moreover, once you have identified the most profitable customers, Redi-Datas specialty lists can be used to find even more individuals who match the same profile. Equipped with such information, you can focus your marketing efforts on those proven to be the best customers.

by: Cindy Lanzendoen

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