Thursday, September 17, 2009

The three most important cornerstones of marketing: segmentation, segmentation and segmentation

This will be the very first time that I write about market segmentation on this site. I'm one of those people who just love segmentation and what it offers! And the reason why I regard this marvellous tool so highly is this. Segmentation is like the torch in a pitch dark room. If you have your segmentation in place you can identify the right direction and move along. And if you don't have it you will always feel slightly lost. Not to mention that you will spend countless hours discussing 'who should be my target group?', 'how big is this market?', 'in which direction should I take this brand?' and so on, and so on.
Unfortunately it's my belief that the highly important area of market segmentation is not taught well at Swedish universities. And I believe that there are many out there who think that effective segmentation is 'a la' Kotler style ... 'demographic', 'geographic' bla bla bla...
And, it's certainly not! Effective market segmentation is about creating an in depth understanding of consumer needs and consumer mentality. And to break down this complex set of data into manageable chunks of 'similarity' or likeness'. Each chunk then represents a certain consumer need or consumer type. I will get back to this in more detail soon!

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