Market Segmentation Analysis: Leveraging Effective Segmentation Strategies to Carve a New Market
In today’s competitive business environment, businesses are targeting new ventures to improve their competitiveness and profitability. To deal with the high level of market competition and benchmark their product portfolios, organizations have started targeting customers by offering innovative products and services. On the contrary, offering extraordinary products and solutions to limited customers is like owning a […]
In today’s competitive business environment, businesses are targeting new ventures to improve their competitiveness and profitability. To deal with the high level of market competition and benchmark their product portfolios, organizations have started targeting customers by offering innovative products and services. On the contrary, offering extraordinary products and solutions to limited customers is like owning a business with no initial capital investments. To effectively sustain themselves in the competitive market, businesses should focus on identifying the market segments and needs and wants of different market segments. Market segmentation analysis allows organizations to discover new segments, market niches and business opportunities, and new ways of positioning their products. Moreover, by effectively analyzing market segments, companies will be able to tailor their marketing mix based on homogenous audience requirements.
Infiniti’s market segmentation analysis assists the client to identify the parameters for positioning their portfolios in the market in terms of demography, psychographics, and research. The demography allows the client to position their products considering their target audience, including the age, gender, race, location, and education background.
A global digital camera manufacturer was looking to increase their reach across different channels and wanted to devise effective strategies to carve a new market segment. A significant rise in the number of smartphones with better quality cameras has negatively impacted the growth of the digital camera market globally since most consumers prefer using smartphones as an alternative to a digital camera. The primary objective of this market segmentation study was to develop a niche market focusing on the younger demographic.
To appeal to the younger demographic and raise awareness about kid’s photography, the client approach Infiniti’s market segmentation experts to derive better insights about the market space. The market segmentation experts also carried out a market analysis by taking into account the opinion of key bloggers and online advertisers. Also, the experts carried out contests and the updates were further synced with Facebook to increase traction. In addition, the market experts curated innovative ideas pertaining to photography related content to increase revisits.
Market Segmentation Analysis Solutions Benefits
- Targeted middle-income families to bring the brand closer to the target audience
- Conducted workshops and photography courses to prove the younger demographics’ interest in photography
- Create a culture of kids photography
- Build engagement with the new target segment
After comprehensive campaigning and workshops, Infiniti’s market segmentation analysis solution helped the client gain traction in terms of the number of new visitors and returning visitors. The campaign also witnessed a surge of 40% in market shares as compared to the last year.