Tag: customer profiling study

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How to Build Effective Market Segmentation Strategies?

Before entering a market, businesses must devise an effective market segmentation strategy. Organizations can leverage market segmentation strategies to streamline their marketing plans and devise targeted marketing campaigns that appeal to specific groups of consumers. Market segmentation enables the marketers to slice and dice a broad target market into specific consumer groups with key similarities. Identifying viable segments helps the marketing function to not only target the consumers but also in position the product or service in a way that appeals to the potential customers. Market segmentation is the key to successful marketing campaigns and helps minimize the wastage of resources and time.Get More Info

Importance of Market Segmentation

Segmentation helps in identifying similar customer groups or clusters, thereby devising effective strategies to meet their unique needs. What is the importance of market segmentation, you ask? In simple words, it helps the organization market the right products to the right customers. Additionally, it enables businesses to direct their efforts towards profitable segments that help the company to grow in the long run. Why do organizations need to segment their markets, you ask? Every organization caters to a wide market base, making it impossible for them to cater to customers, individually. The main objective of conducting a segmentation, targeting, and positioning (STP) process is to certify that the identified market segments can be used to reach the potential target markets.

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Checklist for Effective Market Segmentation

An effective market segmentation strategy enables the company to streamline processes, reach the intended audience, and offer the accurate product or service with minimum wastage of money and time. Businesses can ensure effective market segmentation by devising strategies that offer the right product to the right customer at the right time. It is crucial for marketers to test the potential effectiveness of their marketing strategies and segments with the help of a five-point checklist, which includes

  • Identify market segments that are measurable in sales or volume terms, thereby devising market entry strategies and marketing campaigns for the particular segment
  • The market segment must be substantial in size and have a stable consumer group, that is unlikely to disappear, dissolve, or witness short-term changes in the consumer traits and preferences
  • An effective market segmentation strategy ensures that the selected market segment is accessible through various marketing campaigns and promotional activities. Marketers are aware that every market segment responds differently to different promotional campaigns, mediums, and channels depending on the consumer traits
  • Organizations must ensure that the segments are internally homogeneous but externally are different from each other. Differentiable market segments avoid overlapping of resources, campaigns, and marketing tools
  • The identified market segments must be actionable. the marketing or sales function can attract customers and serve them; thus, yielding positive and easily quantifiable outcomes.

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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 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.

The Business ChallengeIR_Brochure

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.

Our Approach

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

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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

The Result

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.

A must-read market segmentation case study for strategy experts and decision makers looking to develop an an understanding of the key market segments.

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Customer Intelligence Study Assists an Automotive Parts Supplier to Understand Customer Behavior

With a wide array of options manifested in the form of choices, customers of today are more demanding and less loyal. The contribution of technology has further influenced the customer into being more rational and well-informed – where they look for the value of the products rather than the brand associated with it. The recent study on customer intelligence highlights the fact that the lack of loyalty is the utmost concern for leading retailers. Consequently, to associate with their customers’ choice and preferences, reputed organizations have started investing highly in customer intelligence solutions to engage with their consumers. Customer intelligence mainly involves the study of so called “fast and furious customers” and their behavior patterns to make effective and intelligent business decisions.

Infiniti’s customer intelligence solution delivers a holistic overview to the client by analyzing customers’ buying behavior, web activity, and social media presence. Also, the customer intelligence solution focuses on building a robust customer engagement strategy while creating long-lasting relationships. Infiniti’s effective solutions also assist clients in leveraging the use of robust market assessment tools to gauge customer information.

The Business ChallengeIR_Brochure

Just like any other automotive supplier that employes a considerable number of employees, the company was facing challenges understanding customer behavior and looked to leverage customer intelligence solutions to organize and gather data in more efficient ways.

Through this customer intelligence study, the client wanted to understand the visitor’s behavior, marketing effectiveness, and product differentiation strategies. Since there were no possible ways that the supplier could understand the market for specific products, the supplier had to analyze the behavior patterns of the automotive products and their preferences over preferred choices.

The Journey

To gain a deeper understanding of customers’ behavior patterns, Infiniti’s team of analysts decided to craft a customer intelligence dashboard with intuitive information on client’s different preferences. This dashboard also collated data across different dimensions such as transaction data, clickstream data from google analytics, and website behavior data and generated meaningful insights into customers’ buying patterns.

Automotive parts supplier

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Customer Intelligence Solution Benefits

  • Gained comprehensive insights on the client’s buying patterns
  • The dashboard provided insights on the individual performance of brands
  • Assessed the customer journey tracking from the initial browsing stage to the on-sight stage
  • Gained a consolidated view of the stakeholders’ performance metrics

The Results

With the help of Infiniti’s effective solutions, the client was able to create a robust customer engagement strategy based on customer insights. Also, by integrating information gathered from different sources, the client was able to analyze individual customers’ likes and dislikes, predict customer behavior, and deliver tailored actions across channels. Moreover, the customer intelligence solution also allowed the automotive client to target the right potential customers at the right time.

A must-read customer intelligence case study for strategy experts and decision makers looking to develop an effective market entry strategy for the automotive landscape.
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Customer Profiling Study – Leverage Insights to Gain Market Share in The Remittance Industry

The recent customer profiling study by Infiniti Research on the receive market helped a global money transfer company understand the market dynamics, current market landscape, and identify challenges to enhance their market position in target regions.

Overview of the remittance industry

A money transfer or remittance company facilitates transfer of money between individuals residing in different countries. Money transfer companies are increasingly pressurized to improve service quality and offer better process for customers. To sustain their market share, remittance companies must devise market strategies to expand by exploring opportunities in emerging markets. Infiniti helped a leading money transfer company to explore the possibilities and opportunities in the Ukrainian market, develop strategies to gain market share, thereby drive revenue and sales to gain a competitive edge over the other players in the market. The solution focused on profiling customers to understand market dynamics and emerging trends in the remittance market.

Leveraging social media for money transfer

Money transfer companies are adopting social media platforms such as Facebook to facilitate cross-border payments and offer local currency payment API. These applications simplify consumer experience, enhance payment flow, thereby making it easier to price virtual goods. The market potential for money transfer through social media application is huge, thus, creating an opportunity for remittance companies and social media players to monetize their customer base.

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Solutions and recommendations

The market intelligence team at Infiniti Research offers various solutions to understand the current scenario in the remittance industry and its growth prospects over the next few years. Some of the solutions offered include:

  • Market opportunity assessment to gain insights on the current sales prices of various ICU and OR room equipment
  • Help develop effective strategies that will promote growth and expansion in various market sectors
  • Offer insights about the consumer purchasing behavior across various regions
  • Develop an analytical framework to identify reliable information sources
  • Help organizations understand the various factors that are affecting the purchase of ICU and OR equipment

Read our comprehensive case study on Customer Profiling Study on the Receive Market.


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