Market Segmentation Analysis
The global consumer electronics industry is undergoing a rapid phase of change as leading brands are increasingly focussing on developing personalized product and service offerings for their customers. Also, with the proliferating marketing platforms today, making marketing and promotion more organized and targeted is becoming pre-requisite for businesses. This is where the real power of leveraging market segmentation analysis comes into play. Market segmentation analysis helps businesses to enhance customer retention, establish brand identity, better customer relationship, and increase sales conversion.
The client is a consumer electronics company based out of North America.
The client, a consumer electronics company, was looking to devise a sound marketing strategy to market their new digital cameras. They wanted to efficiently utilize their marketing budget to focus the most lucrative customer segments. To do so, they wanted to understand their customers’ needs and demands and categorize customers with similar requirements together. By doing so, they wanted to personalize marketing advertisements for different target audiences. They approached the experts at Infiniti Research to leverage their expertise in offering market segmentation analysis.
Other key objectives that the client wanted to achieve by leveraging Infiniti’s market segmentation analysis were:
- Focus the most profitable customer segments and enhance customer retention
- Better reach out to the target audiences and enhance competitiveness
- Devise personalized product/service offerings for their customers and better customer relationship
- Identify the right marketing channels to reach out to the target customers’
To help the client tackle the above-mentioned challenges, the experts at Infiniti Research conducted a four-phased approach that involved:
Customer needs assessment to analyze the evolving needs and demands of target customers
Customer satisfaction survey to understand the satisfaction level of customers regarding the client’s product and service offerings
Sales assessment to evaluate the market potential for the new product in the next five years
Customer segmentation analysis to group customers with similar characteristics and needs together
By segmenting customers into different sub-categories, the client was able to gain detailed insights into their customer segments. This helped them to devise personalized offerings for them. By leveraging Infiniti’s market segmentation analysis, the client was also able to create targeted advertising and marketing campaigns for different subsets of customers.
In addition, with Infiniti’s market segmentation analysis, the client was able to:
- Increase competitiveness
- Enhance customer retention and reduce churn rate
- Enhance sales and revenue
- Efficiently utilize marketing budget