Increasing the efficiency of your marketing
October 7th, 2009
Even though economic recovery might be in sight, marketing budgets won’t bounce right back and there is certainly no room for waste. More than ever before, marketing needs to focus on that part of the business that differentiates you strategically. You’ll understand in which business areas marketing spend can be cut and which areas need extra investments. In essence, marketing investments need to become more efficient.
One of the weapons in the fight for increased efficiency is behavioral segmentation. While it has been around for some time, relatively few companies have actually discovered it. Many still stick to traditional, less insightful, and thus less effective segmentation methods - if they segment at all. The great advantage of behavioral segmentation is that it allows you to get into the mindset of a customer, and it will give new insights in how you should differentiate strategically. By doing so you can more effectively drive product development, sales initiatives, and marketing communication from it.
I recently read an article in the McKinsey Quarterly that zoomed in on the wealthy in China, underlining the benefit of behavioral segmentation. “…Easily obtained demographic information - age, gender, and income, for instance - offers little help in separating China’s wealthy into segments with differing attitudes toward, say, borrowing, fashion, or obvious displays of wealth… More meaningful differences emerged when we considered what respondents said about their needs - the need to feel unique, for example, or to feel financially secure.”
Tuning into customers’ needs will offer a much better way out of the recession than price dumping - a strategy used by many companies. A recent survey in the Netherlands showed that while supermarkets are aggressively offering discounts, the amount of the Dutch consumers that are price sensitive hasn’t changed due to the recession. According to Trendbox, whom conducted the survey, the only consequence the discounts have had, is that discounted products have replaced the purchase of normally priced products. However, the discounts did not bring any extra customers, as the choice of their supermarket is based on other, more valuable parameters.
Especially when combined with demographic segmentation, behavioral segmentation helps companies to truly move from being product oriented to being value oriented. It will give companies the opportunity to position themselves in a way that is true, relevant and high value to their customers. Once this is done, companies can focus on the right customers, with the right proposition, and make sure that the right customers stick around longer.
Written by Pim Schuitemaker, October 7th, 2009 in category Marketing
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