Segmentation has been around since the early days of marketing. “One size doesn’t fit all” has become the mantra of brand communication. Marketers have been racking their brains to identify the best way to categorize their audiences – and while more options bring more complexity, going the extra mile certainly pays off.
Companies across industries increasingly rely on highly personalized communication and ultra-specific targeting. And they have good reason to, as email marketers have found a 760% revenue increase in campaigns that were segmented. So, it’s only right to ask yourself, “Have I reached my segmentation potential yet?”
Even those who are true innovators at heart need to see how dynamically market segmentation changes. As we venture further into the future, there are constantly new factors at play, be it disruptive technologies, big data or the ever-growing consumer demands. Learning how to build your segmentation strategy around these factors is what defines the leaders of tomorrow – while the others are left behind.
Here are the top five market segmentation trends for 2020 that will help your business stay ahead of the curve.
1. New ways to collect and process data
Data is the oil of our time, and that’s even truer of data on consumers and client preferences, which is considered critical or important by 94% of companies. New capabilities such as chatbots, forms, messengers, and website actions bring more inputs and thus more data altogether. As companies race to extract as much valuable information as they can,