Aviation Leadership and Management Skills Development - Marketing Segmentation

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Sofema Online (SOL) www.sofemaonline.com considers the opportunity to introduce segmentation into the Marketing Mix

What is Marketing Segmentation?

Market segmentation is essentially a technique to allow the division of our target market into smaller and more manageable groups based on a number of common metrics to permit.

Market Segmentation recognizes that customers of each market segment have characteristics that we can leverage to advance our marketing efforts by enabling better communication and engagement with our customers.

       » To focus marketing efforts on our individual customer segments
       » To be able to cater to the specific wishes & needs of our Customers
       » Optimization of the marketing process
       » More Effective Advertising
       » Target Sales Effort

Reality Check - There are many Differences to be found in interests, personal values, as well as preferences, all of which can differ significantly country by country and state by state.

Considering the Different Areas and Types of Market Segmentation

      » Geographic Segmentation

o   Targets our customers based on a predefined geographic border.
 
      » Demographic segmentation

o   Considers multiple variables such as age, gender, education level, family size, occupation, ethnicity, income, etc.

      » Psychographic segmentation

o   Focuses on the intrinsic traits of your target customer.

o   Including values, personalities, interests, attitudes, opinions.

      » Behavioral segmentation

o   Focuses on specific reactions and the ways customers go through their decision-making and buying processes. (Attitudes toward our Brand for example)

Benefits of Segmentation

      » Supports Business Growth

o   Develop new ways to engage with existing customers

o   Find New markets for Potential Customers

o   Develop New Product Lines  

      » Rebranding
      » New Brands & Products
      » Reach out to New customers
      » Lower spend rate for the Marketing ROI

o   Efficient business process = reduced spend

Building Brand Loyalty

By targeting and rewarding customers who already have an affinity to our brand we can build a community which can even become aspirational

      » Consider rewards programs which can enhance Brand Loyalty
      » Brand loyalty can produce a consistent buying pattern where customers love and stay loyal to their brand for a consistent purchase cycle.

Common Segmentation Mistakes

      » Creating too small of segments which diminishes the potential buying power of the group
      » Falling behind with Strategy Development (People Change and Attitudes Change
      » Focus on the segment instead of the revenue potential (ensure buying power and need for the product to ensure a positive ROI)
      » Do not assume your market is balanced because you're making sales, there is a significant opportunity when we can correctly engage with our target audience

Engaging with your Target Market?

      » Use surveys focus groups, polls
      » Make sure you’re asking questions that will provide quantifiable answers
      » Create dynamic customer segments that are unique to your brand.
      » Focus on the buying power of the segments
      » Always test your target market.
      » Develop conversion tracking to determine the effectiveness of your strategy.

Final Remarks

By determining the proper strategy for your objectives and optimizing the engagement using market segmentation we can increase the ROI and drive an effective and successful outcome.

Next Steps

Please email team@sassofia.com with any comments, questions, or suggestions

Sofema Online introduces a new series of courses focused on the development of Soft Skills Aviation Leadership and Management Skills Development – see here for details of our Aviation Leadership Diploma:

https://www.sofemaonline.com/lms/courses/268-aviation-leadership-and-management-skills-development-diploma/preview

 

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