Mercedes, before planning on releasing its S Class in India, had to evaluate whether its target segment is addressable. It targeted demographically middle-aged, educated people with high income. Evaluate the feasibility of this segment using the MAADS criteria.
Answers
What is target segment market? This segment looks at how consumers interact with brands and products. For instance, you can look at which platforms your ideal customer most frequents, their social media usage, and their customer journey online. Businesses tend to feel this is the most important criteria to identify their target market.
So what are the requirements for effective market segmentation? Effective segmentation should be measurable, accessible, substantial, differentiable, and actionable. When a company has segmented their market accordingly, there is a higher chance that it will become more profitable and successful in the long run.
What is Target Market Segmentation, and Why Does It Matter?
Target marketing segmentation is where you divide your potential customers into segments. You’ll then focus on a few segments (or groups of people) that align most with your product or services. Doing so helps you tap into their needs and desires to attract new sales and increase longevity. You can also drill it down further by creating a marketing strategy for more specific groups of people — such as using different promotions and how you deliver your products or services. That way, it helps your marketing campaigns be more cost-effective, allowing you to spend time only on one focus at a time. Let’s say you have a business where you rent out photo booth accessories for weddings and events. Instead of spending thousands of dollars on print ads in random publications, you’ll first see who your target customers are. Based on this information, you’ll then focus your marketing campaigns by placing ads in publications where your target audience is most likely to see them. That way, it’ll increase the chances you’ll get a return on your investment.
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