Difference is the nature of the existence. No two things on the earth will be same. “This” cannot be “that” ! Philosophers call it “Binary Opposition”, Theists believe it as “Separatism” to sieve between man and the God. We business people call it 'Segmentation'. Segmentation can be among Consumers, Product line or anything else. Here we are referring to the market i.e “Segmentation in Market”.
More than half of new products proves to be a catastrophe. The remaining part which succeeds have not got blessed by some unknown fortune, but with the conscious insight of 'market segmentation'. If the theory behind categorization of markets are defined and hence assumed fundamentally inaccurate, then we will miss the track of 'segmentation'. Considering all the persuasive techniques we tried to reach them, what ever consumers thinks is conclusive. The same theory applies for categorization. But, when marketers are in misalignment with the customer's thought of grouping of products, we get it impaired.
Prior to the Segmentation, we need to know the primitive component which constitute the whole paradigm : “The Segment”. A 'Segment' here referred is an entity which gets defined when there is considerable difference from an existing customer base. The difference hence inferred have to be identical across all the probabilities to get themselves listed under certain segment. There are welcoming chances of misalignment which was resulted not by lack of experience but by presupposed assumptions. The consequence of need to get a solution accompanied with a 'superior value' create a circumstances of customers buying a product. In other words, it is a utility they are asking, of which outcomes they are trying to achieve builds up a categorization of markets. Hence it is 'customers' who decide the segmentation. Hence, a segmentation process which is in line with the perception of consumers is likely to thrive.
To fall inline with the consumers we need to survey their thoughts rigorously. But when carried out rigorously, we venture the risk of getting half-boiled conclusions. Since this makes the survey in 'conscious levels' of attendants, it may play futile as they may not be primitive to whole customer set. Also it cannot be assured of a reliable opinion since they will be reluctant about revealing about low-cost or unbranded items. Hence, the survey we follow should be done with indirect ways without 'breaking the emotion'. It can be wiser to trust the indirect questioning. But that too will seek a bit of consciousness from attendants, although it may not be as that of direct.
It is a wisdom and will be consistent to rely on unconscious survey. It involves chronicling the data on the attributes of time, sex, age, marital status etc. The data fetched from this convention will be colossal as it can draw infinite parameters depending upon the need. The credibility will be far superior to other conventions. Hence Bigdata will make a remarkable difference in market segmentation and also customer personification.
The advantages of this segmentation will induce restrictions on all-in-all companies and redirect them to work on their niches. Hence it creates leaders in a Business chunk. And that is what business leaders do, they really do out-perform others where they are superior and specialized. Apple don't think of producing non-intelligent electronics and Intel don't produce cars. The credit card company – MBNA decided to segment the customers on the basis of geographic area, marital status, age etc to retain their highly loyal customer. It made MBNA profitable and gently scale up.
Hence segmentation of market can play a thumb rule if it is in perspective of the customer. But don't define too many personas for segmentation, failing which will lead to overlapping of demography. Overlapping hiders the purpose of segmentation.
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