Linking Promotional Methods to Market Segments

Understanding Market Segments

Market Segments refer to the division of a market into distinct sections of customers who share similar characteristics, needs, or behaviours.
Factors determining these segments can include age, gender, income, geographic location, lifestyle choices, and buying habits.
Successful marketing strategies often involve tailoring promotion methods to suit each specific market segment.

Linking Promotional Methods

Looking at demographic segmentation, a business may use different promotional methods for different age groups. For example, social media advertising might be more effective for younger audiences, while print advertising may be more effective for older audiences.
If a business’s market segment is predominantly geographically-based, local press, radio, and outdoor advertising may be more appropriate than digital advertising. Local knowledge can further tailor these promotion efforts.
Psychographic segmentation involves understanding customers’ lifestyles, persona, interests, and opinions. A business targeting a market segment interested in sustainability might run a PR campaign highlighting its green credentials.
For behavioural segmentation, a business needs to understand the habits and in what, how, and why its customers buy. For example, discount vouchers can drive repeat purchases.

Choosing the Right Promotional Mix

To effectively link promotional methods to market segments, a business needs to select the appropriate promotional mix.
This mix can include advertising, public relations, sales promotion, personal selling, and direct marketing. The blend should fit the targeted market segment.
For example, a business targeting an affluent market segment might use personal selling and PR over sales promotion.
If a business aims at a market segment that is highly digital, utilising online forms of promotion such as email marketing or social media advertising could be essential.

A Consistent Message

Regardless of the methods used or market segment targeted, it is vital the promotional content maintains a consistent message that aligns with the business’s broader marketing strategy and corporate image.
Inconsistencies can cause confusion and can potentially impact the business’s credibility.

Reviewing and Adapting

Delving into the effectiveness of promotional methods by segment is key to ensuring proper resource allocation.
Regular reviewing and adaption of promotional strategies help to ensure that the promotional methods remain aligned with the characteristics and needs of their market segments.

Conclusion

In sum, businesses must deeply understand their market segments and choose promotional methods accordingly. An optimal promotional mix, consistency in messaging, and regular reviewing and adaption are keys to effectively link promotional methods to market segments.