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Two retail trends that every business can count on in 2023 are change and innovation. Online and in-person retail is moving faster than ever. Businesses need to stay on top of retail trends that will impact their success in order to get ahead of the curve. Embracing that change will help retailers thrive this year and beyond.
This is why it’s so important to get the basics of marketsegmentation down. From identifying target segments with demographic data to pricing strategy to marketing automation, your marketsegmentation process will be the back bone of your entire marketing strategy. What is marketsegmentation?
While “data-driven marketing” sounds like a commonplace tactic, it’s actually a relatively new way of structuring campaigns. Traditional marketing relied on assumption-based strategies to figure out what customers wanted. They’re merging this with second-party data from retailers such as Walmart or Amazon.
Segmenting Your Target Market Once you have a solid ICP, it’s time to break your TAM into smaller, more manageable pieces. This process is called marketsegmentation. Good for New Products/Markets : This is particularly helpful when entering newmarkets or launching new products with limited market data.
Audience segmentation and personalization AI marketing can drive your omnichannel business strategies based on marketsegmentation, aligning your campaigns with customers who are most likely to buy your product or offering. Find out how Carvel Ice Cream uses the feature to improve their response time on Twitter.
The vast reach of Google’s user base enables businesses to target a broader, more diverse audience, facilitating rapid market expansion and brand recognition. This extensive exposure accelerates customer acquisition and opens up newmarket opportunities, fueling swift business growth.
By not being in traditional retail and competing with brands around the world, you’re the top advocate for your products and the best place for people to learn about you. If your product is in a new category or you have a specific position you haven’t seen elsewhere, look for similar approaches in other marketsegments.
5 Winning Strategies for Millennial Marketing written by Guest Post read more at Duct Tape Marketing. It’s no secret that millennials — young adults between 18-34 — are a hugely sought-after marketsegment. Take the example of Los Angeles-based furniture retailer Apt2B. photo credit: shutterstock.
LiveRamp identified the attributes that their high-value accounts have in common: 5000+ employees for enterprise companies; $50M+ in annual revenue; Located in retail, CPG, insurance, and automotive industries. They then built and implemented their account-based multi-touch marketing campaign around those targets.
Lastly, large enterprises typically offer a wider range of products or services that cater to various marketsegments. Channel diversity and integration Small-business marketing often focuses on two or two channels due to budget constraints and limited experimentation capabilities.
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