This segmentation strategy is when you focus on one narrow group or a particular type of customer. The purpose of being so targeted is to become the number one seller in that specific market. This can be done by looking at your current customers and discovering which ones offer more profit for your business right now. To gain more business consider specializing in customers that are expanding faster in your market and target these types of customers.
There are many advantages to using a segmentation strategy. First of all it will give you the ability to create a marketing plan to a specific, defined, uniform group of people. For example, in order to compete with larger consulting firms with less specialization, many of the smaller firms become more specialized by targeting a more narrowly defined segment of the market.
You can specialize in just about any business. Using the consulting business as an example, you could specialize in nonprofits instead of trying to be a business consultant to everyone. Another example would be in selling office furniture. Would you be targeting home offices, schools, government offices, corporate sales, or small businesses? Each one of these markets have different buying patterns and needs. Any one of these markets would be easier to dominate, then a more general one. These markets could be growing faster too. As a general rule, highly focused markets are usually less expensive to target because it’s much easier to find your specific customer.
Deciding whether to specialize in your business
Specializing could be just what you need to move ahead of your competition in your specific market segment. However, is this the right approach for where your business is currently at. This strategy will only work well for you if implementing this strategy will make your business more profitable then it is now. Or if you need to carve out your own customer base, because there’s too much competition in your current general market. This strategy is also effective if your looking to become the leader in your overall industry or market.
Expanding your market with segmented additions
Targeting a new segment of customers is a great strategy when your running out of customers and need to expand your market. You can do this by specializing in two different segments of the same market. For example, a consulting firm that specializes in nonprofits could also specialize in healthcare. In this way you could grow your total sales while still maintaining dominance in small targeted markets.
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