‘Segments of one' is the future of marketing according to Chief Marketing and Communications Officer, Keith Weed.
Mass marketing is giving way to massive customization, from focusing on averages to individuals, and this means marketers have to think very differently than in the past. Today’s hyper-empowered mobile consumers are increasingly in control of the marketing messages they receive and how they shop for brands and will continue to shop in the future.
Writing for Think with Google in his capacity as guest editor, he states that this growing trend of ‘micro-moment behavior’ means that marketers who have traditionally created and marketed brands to the majority, or largest segment, will need to seriously think about building brands in ‘segments of one’ if they are to become future proof and remain competitive.
He goes on to say. “Mobile is unlocking consumer control, empowerment, and choice to an extent we have never seen before, driving a hyper-segmentation revolution. As we move from mass marketing to massive customization, from focusing on averages to individuals, believe that in the future we will build brands in segments of one.”
“Mobile is unlocking consumer control, empowerment, and choice to an extent we have never seen before, driving a hyper-segmentation revolution.”
Ineffective mass marketing
In today’s mobile and technologically driven environment, mass marketing is proving to be less effective than ever before.
Customers are increasingly expecting more personalized, real-time communications from brands. Additionally, marketing to whole segments of consumers simply does not work in a world where personalized devices are the main focus of customers’ shopping habits.
“In today’s mobile and technologically driven environment, mass marketing is proving to be less effective than ever before.”
Businesses must look to employ individualized marketing efforts to remain connected. With the variety of channels consumers can use to communicate and interact with brands, marketers have access to a goldmine of consumer information.
Who is already segmenting?
We all know how when dropping by on Facebook, there is always a brand, idea or consumable that is particularly resonant to us, so along with social media platforms, Netflix, and Amazon is taking it to a different level by creating micro-segments that target each customer uniquely. This kind of specific targeting of individuals allows the companies to convert visitors into long-term, high-value customers at very high rates.
Individual leverage
When customers initially visit such sites as Facebook, Pandora, Netflix, and Amazon, they appear generic, but the more they are used by a customer, the more they learn about them, resulting in a finer and more targeted segmentation. Which of course encourages customers to keep coming back to use them even more.
It is highly unlikely your first view when you log in to either of the above platforms, will be the same as someone else in your neighborhood, and more accurately, it is not likely to be similar to anyone sitting next to you in the same room.
To conclude...
Who would have predicted the end of mass marketing, and in a world with an ever-expanding population, it seems we’re still getting better at defining marketing right down to each individual.
According to Deltec Bank, “The segments of one future are rapidly approaching. To be the disruptor, not disrupted, means companies need to begin preparing for this new age of “Serving a Segment of One”.
Disclaimer: The author of this text, Robin Trehan, has an Undergraduate degree in economics, Masters in international business and finance and MBA in electronic business. Trehan is Senior VP at Deltec International www.deltecbank.com. The views, thoughts, and opinions expressed in this text are solely the views of the author, and not necessarily reflecting the views of Deltec International Group, its subsidiaries and/or employees.
About Deltec Bank
Headquartered in The Bahamas, Deltec is an independent financial services group that delivers bespoke solutions to meet clients’ unique needs. The Deltec group of companies includes Deltec Bank & Trust Limited, Deltec Fund Services Limited, and Deltec Investment Advisers Limited, Deltec Securities Ltd. and Long Cay Captive Management.
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