Target 'golden egg' consumers to achieve maximum ROI
Michael Lieberman
Gone are the days when Henry Ford declared that customers could have their car in any colour that they wanted, as long as it was black. The 21st century consumer, used to choice in everything they buy, would ask: Which shade of black?'
The increase in customer choice is why we need segmentation. It is the process of classifying a marketing campaign into mini-markets that behave in the same way. The process consists of four basic steps:
Identification
Characterisation
Evaluation
Selection
If properly conceived, these segments will be homogenous in...