Who can deny the fact market segmentation is essential to creating successful campaigns?
It's been proven time and time again that segmenting your marketing campaigns can boost your conversions. According to MailChimp, market segmentation can improve email opens by 14.31 percent and clicks by over 100 percent (compared to non-segmented campaigns).
It's not enough to simply segment; you need to ensure the data you collect is accurate.
Let's take a look at the top six benefits of accurate market segmentation.
1. Cut the Costs of Your Campaigns
It's tempting to publish campaigns that are generic because they "target" everyone, but the truth is they're targeting all the wrong people.
This is why most non-segmented campaigns yield little to no results. What this does is create an endless cycle of spending money on marketing that generates no ROI. In other words, you're eating away at your budget (and your bottom line). It's the same when you're using "dirty" data, data that are inaccurate and/or irrelevant.
2. Boost Your Conversion Rates
The number one indicator that a campaign is working is if it's converting. If it isn't, then you need to tweak it, so you're capturing leads from your prospective customers.
The only way to do this is if you know your audience and are actively targeting them in your campaigns. This is possible when you're using clean data.
3. Gain a Competitive Edge
When you're targeting a specific group of customers, you make it easier to create campaigns that'll catch their attention. This makes it likelier that your brand can compete with other businesses in your industry.
As you may know, it's easier to rank for long-tail keywords because fewer businesses are using them. Plus, it builds visibility for the group of consumers who are looking to buy what you're offering.
This is what segmentation does for your campaigns when it contains accurate data; it makes qualifying leads a breeze.
4. Generate Better Insights About Your Audience
It's challenging to sort through all of the data you collect in non-segmented campaigns. There's no telling who your visitors are or why they bounce away from your site.
When you're segmenting your campaigns and collecting accurate data, you know who's visiting your site, where they're coming from, and who among them are converting. This empowers you to improve your campaigns to maximize your success or fix problems in your marketing funnel.
5. Find Underserved Markets
If you're serious about your business's growth, then tapping into underserved markets is the key to growing your revenue. With market segmentation, you can position yourself as a pioneer and potentially earn more revenue.
This can be for either a product or a service. For example, if you're selling design software that caters to companies, you may find there's a consumer market that can also use it for creating memes and other graphics for social media.
These underserved markets are easier to identify when you have reliable data to analyze.
6. Improve Your Product or Service
It's difficult to please everyone, and it's ill-advised to even try. With this mindset, you'll always run into complaints, and it'll be impossible to resolve them all.
Segmentation isn't about narrowing the audience you serve; it's about focusing on one segment at a time. So you can have a campaign for professionals and another for stay-at-home moms if needed.
In doing so, you can get feedback from each segment so you can improve your product or service specifically for them. In turn, this will help grow your sales and retention rates. When you have reliable data, you can effectively segment your campaigns so you can begin gathering valuable feedback from your audience.
Start Using Market Segmentation Today
Data is the foundation of every successful campaign, but you need a way to sift through it all. When you segment, this becomes easier.
Now, what if there was a way you could enhance the leads you're generating from your campaigns? With SmartForms, you can.