Have you observed that numerous marketing companies do not know how to accurately implement the technique of market segmenting before they develop an outstanding marketing plan?
According to a study conducted by the Harvard Business School, 85% of 30,000 new product campaigning suffered miserable failure due to poorly executed market segmentation marketing strategy techniques.
Alarming, isn’t it?
Now you must be wondering why the implementation of market segmentation technique is significant and crucial in the field of marketing.
One of the main reasons to use market segmentation technique is to gain an advantage in the competitive market by understanding the specific needs of the customers. Of course, results can be achieved through mass marketing, but market segmentation is a more effective process.