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How can you adjust your segmentation and targeting strategies for evolving consumer behavior?

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Consumer behavior is constantly changing due to various factors, such as technology, social media, preferences, values, and lifestyles. As a marketer, you need to keep up with these changes and adapt your segmentation and targeting strategies accordingly. Segmentation and targeting are the processes of dividing your market into distinct groups of customers who have similar needs, characteristics, or behaviors, and selecting the most attractive segments to focus your marketing efforts on. In this article, you will learn how to adjust your segmentation and targeting strategies for evolving consumer behavior in four steps.

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Pujith Niel Wood

Am I a rhetorical cynic? | Behavioural Scientist | Philosopher | PhD @ESSEC | MSc @UoEdinburgh | ????Anglo-Indian???? |…
Muhammad Bin Zaheer

Product Junkie | Marketing Ninja | Analytics Geek
Ashkan F.

Sustainability & Circular Economy Enthusiast | Experienced Consultant in Marketing Strategy & Business Transformation |…

1 Step 1: Identify the drivers of change

The first step is to identify the drivers of change that are influencing your customers' behavior. These can be internal or external factors, such as personal motivations, attitudes, beliefs, emotions, values, lifestyles, culture, demographics, psychographics, social media, technology, competition, regulations, trends, or events. You can use various sources of data, such as surveys, interviews, focus groups, observations, online reviews, social media analytics, web analytics, or market reports, to gather insights into what is driving your customers' behavior and how it is changing over time.

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Pujith Niel Wood

Am I a rhetorical cynic? | Behavioural Scientist | Philosopher | PhD @ESSEC | MSc @UoEdinburgh | ????Anglo-Indian???? | ??????????????Halifax Family
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Be like an intelligent captain navigating changing waters - it is about agility while on the lookout, analysing consumer trends so that our plans are as responsive as possible. Also improving your relationship with audiences by applying innovative tools and relying on data-driven insights helps in finding the equilibrium between vision and adaptability for our marketing approach keeping up-to-date and effective in an environment that never stays put.

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Muhammad Bin Zaheer

Product Junkie | Marketing Ninja | Analytics Geek
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Data is the key and the devil lies in the details. If you're checking the trend daily, chances are you'll catch the changing behaviour sooner than later, and can clearly identify the drivers of this shift and can adjust your segmentation, offering and targeting accordingly.

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Ashkan F.

Sustainability & Circular Economy Enthusiast | Experienced Consultant in Marketing Strategy & Business Transformation | Bridging Behavioral & Decision Science with Change Making
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It's crucial not only to identify the drivers of change but also to evaluate their potential impact. Assessing the magnitude of influence empowers businesses to make informed decisions about how to respond effectively. While a thorough understanding of these drivers aids in prioritizing strategic responses and resource allocation, it's worth noting that in some cases, the impact may not necessitate a strategic overhaul. Instead, businesses may find value in incorporating adjustments at the tactical level, ensuring flexibility and responsiveness to the evolving landscape. Balancing strategic and tactical considerations allows for a nuanced approach in navigating the dynamic realm of changing consumer behavior.

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Brandon Janse van Vuuren

Experimentation and Web Analytics Lead | Poet | Father
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Using data to calculate and predict customer lifetime value is also a good way to segment users. Some users are more likely to purchase from you again and again and by identifying those users you can spend more on advertising to them specifically.

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Haifa Alamri,CDMP?

SMB Agency Partner Manager - TikTok
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????? ???? ???? ?????? ?? ????? ????? ? ??? ?????? ? ?????? ???? ????? ??? ???? ??????? .. ????? ????? ? ?????? ? ???? ????? ?????? ??? ??? ?????? ???? ?? ??????? ??? ???? ??? ?????? ?? ?????? ?????

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2 Step 2: Re-evaluate your segmentation criteria

The second step is to re-evaluate your segmentation criteria based on the drivers of change. You may need to modify, add, or remove some of the criteria that you use to segment your market, depending on how relevant, measurable, accessible, substantial, and actionable they are. For example, you may need to include new criteria that reflect your customers' changing preferences, values, or lifestyles, such as sustainability, health, convenience, or personalization. You may also need to update your existing criteria to reflect the current situation, such as income, location, or behavior.

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3 Step 3: Re-segment your market

The third step is to re-segment your market using the updated segmentation criteria. You may need to use different methods of segmentation, such as geographic, demographic, psychographic, behavioral, or benefit segmentation, or a combination of them, to create meaningful and distinct segments. You may also need to use different tools or techniques, such as cluster analysis, factor analysis, or RFM analysis, to identify and group your segments based on the data you have collected. You may discover new segments that have emerged due to the drivers of change, or existing segments that have changed in size, composition, or characteristics.

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4 Step 4: Re-target your segments

The fourth step is to re-target your segments based on their attractiveness and your objectives. You may need to use different criteria to evaluate and select your target segments, such as size, growth, profitability, competition, compatibility, or alignment with your mission and vision. You may also need to use different strategies to target your segments, such as undifferentiated, differentiated, concentrated, or niche marketing, depending on your resources, capabilities, and competitive advantage. You may decide to target new segments that offer more opportunities or potential, or existing segments that have become more loyal or profitable.

By following these four steps, you can adjust your segmentation and targeting strategies for evolving consumer behavior and stay ahead of the market. You can also improve your customer satisfaction, retention, and loyalty, as well as your marketing efficiency, effectiveness, and performance.

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Brandon Janse van Vuuren

Experimentation and Web Analytics Lead | Poet | Father
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If you are using Google Ads or other Google products ensure that Consent Mode (CoMo V2) on your website has been set up correctly, otherwise, your future retargeting efforts will be significantly hampered.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Ashkan F.

Sustainability & Circular Economy Enthusiast | Experienced Consultant in Marketing Strategy & Business Transformation | Bridging Behavioral & Decision Science with Change Making
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Adapting segmentation and targeting strategies in response to evolving consumer behavior is crucial. While tactical adjustments at the execution level might suffice in some scenarios, recognizing the substantial impact of behavioral changes may necessitate strategic restructuring in segmentation, targeting, and positioning (STP) strategies. Assessing the magnitude of change involves thorough analysis of shifts in consumer preferences, market dynamics, and the overall industry landscape to determine whether modifications should occur at the strategic or tactical level for optimal alignment with evolving consumer dynamics.

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How can you adjust your segmentation and targeting strategies for evolving consumer behavior?

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1 Step 1: Identify the drivers of change

2 Step 2: Re-evaluate your segmentation criteria

3 Step 3: Re-segment your market

4 Step 4: Re-target your segments

5 Here’s what else to consider

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