Why is a market segmentation strategy important?
Market segmentation is traditionally a marketing function. However, the benefits of a correct, well-defined market segmentation strategy can be enjoyed by the company's marketers, salespeople, and the overall business development group. Describe these benefits and the impact they have on the work that you do.
"A market segmentation strategy impacts marketing, sales, and after-sales activities greatly. During the earlier stages in the buyer's journey, a great strategy informs the planning of marketing campaigns, as it helps to focus efforts and money on specific groups instead of targeting the mass market. Market segmentation also allows us to learn more about our customers and help us better understand their needs and wants, which we can directly address during the selling stages. As a whole, we can plan our resources better once we identify the total addressable market and understand the different groups within."
