From the course: Marketing: Customer Segmentation
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Opportunities to reach new markets
From the course: Marketing: Customer Segmentation
Opportunities to reach new markets
- [Instructor] Identifying customer segments and targets can help you prioritize your promotional programs, and you can adjust other parts of your marketing mix, such as the products and pricing, to expand into new segments for growth, as well. There are a few key buckets we can consider, increasing your share of wallet within your current customers, expanding penetration into smaller segments, and getting non-consumers to consume. Let's start with growing your share of what your current customers spend. This can be done by adding new products, services, and features that will be appealing to your biggest customer segment. Let's imagine you run an airline, and the segment you've traditionally targeted is the business traveler. You've liked them as customers because they tend to buy tickets later or make changes to their itineraries, which has led to higher prices and revenues for you. You might even plan to expand…
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