Most companies sit on their laurels thinking they have made the journey from mass marketing to segment based marketing and doing one heck of a job. Well such thinking is soon to be a thing of the past.
Companies think in terms what is technically and financially possible for them to prepare. But customers think in terms of what can help them solve their problems. Companies think in terms of volume, but an average customer think what is best for him only. Companies design product and market them for segments, like 26-30 year old career women, not looking at individual tastes and differences. But what is good for the 9-5 office going 26 year old career woman with a close-knit family upbringing may not be the same for a 9-8 office going 26 year old woman who is balancing both family and career and living with in-laws. The company views both of them as the same, but they demand different treatments.
In near future, simply looking at segments on a broad level will not be enough. Those segments will be torn open, and individual needs will be met in a cost – effective way. Companies who can rise to meet this challenge can dominate the future. If you think meeting each and every customer need individually is not possible, just looking at our favorite jeans company Levi’s is good enough. With their “Personal Pair” and “Original Spin” initiative – Levi’s profitably customized jeans for each and every one of their customers. If Levi’s with their millions of customers can do this, what’s stopping you?
Some old fashioned thinking perhaps.