Time Marketing: A Great Tactic For Market Segmentation

What does time mean For Market Segmentation?

Market segmentation is a business practice that brands use to divide their target market into smaller, more manageable groups of people based on common ground they share to optimize their marketing, advertising, and sales efforts. Simply put, customers of each market segment have similar characteristics that businesses can leverage to advance their efforts. The purpose of market segmentation is to introduce a tailored message that will be received successfully. This is advantageous for companies that may have a product or service in the marketplace that boasts multiple benefits or uses for different types of customers. Accept the fact that you can’t be everything for everybody, and as a marketer, you can’t solve everyone’s problem or appeal to every single person. This is exactly why market segmentation is such an effective growth strategy to implement. Market segmentation involves dividing a large homogenous market of potential customers into clearly identifiable segments. Customers are divided based on meeting certain criteria or having similar characteristics that lead to them having the same product needs. Segments are made up of customers who will respond similarly to marketing strategies. They share common interests, needs, wants, and demands. Most companies don’t have enough resources to target a mass market. This is why they need to target the specific market segment that needs their product. They divide the market into similar and identifiable segments through market segmentation.

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What is the role of time For Market Segmentation?

When marketers use market segmentation it makes planning campaigns easier, as it helps to focus the company on certain customer groups instead of targeting the mass market. Segmentation helps marketers to be more efficient in terms of time, money, and other resources. Market segmentation allows companies to learn about their customers. They gain a better understanding of customers’ needs and wants and therefore can tailor campaigns to customer segments most likely to purchase products.

What is a Time Marketing strategy?

Real-time marketing involved using data reported instantaneously so marketers can make decisions based on information on what's happening at that moment. Instead of creating a marketing plan in advance and executing it according to a fixed schedule, real-time marketing is creating a strategy focused on current, relevant trends and immediate feedback from customers. The goal of real-time marketing is to connect consumers with the product or service that they need now, at the moment.

Explain the types of Time Marketing

The primary goal of every company is to provide quality products for their customers in the shortest time possible. The major types of TTM are:

Speedy TTM- This is about pure speed, though it is not the best objective, many organizations use it. The company's goal is to deliver the product as quickly as possible.

Predictable schedules TTM- in this case, the products are scheduled to meet customers' needs at a specific time, so they are produced and delivered based on a schedule.

Flexible TTM- here, time to market changes because the goal is customer satisfaction. So, production time is flexible to suit the needs of the customers.

Minimized TTM- managers that want to minimize cost or labor use this type of TTM. This type of TTM cuts expenses and labor.

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Explain Time marketing effective with examples.

Real-time marketing involves responding to customers in real-time based on the ability to find out how they are engaging with your brand through all channels. It makes you as a marketer trigger promotions when customers signal it. Also, you have to match your ability to provide customer experience with the customer’s speed of making decisions. In addition, you have to respond to customers on various channels, in a few seconds, right from social media to your website. However, if you take hours, days, or weeks to take action, you cannot label it real-time marketing. Real-time marketing involves combining marketing and technology to get a better outcome.

The top 4 Real-Time Marketing Examples are as follows.

JetBlue Airways welcoming a customer:

JetBlue Airways takes efforts in interacting with its customers, and on one occasion, it replied to a flyer’s tweet that said- “Goodbye, California! Thanks @JetBlue for the #flyfi!”. After this, there was a casual conversation similar to that between thick friends, and the flyer said to the airlines that she expects people to welcome her at the airport when she lands. The airlines obliged to the lady’s whim, and the joke became a reality when the JetBlue crew welcomed the flyer with signboards at the airport!

Twitter war between two museums:

London’s two most prestigious institutions National History Museum and the Science Museum, got into a Twitter battle when someone tweeted who of the two will win the staff battle. The series of tweets got the museums a lot of attention, and the results were much better than that of a regular marketing campaign. This twitter battle is yet another example of real-time marketing.

Wendy’s getting retweets:

Wendy’s, the fast-food burger chain, used real-time marketing and successfully grabbed huge amounts of attention. A guy named Carter Wilkerson tweeted, “Yo @Wendys, how many retweets for a year of free chicken nuggets?”, Wendy’s replied, “18 million.” What started as a joke eventually started taking shape. The tweet went viral and broke all records. Celebrities and business giants like Apple, Amazon, and Google took part too! A single reply to Carter’s tweet gave Wendy’s massive publicity at the national level! And it was a well-played game.

Samsung making the most of the situation:

In 2020 Apple surprised everyone by announcing that they won’t provide chargers with their iPhone. It got some flak from consumers as expected, and Samsung swung into action and posted a Facebook post reminding consumers that their Galaxy phones are always accompanied by chargers which have helped them stand tall in front of their competitors.

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