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Benefit Segmentation
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"Customers don't buy products; they buy the benefits they get from the products"-Jeffrey J. Fox
Example
You operate a outdoor sporting goods company. You decide to use benefit segmentation and divide your market into recreational campers and serious outdoor adventurers who have difference tolerances for price and expectations of quality. You market your high-quality and expensive camping, fishing, and hunting gear towards your serious adventurers and your more casual, cheaper products to your recreational customers.
What is Benefit Segmentation?
Benefit segmentation is type of marketing strategy that focuses on the specific benefits consumers receive as the result of purchasing the goods and services offered by a given company. The idea behind this particular strategy is to allow the company to identify niche markets of consumers who are most likely to respond affirmatively to those product lines and focus marketing efforts on reaching those groups of consumers. Considered a viable approach to the wider task of market segmentation, benefit segmentation can often allow companies to identify markets that would otherwise have been overlooked.