It is possible to use out-of-the-box tools plus a few free apps to create segmented campaigns and get your sales team involved in campaign planning.
In our org, we've been managing our campaigns for 5+ years using the standard Campaign object, but we're definitely feeling the need for a marketing automation tool that would make this process a whole lot easier.
But for now, we've got Campaigns.
I thought I'd share my process if you too are not in a position to invest in a marketing automation tool.
Step 1: Define criteria to add contacts to campaign.
We wanted to pull in active contacts (custom picklist field) based on the most recently won Opportunity for the Account that they belong to (custom rollup field on account). So, I created a report with those criteria. Then, I added them all to one big "For Review" campaign using the 'Add to Campaign' button. You'll find out why in Step 3.