Any alternative to Segmentations?

A work around would be that you could add people to smart lists, then send out specified emails based on which smart list they belong to. Obviously, there would be a trigger campaign with criteria adding them to the particular smart list, similar to how segmentations work. And you'd have to create separate emails per smart list, which is a true bummer.

Unfortunately you wouldn't be able to use dynamic content as it is soley based on segementations. However, the work around should help if you really have maxed out on segmentations! (Or you could upgrade-this seems pretty necessary!)

One alternative would be to create a custom field that you populate with your desired dynamic copy. Then you could use {{lead.tokens}} in the copy to achieve your result. This method is obviously a little tricky--you probably can't do big chunks of copy and you'll need to make the copy fit a lot of different situations.

You'll also want to re-use custom fields so that you don't create a ridiculous amount of custom fields that you're only using for one email and then never again.

Have you looked at Email Scripts already? They can handle dynamic content in emails based on lead fields or custom objects. 

See here: https://community.marketo.com/MarketoArticle?id=kA050000000LB9MCAW