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Expert Answers to Biz Questions
Listen in! Pick up some expert advice to a reader's question that we selected from CyberSchmooz.
What Is Market Segmentation & How To Choose The Right Approach For You
Marketing has undeniably always been an important part of doing business, and there’s no doubt whatsoever that you understand this. In fact, I think I can say with certainty that you tend to spend a lot of time trying to create the perfect marketing strategy for your business, revising it and always making changes in order to make it more successful. That’s all amazing, but if the messages you are sending don’t resonate with your customers, then there’s a chance that you haven’t been quite successful in creating your strategy.
What does it take for those messages to resonate with your customers, though? Well, as you might have guessed it yourself, as your audience grows, so does the number of different preferences, requirements and wishes. And, your task is to know exactly which messages to convey to which groups of customers and prospects. That’s where market segmentation comes in, because you cannot expect one and the same message to have a great impact on your entire, huge audience.
This is all very logical, isn’t it? Well, it most definitely is, but that does not mean that you cannot be at least a tiny bit confused about market segmentation in general. You could be unsure as to what it is exactly, and you could also be worried that you might not be able to choose the right approach for your business. Those are certainly some valid concerns.
What are you going to do about those concerns, though? I have a suggestion. In short, all you need to do is just continue reading, since I am going to provide you with the answers you need. If you take your time to go through this article, you’ll certainly get a better understanding of market segmentation in general, and you’ll also learn how to choose the best approach for your business. Let’s take it one step at a time.
What Is Market Segmentation
As you might have concluded it all on your own by now, market segmentation has to do with your audience. In fact, the term itself is pretty clear, meaning that you might already have an idea as to what it precisely means. Essentially, this is the process of dividing your large target market into smaller groups that are much easier to manage.
Find out more about the concept here: https://en.wikipedia.org/wiki/Market_segmentation
If the above has made you assume that all you have to do is create random groups of target customers with the aim of managing them easier, then you’ve made the wrong assumption. Sure, the goal is to divide your target market into segments, but things certainly shouldn’t be done randomly. After all, that would have no point and you wouldn’t make anything easier on yourself that way.
Instead of using such a random approach, this is what you have to do. You need to create those segments, i.e. groups, in accordance with certain things that people have in common. Your entire audience will be filled with people with different characteristics, preferences and needs, and your task is to group the people with the same characteristics into segments, with the goal of optimizing your marketing endeavors and targeting different groups in different way.
This all sounds pretty logical, doesn’t it? Creating tailored messages to fit specific groups will undeniably be extremely successful, and nobody can deny that. And, yet, in order to do this successfully, you have to get acquainted with the various different types of market segmentation, so that you can decide which type and which methods to use to your specific advantage. In short, the four types are: geographic, demographic, psychographic and behavioral segmentation.
How To Choose The Right Approach For Your Business
You have now received a bit more info on marketing segmentation in general and you’ve become familiar with the different types that exist. So, the only thing left for you to do is decide which approach to actually take. As you might have understood by now, different businesses have to use different approaches in order to successfully do the segmentation process and group certain people together when trying to optimize their marketing endeavors. That further means that you’ll have to carefully think about which particular approach to use for your company, and making that decision might not be easy.
The best thing to do here is learn as much as possible about all those different types, so that you can understand which ones could apply best for your specific company. Of course, there is nothing wrong in using all the approaches to group your audience in segments that will help you do the marketing the right way. If you’re not completely sure how to do this, you might want to get help from experts in the industry, as well as rely on certain automation tools that can be of great help.
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