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Market Segmentation: A “Group Yourselves Into” Game

Undoubtedly, 100% of the time, a business’ end goal is to be profitable. No one ventures into the grueling world of business without wanting to earn. Numerous factors contribute to business success. One of them is by knowing your target market, and eventually, formulating specific approaches best tailored for it. For your tycoon dreams to materialize, it is important that you take time to assess who your products or services are aimed at. Knowing this enables you to strategize and come up with ways on how to effectively lure your target clients into a purchase.
Market Segmentation: A “Group Yourselves Into” Game
Market Segmentation: A “Group Yourselves Into” Game
Now let’s say you have finally identified a general market. To try to utilize one marketing strategy for everyone in that market is like putting your business up for failure. It is critical that you realize that your consumers have different needs; therefore it is advisable to group your consumers into various categories depending on their needs and priorities, allowing you to devise and implement numerous strategies. This practice is more commonly referred to as market segmentation.

Market segmentation is a marketing technique which provides a temporary commercial advantage. More often than not, this is a sure-fire way to attract the right audience for your business. It also promotes marketing efficiency, as all marketing efforts are directed towards your chosen market subset consistently, taking into consideration its unique characteristics. It decreases the risk of marketing your brand to uninterested parties.

Market Segmentation Methods

Geographic
This method is usually the initial step in sorting out markets especially in international marketing. This is done by dividing the market according to specific geographic criteria, such as countries, regions, cities, et cetera, as well as utilizing demographic data. For instance, being an apparel store, you may choose to sell items such as jackets and sweaters in colder regions, and sell swimwear and other summer-related items in warmer regions.

Demographic
Markets may also be divided into various groups based on age, gender, race, religion et cetera. For example, Kellogg’s Frosties are aimed at children consumers, while Kellogg’s Crunchy Nut Cornflakes are aimed at its adult clients.

Psychographic
Also called lifestyle segmentation, this method makes use of the consumer’s interests, personal activities, as well as the image they prefer to project in the society as basis to identify in which category they belong. Often, products have budget and high-end counterparts in order to cater to its different types of consumers.

Behavioral
In this method of segmentation, consumers are categorized based on their purchasing habits. A company may look into re-engaging with their previous customers by looking into those who haven’t purchased anything for a certain period of time. They can then focus their marketing campaign into these types of customers.

Market Segmentation: A “Group Yourselves Into” Game
Apart from the mentioned market segmentation methods, there are other techniques that you will find beneficial for your business. However, focusing on specific customers with the use of a mixture of these marketing segmentation methods will inevitably make it easier for your business to flourish.

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