Organizations need to have different marketing strategies for men which would obviously not work in case of females. The segmentation of the market as per the gender is important in many industries like cosmetics, footwear, jewellery and apparel industries.
Division on the basis of age group of the target audience is also one of the ways of market segmentation. Marketers divide the consumers into small segments as per their income. Individuals are classified into segments according to their monthly earnings.
Stores catering to the higher income group would have different range of products and strategies as compared to stores which target the lower income group. Market segmentation can also be as per the marital status of the individuals.
There will be some natural amount of crossover in your segments, especially based on geography and behavior. But for the most part, a successful segment will be distinct from other identified segments.
The members of your segment will show traits that are similar to others within the segment. Follow these steps when performing market segmentation:. Generate a full list of questions when approaching different members of your target market. It's easier to get active engagement when you're conducting interviews at a live event or public setting.
However, online surveys can also offer the user more time to elaborate on their answers. You could also send a targeted email to your subscriber list and people who have contacted you through your website. Analyze the results from your questions, polls and surveys in order to identify the segments best for your product or service.
This information will guide you in your marketing campaigns. Often, companies will choose to use more than one type. A small business, for instance, might focus on a geographical segment when growing a loyal local customer base. If testing does not produce the results you expected then re-evaluate your segments and go back to Step 1.
You might want to consider a different segmentation type or a different combination of types in order to find your best segments. Read more: What Is Market Segmentation. Find jobs. Company reviews. Find salaries.
Upload your resume. Sign in. Career Development. A simple example of B2C demographic segmentation could be a vehicle manufacturer that sells a luxury car brand ex. This company would likely target an audience that has a higher income. Another B2B example might be a brand that sells an enterprise marketing platform.
This brand would likely target marketing managers at larger companies ex. Psychographic segmentation categorizes audiences and customers by factors that relate to their personalities and characteristics. Psychographic segmentation factors are slightly more difficult to identify than demographics because they are subjective.
They are not data-focused and require research to uncover and understand. For example, the luxury car brand may choose to focus on customers who value quality and status.
While the B2B enterprise marketing platform may target marketing managers who are motivated to increase productivity and show value to their executive team. Related: 4 types of market research to fuel your marketing strategies.
While demographic and psychographic segmentation focus on who a customer is, behavioral segmentation focuses on how the customer acts. These activities may relate to how a customer interacts with your brand or to other activities that happen away from your brand.
A B2C example in this segment may be the luxury car brand choosing to target customers who have purchased a high-end vehicle in the past three years. The B2B marketing platform may focus on leads who have signed up for one of their free webinars. Geographic segmentation is the simplest type of market segmentation.
It categorizes customers based on geographic borders. Geographic segmentation can refer to a defined geographic boundary such as a city or ZIP code or type of area such as the size of city or type of climate. The marketing platform might focus their marketing efforts around urban, city centers where their target customer is likely to work. Use the following market segmentation process to learn about your audience and find new marketing and product opportunities.
If you have existing customers, start your market segmentation process by performing an audience analysis. An audience analysis allows you to learn about your customers and begin to identify trends that exist within your current customer base. Use these market research questions to guide your research.
Go right to the source and conduct interviews with existing customers, past customers, ideal customers, and prospects and leads. Ask questions that help you fill in the details of all four types of market segmentation. If you have a sales team that spends a lot of time working with customers, use them as a resource.
Interview them to find commonalities or trends they often see while working with your customers. Your business likely has loads of data that can help you get to know your customers.
Use your customer relationship management tools and point-of-sale systems to find trends related to behavioral segmentation. Pull data that shows how much customers spend, how often they visit your store, and the type of products and services they buy.
Your website also has data that can help you learn about your audience. Use Google Analytics to find details related to all four types of market segmentation.
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