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                            [body] => 4 Types of Market Segmentation With Real-World Examples When you’re looking to improve the effectiveness of your marketing, segmentation should always be one of your first ports of call. Learn about the 4 most common types of market segmentation, plus some other ones that you may have missed. Market segmentation is an increasingly important part of a strong marketing strategy and can make all the difference for companies in competitive market landscapes, such as e-commerce. When up against a range of online competitors, effective communication is the best way to differentiate your business. Market segmentation offers an opportunity to pinpoint exactly what messaging will drive your customers to make a purchase. The 4 basic types of market segmentation are:1. Demographic2. Psychographic3. Geographic4. Behavioral We’ll go into there 4 types in a lot more detail below. In this article, we’ll cover1. Demographic segmentation2. Psychographic segmentation3. Geographic segmentation4. Behavioral segmentation5. Other types of segmentation6. The benefits of segmentation7. Conclusion The 4 types of market segmentation with examples. The purpose of market segmentation is to identify different groups within your target audience so that you can deliver more targeted and valuable messaging for them. There are four main customer segmentation models that should form the focus of any marketing plan. For example, the four types of segmentation are Demographic, Psychographic Geographic, and Behavioral. These are common examples of how businesses can segment their market by gender, age, lifestyle etc. Let’s explore what each of them means for your business. 1. Demographic segmentation: The who. Demographic segmentation might be the first thing people think of when they hear ‘market segmentation’. This is perhaps the most straightforward way of defining customer groups, but it remains powerful. Demographic segmentation looks at identifiable non-character traits such as: AgeGenderEthnicityIncomeLevel of educationReligionProfession/role in a company For example. demographic segmentation might target potential customers based on their income, so your marketing budget isn’t wasted directing your messaging at people who likely can’t afford your product. Luxury goods manufacturer Montblanc worked with Yieldify to present a selection of offers across their website. One sought to raise conversions using a Father’s Day deal that offered a free gift to those spending over £200 – an amount that acknowledged the spending expectations of Montblanc’s target audience and saw a +118% uplift in conversions for those targeted. Another offer was aimed specifically at corporate gift buyers – a market segment that Montblanc particularly appeals to – and resulted in a +30% uplift for that segment. Segmentation isn’t just about your business reaching customers more effectively – it’s also about those customers seeing messaging that is more relevant to them! 2. Psychographic segmentation: The why. Psychographic segmentation is focused on your customers’ personalities and interests. Here we might look at customers and define them by their: Personality traitsHobbiesLife goalsValuesBeliefsLifestyles Compared to demographic segmentation, this can be a harder set to identify. Good research is vital and, when done well, psychographic segmentation can allow for incredibly effective marketing that consumers will feel speaks to them on a much more personal level. In our experience working with luxury resort business Omni Hotels & Resorts, for example, were aware that a big sector of the company’s target audience was always keen to get the very best price they could. By targeting a notification campaign specifically towards comparison shoppers, Omni Hotels & Resorts achieved a 39% conversion rate uplift. 3. Geographic segmentation: The where. By comparison, geographic segmentation is often one of the easiest to identify, grouping customers with regards to their physical location. This can be defined in any number of ways: CountryRegionCityPostal code For example, it’s possible to group customers within a set radius of a certain location – an excellent option for marketers of live events looking to reach local audiences. Being aware of your customers’ location allows for all sorts of considerations when advertising to consumers. Using Yieldify’s tools, an online shoe store could show different products depending on where the visiting customer was based: wellington boots for someone in the countryside, pavement-friendly trainers for a city-dweller, strappy sandals to resort visitors, and so on! In large nations like the United States, customers could be presented with options that match with local weather patterns. Geographical identification is an important part of seasonal segmentation, which allows businesses to market season-appropriate products to customers. Some recent examples of proper geographic segmentation came from the response by e-commerce businesses to the coronavirus pandemic. During lockdown stages, many businesses shifted their focus to local communities to highlight how their services could still be accessed online. Conversely, as public spaces began to open up again purely e-commerce brands had to shift their marketing plans to maintain the levels of business they had seen over the lockdown period. 4. Behavioral segmentation: The how. Behavioral segmentation is possibly the most useful of all for e-commerce businesses. As with psychographic segmentation, it requires a little data to be truly effective – but much of this can be gathered via your website itself. Here we group customers with regards to their: Spending habitsPurchasing habitsBrowsing habitsInteractions with the brandLoyalty to brandPrevious product feedback All of these are datasets that can be harvested from a customer’s usage of your website. At Yieldify, we utilize behavioral segmentation to deliver highly relevant and targeted campaigns based on a number of behavioral patterns: Number of sessions to your websiteNumber of pages visitedTime spent on siteURLs visitedPage types visitedShopping cart valueCampaign historyReferral sourceExit intentInactivity, and more. For example, we can distinguish between a first-time visitor and someone who’s already been on your site multiple times but haven’t purchased. Based on this behavioral data, we can tailor our messaging accordingly: First time visitor: Hey, learn about our latest collection!Returning visitor: Join our loyalty program and start saving! Working with online wine club Vinomofo, we used behavioral segmentation to target three distinct audiences: new visitors, returning visitors, and returning clients. One of the best examples of this type of segmentation is showing new visitors a $15 incentive in exchange for joining the community. Returning visitors who had already subscribed but have not redeemed their coupon yet were reminded on their first order incentive. Whereas returning customers saw a campaign about Vinomofo’s premium services.  This targeted approach focused on purchasing habits reached a 34.02% conversion rate uplift with new and 29.24% CR uplift with returning visitors! Other types of market segmentation with examples. Though the most common types of market segmentation are demographic, psychographic, geographic, and behavioral, there are other types that are also worth considering and can offer excellent opportunities in the right context. Technographic segmentation. Technographic segmentation identifies and groups customers with regards to the role technology plays in their lives. This might mean recognizing groups of early adopters when marketing new technologies. It might also be as simple as recognizing the device users access the site from and presenting deals differently. With personalization, it’s easy to target adverts at specific groups like this. Consumers accessing an online phone store via the Safari internet browser might be more interested in Apple products – and can be shown these as a result. Generational and life stage segmentation. Generational and life stage segmentation both expand on aspects of the demographic approach. Identifying customers by generation allows for broad but distinct approaches depending on age. Life stage segmentation, however, works similarly whilst divorcing life experience from age itself. Instead, it groups customers by factors including marital status, home-ownership, and whether or not they have children (and more specific still by considering the ages of their children). Bank of America, for example, has successfully used life stage segmentation in their digital marketing strategy. Medialogic details BoFA’s “Family Life Banking” program that invited customers to segment themselves by clicking on a relatable tab within and email. From there, the customer would land on a custom microsite designed specifically for their segment. Transactional segmentation. Transactional segmentation is based on previous interactions your customer has had with your brand. Whilst it can draw on behavioral elements, it also has a much wider scope – considering the initial source of their registration with your business, how long it has been since their last order, and how many orders they’ve made overall.  Yieldify worked with clothing retailer Turnbull & Asser to boost conversion rates on their online store. Offering free shipping to all their customers would have been too expensive, so Yieldify targeted a specific transactional segment of their userbase – offering free shipping to those with a set value of items already in their carts. The shipping offer encouraged many of those targeted to make the extra purchases necessary to claim it, and drove over £22,000 of extra revenue for the brand. Picking up on information like this is a particularly effective strategy across multiple industries, including top competitors to mass global retailers like Amazon, presenting e-commerce businesses with the best understanding of their customers, and encouraging return visits. Firmographic Segmentation. Whilst the above marketing segmentation strategies mainly focus on B2C organizations, Firmographic segmentation can be extremely useful to those in the B2B world. Firmographic segmentation is the process of analyzing and classifying B2B customers based on shared company or organization attributes & characteristics. This segmentation strategy allows B2B companies to better understand and target their audience and marketing campaigns. This process is very similar to the way B2C marketers would use demographic segmentation. This type of market segmentation predominantly uses 7 factors to identify customer segments. IndustryLocationCompany SizeStatusNumber of employeesPerformanceExecutive TitleSales Cycles Stage This market segmentation process can help form an effective B2B marketing strategy by identifying target customers and tailoring marketing efforts to these specific customer segments. 10 Benefits of Market Segmentation. There are many benefits of market segmentation, our top 10 are below. 1. More effective marketing. This is the biggest and most obvious benefit to well-implemented market segmentation. By better recognizing the needs of your customers, you can identify more effective tactics for reaching them and improving their interactions and experience with your business. 2. More efficient spending. After all, your targeted marketing is going to allow for better returns on investment, and you’ll waste less money on marketing that reaches the wrong audience. 3. Higher quality leads. You’ll also notice that the more targeted more marketing is, the better your leads become. You’re reaching the right people, and they’re starting to notice you! 4. Identifying niche markets. Similarly, your research into segmentation may help you recognize areas of the market you’d not considered before. This might even lead to the development of new products that are aimed specifically towards these markets. 5. Improved customer retention. By identifying your customers by their needs, you can put out marketing that offers irresistible reasons for a return visit. This is proven to increase customer retention, customer loyalty and lifetime value. 6. Differentiating your brand. The purpose of market segmentation is not only to help you reach your audience but also to allow your customers to see the true value of your brand via marketing that speaks to them – and in doing so puts you head and shoulders above your competitors. 7. More focus . Ultimately, thoughtful customer segmentation will allow your business to focus every element of its activity to better reach those that it serves. Your marketing becomes focused on your customers’ needs, your research and development may focus on meeting those needs, your spending will be focused on achieving these, and not wasted on mistargeted marketing and planning. Everything becomes better suited to giving your customers what they need, and as a result, your business becomes exactly the sort of business they want to be buying from. This can greatly help with the return on investment of all your marketing activity. In conclusion. So, as you can see there are different types of marketing segmentation you can choose from to find and define your target market to effectively promote your product or service. Your customers’ every decision is judged on whether the result is what they want, or whether it is what they need. Market segmentation allows you to recognize these needs and market directly to them, without any wasted messaging. Whether it’s telling new drivers about the best car insurance for them, or sharing offers on barbeques and sun-chairs to those living in the middle of a heatwave, market segmentation offers you thousands of ways to ensure your customers see you as exactly what they want, and exactly what they need. Market Segmentation FAQs. What is meant by market segmentation? Market segmentation builds a subset of a market. This can be based on demographics, needs, priorities, common interests, and other psychographic or behavioral criteria. What are the 4 types of market segmentation? The 4 basic types of market segmentation are:1. Demographic2. Psychographic 3. Geographic4. Behavioral What are the advantages of market segmentation? By segmenting your market you’ll be able to understand your customer’s needs better and how you can fulfill these better than your competition. Join 1000+ brands & businesses worldwide winning with Yieldify. Get Started
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                            [body] => What Is Market Segmentation? March 11, 2019 When trying to reach customers with a marketing message or ad campaign, targeting the right market with the right message is essential — If you aim too broadly, your message might reach a few people who end up becoming customers, but you’ll also reach a lot of people who aren’t interested in your products or services. When your messaging isn’t optimized for your audience, you’ll end up with a lot of wasted advertising dollars. Market segmentation can help you to target just the people most likely to become satisfied customers of your company or enthusiastic consumers of your content. To segment a market, you split it up into groups that have similar characteristics. You can base a segment on one or more qualities. Splitting up an audience in this way allows for more precisely targeted marketing and personalized content. Types of Market Segmentation 5 Benefits of Market Segmentation   The Importance of Market Segmentation. Market segmentation can help you to define and better understand your target audiences and ideal customers. If you’re a marketer, this allows you to identify the right market for your products and then target your marketing more effectively. Similarly, publishers can use market segmentation to offer more precisely targeted advertising options and to customize their content for different audience groups. Say, for example, you’re a marketer who’s advertising a new brand of dog food. You could split an audience into segments based on whether they have a dog. You could then segment that audience further based on what kind of dog they have and then show them ads for food formulated for their dog’s breed. A publisher could use this same information to show content about dogs to people who have or like dogs. Market segmentation allows you to target your content to the right people in the right way, rather than targeting your entire audience with a generic message. This helps you increase the chances of people engaging with your ad or content, resulting in more efficient campaigns and improved return on investment (ROI). Types of Market Segmentation. There are many different kinds of market segments you can create. Below are the four main methods of market segmentation. You can also create more niche segments within the types below. 1. Demographic Segmentation. Start Targeting Your Ideal Customers Demographic segmentation is one of the most common forms. It refers to splitting up audiences based on observable, people-based differences. These qualities include things like age, sex, marital status, family size, occupation, education level, income, race, nationality and religion. Segmenting a market according to demographics is the most basic form of segmentation. Combining demographic segmentation with other types can help you to narrow down your market even more. One benefit of this kind of segmentation is that the information is relatively easily accessible and low-cost to obtain. Some products are targeted explicitly towards a specific demographic. One personal care company, for example, might make two deodorant products — one labeled as men’s deodorant and one labeled as women’s deodorant. Automotive companies often segment their audience by income and market different makes and models of cars to each segment. One company may have a luxury brand, an economy brand and a mid-range brand. There are numerous ways to gather demographic data. One way is to ask your customers directly. This can be time-consuming, but getting the information directly from customers will help ensure its accuracy. If you go this route, be careful to be respectful in how you ask and give customers sufficient response options so you get accurate results. You may also be able to obtain demographic data directly from customers by looking at social media and other online profiles where they may provide information about themselves. You can also get demographic from second-party and third-party data providers including marketing service providers and credit bureaus. Public records, such as those kept by the U.S. Census Bureau and the U.S. Postal Service, can also provide useful information. Collecting this data in a data management platform (DMP) will help you to organize it and use it to target your marketing campaigns or content personalization efforts. 2. Behavioral Segmentation. You can also segment your market based on consumers’ behaviors, especially regarding your product. Dividing your audience based on behaviors they display allows you to create messaging that caters to those behaviors. Many of the actions you might look at relate to how someone interacts with your product, website, app or brand. Some types of behaviors to look at include: Online shopping habits: You might consider a users’ online shopping habits across all sites, as this may correlate with the likelihood they will make an online purchase on your website. Actions taken on a website: You can track actions users take on your online properties to better understand how they interact with them. You might look at how long someone stays on your site, whether they read articles all the way to the end, the types of content they click on and more. Benefits sought: This refers to the need a customer is trying to meet by purchasing a product. Usage rate: You can categorize users based on usage rate. Your messaging will be different depending on whether someone is a heavy user, medium user, light user or non-user of your product. Loyalty: After using a product for some time, customers often develop brand loyalty. You can categorize customers based on how loyal they are to your brand and tailor your messaging accordingly. Behavioral data is useful because it relates directly to how someone interacts with your brand or products. Because of this, it can help you market more effectively to them. You can collect this data through various sources including cookies placed on your website, the purchase data in your customer relationship management (CRM) software and third-party datasets. 3. Geographic Segmentation. Geographic segmentation, splitting up your market based on their location, is a basic but highly useful segmentation strategy. A customer’s location can help you better understand their needs and enable you to send out location-specific ads. There are several kinds of geographic segmentation. The most basic is identifying users based on their locations such as their country, state, county and zip code. You can also identify consumers based on the characteristics of the area they live in, such as its climate, the population density and whether it’s urban, suburban or rural. Identifying characteristics can require you to get more specific since one county could have rural, suburban and urban areas. Dividing a market according to location is critical if you need to target an ad to people in a specific area, such as if you’re advertising a small local business. It can also be useful if you’re targeting a broad area because it enables you to tailor your messaging according to regional differences in language, interests, norms and other attributes as well as the differing needs of people in different regions. You may need to change the language your messaging depending on the region you’re targeting. People who live in different countries may also have different interests. Baseball is very popular in the United States, for example, while cricket is more popular in India. If you’re marketing sports equipment or publishing sports articles, you will want to take these different preferences into account. Companies can also consider different needs in different regions. A clothing company, for instance, will show ads featuring warmer clothing to people living in cooler climates and show the opposite to people living in warmer climates. 4. Psychographic Segmentation. Psychographic segmentation is similar to demographic segmentation, but it deals with characteristics that are more mental and emotional. These attributes may not be as easy to observe as demographics, but they can give you valuable insight into your audience’s motives, preferences and needs. Understanding these aspects of your audience can help you to create content that appeals to them more effectively. Some examples of psychographic characteristics include personality traits, interests, beliefs, values, attitudes and lifestyles. If you find that members of a demographic segment are responding differently to your content, you might want to add in some psychographic information. While demographics provide the basic facts about who your audience is, psychographics give you insight into why people decide to purchase or not purchase your product, click on or ignore your ad and otherwise interact with you. Say you’re a furniture and home decor company, and you have a market segment consisting of newlyweds in their 20s and 30s with a household income above $60,000. Some members of this segment are converting, while others are not. When you add psychographic information into the mix, you may find that people that purchase your products often value community and friendships and are environmentally conscious. Based on this information, you could create ads that show people entertaining friends in their home and emphasize the environmentally friendly attributes of your brand. You can collect this data in many of the same ways you can gather demographic data. You can ask your existing customers for this information using surveys. You can also look at the way people interact with your website and see what types of content they engage with, which gives you insight into their interests and preferences. You can also supplement your first-party data with second-party and third-party data. Start Targeting Your Ideal Customers Other Methods of Market Segmentation. Demographic, psychographic, behavioral and geographic segmentation are considered the four main types of market segmentation, but there are also many other strategies you can use, including numerous variations on the four main types. Here are several more methods you may want to look into. Value segmentation: Some businesses will split up a market based on the “transactional worth” of their customers — how much they’re likely to spend on their products. To determine a customer’s transactional worth, you can look at previous purchase data such as how many purchases they make, how often they make purchases and the value of the items they purchase. Firmographic segmentation: Business-to-business (B2B) companies may use firmographic segmentation to divide up the businesses in a market. This is similar to demographic segmentation with individual consumers but instead looks at the characteristics of companies that may become customers. Examples of data to look at include industry, revenue, number of employees and location. Generational segmentation: Businesses may segment consumers by generation and group them into categories that include Gen Z, Millenials, Generation X, Baby Boomers and the Silent Generation. These generations are believed to share certain preferences, behaviors, personality traits and beliefs. Of course, not every member of a generation is the same, but generational segmentation can give you some additional insight into your audience. Lifestage segmentation: You can also segment your market into groups based on where they are in their lives. Going to college, getting married and having children are examples of key life events to consider. People at different stages of life need different things. For instance, soon-to-be college students may need apartment furniture. New parents will be looking to purchase baby food. Seasonal segmentation: Similarly to how people buy different products in different periods of their lives, people also buy different items at different times of the year. Major holidays such as Christmas and Hanukkah also significantly impact purchasing behaviors. 5 Benefits of Market Segmentation.   Start Targeting Your Ideal Customers In a recent survey of marketing professionals in North America, 62 percent of respondents said improving audience segmentation to enable more precisely targeted messaging was a top priority. There’s a reason improving segmentation was the most frequently reported priority in the survey. Market segmentation offers many benefits to marketers, publishers and others, including the following advantages. 1. Improves Campaign Performance. Market segmentation can help you to improve the performance of your marketing campaigns by helping you to target the right people with the right messaging at the right time. Segmentation enables you to learn more about your audience so you can better tailor your messaging to their preferences and needs. Targeting a specific segment that is likely to be interested in your content or product is much more effective than targeting an overly broad audience. If you advertise to an entire market, you will end up spending a massive amount of money on ads, but a relatively small percentage will convert. If you instead direct your marketing to a segment with the right characteristics, you can increase the conversion rate of your campaign considerably. The more specific the audience of people interested in your brand, the more beneficial targeting can be. For example, there’s no reason to market dental tools to anybody but dentists. Marketing them to a broad audience would result in wasted ad dollars. Even if you’re selling a product with broad appeal, customer segmentation can help you tailor your messaging to different groups to better engage with them. Say that you’re advertising furniture. You might split your audience up by age and push individuals ads that show people who are close to their age. 2. Informs Product Development. Market segmentation can also help companies to develop products that better meet the needs of their customers. You can create products to appeal to needs your main market segment may have and develop different products tailored to different parts of your customer base. Say, for instance, you run an automotive company, and your primary market segment is middle-class families. You would likely design your car with lots of seating, leg room and space to accommodate a family with multiple kids. You would also create mid-range priced vehicles. You could, however, also segment your audience further, and create vehicles that appeal to each of those segments. For example, one segment might be families who like to go on outdoorsy vacations. To appeal to this group, you could offer a vehicle with four-wheel drive and lots of cargo space. Another segment might prefer to take trips into the city. You might make this car smaller so that the drivers can easily navigate narrow city streets and fit into tight parking spots. Designing your products with the needs of your customers in mind will help you to sell more and will make your customers happier. Your customers will also feel like you understand their needs, improving your company’s reputation. 3. Reveals Areas to Expand. Market segmentation can also help businesses to identify audience segments that they are not currently reaching with their marketing efforts and then expand into new markets. When you look at your audience data, you might discover interests that you didn’t realize your customers had. For example, a company might make the majority of their sales in physical stores. When looking at behavioral data, they might see that many of their customers like to shop online. Based on this information, they could then either open an online store or stat advertising their online marketplace more. As another example, a clothing company that primarily targets middle-aged women might decide to start selling kids clothing as well. They could introduce these items and market them to their current customers, encouraging them to buy them for their kids. 4. Improves Business Focus. Market segmentation can also help businesses to focus their efforts, which enables them to establish a brand identity and specialize in a particular type of products. A brand that tries to appeal to everyone in their marketing will come off as generic and unmemorable. It could also leave customers confused about what the brand stands for and what kind of company it represents. Similarly, a company that tries to sell everything likely won’t make a big impact in any one market, and its offerings may be of lower quality compared to companies that specialize. As your company grows, you can expand your offerings, but when first starting out, it can be challenging to differentiate your company if your product offerings are too broad. 5. Informs Other Business Decisions. Market segmentation can also help to inform other important business decisions regarding how you get your product to customers. These decisions may involve matters such as pricing and distribution. Businesses can use segmentation to help them decide on pricing that maximizes sales while keeping customers happy. Companies may consider demographic information such as income levels. They may also take into account their customers’ price sensitivity — the degree to which their price affects their purchase decisions. Paying attention to seasonal demand changes can help businesses time special deals to boost sales. Market segmentation can also help companies to determine the optimal strategies for the distribution of their products. Some groups of people, for instance, are more likely to shop online, while others are more likely to shop in a store. Companies can also decide which stores to pitch their products to based on where their market segment shops. Their customers may, for example, shop at luxury boutiques or bargain outlets. Looking at geographic data can also help a company decide where to set up a new store. How Lotame Can Help. To take control of your segmented audience data, you need the right data tools, along with the right partners. Working with Lotame provides you with both. We offer tools such as our data management platform, which you can use to collect, organize, analyze and activate all of the data you gather. Organizing your data in our DMP helps you get a better understanding of your audience. You can easily create audience segments using our DMP. We also provide a variety of other tools such as our data exchange, which gives you access to thousands of third-party audience segments, and our cross-device technology, which enables you to serve sequential messaging to users across multiple devices. As the leading independent DMP provider, we are highly agile and responsive to our clients. We can help you improve your understanding of your audience to enable enhanced content personalization and ad targeting. As you learn more about your audience and tailor your messaging, content and strategies to your customers’ and prospects’ needs, you can boost engagement, sales and customer satisfaction. To learn more about our solutions and how we can help you get to know your audience better, contact us today. Find new customers, increase customer engagement, and grow revenue with first-, second-, and third-party data. Learn how Lotame Panorama can help you in today’s cookie-challenge web. Related Posts. Audience Extension vs Audience EnrichmentTarget users based on behaviors they've displayed off-site or to reach users on other properties.… How to Judge Data Quality in 5 StepsWhen it comes to data, understanding the differences between data providers and the segmentation they… Blis Partners with Lotame to Offer More Audience Data Choice to MarketersMarket-leading location platform integrated with Lotame DMP delivers additional targeting depth and contextual mobile campaigns… See Why Companies Around the World Choose to Work With Lotame. Why Lotame? Ready to Get Started? Fill in this form and a member of the Lotame team will be in touch.
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                            [body] => Market Segmentation By Evan Tarver Full Bio Evan Tarver has 6+ years of experience in financial analysis and 5+ years as an author, editor, and copywriter. Learn about our editorial policies Updated April 05, 2021 Reviewed by Khadija Khartit Reviewed by Khadija Khartit Full Bio Khadija Khartit is a strategy, investment, and funding expert, and an educator of fintech and strategic finance in top universities. She has been an investor, entrepreneur, and advisor for more than 25 years. She is a FINRA Series 7, 63, and 66 license holder. Learn about our Financial Review Board Business Business Essentials Marketing Essentials Business Leaders Corporate Finance & Accounting Small Business Company Profiles What Is Market Segmentation? . Market segmentation is a marketing term that refers to aggregating prospective buyers into groups or segments with common needs and who respond similarly to a marketing action. Market segmentation enables companies to target different categories of consumers who perceive the full value of certain products and services differently from one another. Key Takeaways. Market segmentation seeks to identify targeted groups of consumers to tailor products and branding in a way that is attractive to the group.Markets can be segmented in several ways such as geographically, demographically, or behaviorally.Market segmentation helps companies minimize risk by figuring out which products are the most likely to earn a share of a target market and the best ways to market and deliver those products to the market.With risk minimized and clarity about the marketing and delivery of a product heightened, a company can then focus its resources on efforts likely to be the most profitable. 1:40 Market Segmentation. Understanding Market Segmentation . Companies can generally use three criteria to identify different market segments: Homogeneity, or common needs within a segmentDistinction, or being unique from other groupsReaction, or a similar response to the market For example, an athletic footwear company might have market segments for basketball players and long-distance runners. As distinct groups, basketball players and long-distance runners respond to very different advertisements. Understanding these different market segments enables the athletic footwear company to market its branding appropriately. Market segmentation is an extension of market research that seeks to identify targeted groups of consumers to tailor products and branding in a way that is attractive to the group. The objective of market segmentation is to minimize risk by determining which products have the best chances of gaining a share of a target market and determining the best way to deliver the products to the market. This allows the company to increase its overall efficiency by focusing limited resources on efforts that produce the best return on investment (ROI). Companies can segment markets in several ways: Geographically by region or areaDemographically by age, gender, family size, income, or life cyclePsychographically by social class, lifestyle, or personalityBehaviorally by benefit, use, or response The objective is to enable the company to differentiate its products or message according to the common dimensions of the market segment. Market segmentation allows a company to increase its overall efficiency by focusing limited resources on efforts that produce the best return on investment (ROI). Examples of Market Segmentation . Market segmentation is evident in the products, marketing, and advertising that people use every day. Auto manufacturers thrive on their ability to identify market segments correctly and create products and advertising campaigns that appeal to those segments. Cereal producers market actively to three or four market segments at a time, pushing traditional brands that appeal to older consumers and healthy brands to health-conscious consumers, while building brand loyalty among the youngest consumers by tying their products to, say, popular children's movie themes. A sports-shoe manufacturer might define several market segments that include elite athletes, frequent gym-goers, fashion-conscious women, and middle-aged men who want quality and comfort in their shoes. In all cases, the manufacturer's marketing intelligence about each segment enables it to develop and advertise products with a high appeal more efficiently than trying to appeal to the broader masses. Market Segmentation FAQs  . What Is the Definition of Market Segmentation? . Market segmentation is a marketing strategy in which select groups of consumers are identified so that certain products or product lines can be presented to them in a way that appeals to their interests. What Are the Types of Market Segmentation? . Types of segmentation include homogeneity, which looks at a segment's common needs, distinction, which looks at how the particular group stands apart from others, and reaction, or how certain groups respond to the market. What Are Some Market Segmentation Strategies? . Strategies include targeting a group by location, by demographics—such as age or gender—by social class or lifestyle, or behaviorally—such as by use or response. Take the Next Step to Invest Advertiser Disclosure × The offers that appear in this table are from partnerships from which Investopedia receives compensation. This compensation may impact how and where listings appear. Investopedia does not include all offers available in the marketplace. Service Name Description Related Terms. What Is a Market Segment? A market segment is a group of people who share one or more common characteristics, lumped together for marketing purposes. more Micromarketing: Advertising Focused on a Specific Group of Customers Micromarketing is an approach to advertising that tends to target a specific group of people in a niche market. With micromarketing, products or services are marketed directly to a targeted group of customers. more What Is Demographics Analysis? Demographic analysis is the study of a population based on factors such as age, race, sex, education, income, and employment. more What Is a Segment in Business? A segment is a business unit that generates its own revenue and creates its own products or services. Read how segments help companies make a profit. more Understanding How Companies Use Product Lines A product line in business is a group of related products under the same brand name manufactured by a company. Read how product lines help a business grow. more Understanding Product Differentiation Product differentiation is the process of identifying and communicating the unique qualities of a brand compared to its competitors. more Partner Links Related Articles. Marketing Essentials What Are Companies That Use Segmentation? Socially Responsible Investing (SRI) Why Socially Responsible Marketing Matters. Marketing Essentials Similarities Between Product Differentiation and Product Positioning. Financial Analysis Porter's 5 Forces vs. PESTLE Analysis: What's the Difference? Sectors & Industries Analysis The Economics Behind Sneakers (NKE, ADDYY). Marketing Essentials How Smartphones Changed Advertising. About Us Terms of Use Dictionary Editorial Policy Advertise News Privacy Policy Contact Us Careers California Privacy Notice # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
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                            [body] => Market segmentation From Wikipedia, the free encyclopedia Jump to navigation Jump to search Process of dividing a broad consumer market into sub-groups with shared characteristics Marketing Marketing Marketing management Key concepts Distribution Pricing Retail Service Activation Brand licensing Brand management Co-creation Dominance Effectiveness Ethics Promotion Segmentation Strategy Account-based marketing Digital marketing Product marketing Social marketing Influencer marketing Attribution Annoyance factor Horizontal integration Vertical integration Promotional content Advertising Branding Corporate anniversary Direct marketing Loyalty marketing Mobile marketing On-hold messaging Personal selling Premiums Prizes Product placement Propaganda Publicity Sales promotion Sex in advertising Underwriting spot Promotional media Behavioral targeting Brand ambassador Display advertising Drip marketing In-game advertising Mobile advertising Native advertising New media Online advertising Out-of-home advertising Point of sale Product demonstration Promotional merchandise Promotional representative Visual merchandising Web banner Word-of-mouth Research Market research Marketing research Mystery shopping vte In marketing, market segmentation is the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known as segments) based on some type of shared characteristics. In dividing or segmenting markets, researchers typically look for common characteristics such as shared needs, common interests, similar lifestyles, or even similar demographic profiles. The overall aim of segmentation is to identify high yield segments – that is, those segments that are likely to be the most profitable or that have growth potential – so that these can be selected for special attention (i.e. become target markets). Many different ways to segment a market have been identified. Business-to-business (B2B) sellers might segment the market into different types of businesses or countries, while business-to-consumer (B2C) sellers might segment the market into demographic segments, such as lifestyle, behavior, or socioeconomic status. The STP approach highlights the three areas of decision-making Market segmentation assumes that different market segments require different marketing programs – that is, different offers, prices, promotion, distribution, or some combination of marketing variables. Market segmentation is not only designed to identify the most profitable segments, but also to develop profiles of key segments in order to better understand their needs and purchase motivations. Insights from segmentation analysis are subsequently used to support marketing strategy development and planning. Many marketers use the S-T-P approach; Segmentation → Targeting → Positioning to provide the framework for marketing planning objectives. That is, a market is segmented, one or more segments are selected for targeting, and products or services are positioned in a way that resonates with the selected target market or markets. Contents. 1 Definition and brief explanation 2 History 3 Criticisms 4 Market segmentation strategy 5 Segmentation, targeting, positioning 6 Identifying the market to be segmented 7 Bases for segmenting consumer markets 7.1 Geographic segmentation 7.2 Demographic segmentation 7.3 Psychographic segmentation 7.4 Behavioural segmentation 7.4.1 Purchase/usage occasion 7.4.2 Benefit-sought 7.4.3 Attitudinal segments 7.5 Other types of consumer segmentation 7.5.1 Generational segments 7.5.2 Cultural segmentation 7.5.3 Online customer segmentation 8 Selecting target markets 8.1 Criteria for evaluating segment attractiveness 8.1.1 Segment size and growth 8.1.2 Segment structural attractiveness 8.1.3 Company objectives and resources 9 Developing the marketing program and positioning strategy 10 Basis for segmenting business markets 11 Use in customer retention 12 Segmentation: algorithms and approaches 12.1 A-priori segmentation 12.2 Post-hoc segmentation 12.3 Statistical techniques used in segmentation 12.4 Data sources used for segmentation 12.4.1 Internal sources 12.4.2 External sources 13 Companies (proprietary segmentation databases) 14 See also 15 References 16 External links Definition and brief explanation[edit]. Market segmentation is the process of dividing up mass markets into groups with similar needs and wants.[1] The rationale for market segmentation is that in order to achieve competitive advantage and superior performance, firms should: "(1) identify segments of industry demand, (2) target specific segments of demand, and (3) develop specific 'marketing mixes' for each targeted market segment. "[2] From an economic perspective, segmentation is built on the assumption that heterogeneity in demand allows for demand to be disaggregated into segments with distinct demand functions.[3] History[edit]. The Model-T Ford (1921) is an early example of a mass marketing (undifferentiated segmentation) approach. Initially, it was produced only in black. The business historian, Richard S. Tedlow, identifies four stages in the evolution of market segmentation:[4] Fragmentation (pre-1880s): The economy was characterized by small regional suppliers who sold goods on a local or regional basis Unification or mass marketing (1880s–1920s): As transportation systems improved, the economy became unified. Standardized, branded goods were distributed at a national level. Manufacturers tended to insist on strict standardization in order to achieve scale economies to penetrate markets in the early stages of a product's lifecycle. e.g. the Model T Ford Segmentation (1920s–1980s): As market size increased, manufacturers were able to produce different models pitched at different quality points to meet the needs of various demographic and psychographic market segments. This is the era of market differentiation based on demographic, socio-economic, and lifestyle factors. Hyper-segmentation (post-1980s): a shift towards the definition of ever more narrow market segments. Technological advancements, especially in the area of digital communications, allow marketers to communicate with individual consumers or very small groups. This is sometimes known as one-to-one marketing. By the 1930s, Ford was producing Deluxe models in a range of colours such as this Ford Deluxe Coupe (1931) The practice of market segmentation emerged well before marketers thought about it at a theoretical level.[5] Archaeological evidence suggests that Bronze Age traders segmented trade routes according to geographical circuits.[6] Other evidence suggests that the practice of modern market segmentation was developed incrementally from the 16th century onwards. Retailers, operating outside the major metropolitan cities, could not afford to serve one type of clientele exclusively, yet retailers needed to find ways to separate the wealthier clientele from the "riff raff". One simple technique was to have a window opening out onto the street from which customers could be served. This allowed the sale of goods to the common people, without encouraging them to come inside. Another solution, that came into vogue from the late sixteenth century, was to invite favored customers into a back-room of the store, where goods were permanently on display. Yet another technique that emerged around the same time was to hold a showcase of goods in the shopkeeper's private home for the benefit of wealthier clients. Samuel Pepys, for example, writing in 1660, describes being invited to the home of a retailer to view a wooden jack.[7] The eighteenth-century English entrepreneurs, Josiah Wedgewood and Matthew Boulton, both staged expansive showcases of their wares in their private residences or in rented halls to which only the upper classes were invited while Wedgewood used a team of itinerant salesmen to sell wares to the masses.[8] Evidence of early marketing segmentation has also been noted elsewhere in Europe. A study of the German book trade found examples of both product differentiation and market segmentation in the 1820s.[9] From the 1880s, German toy manufacturers were producing models of tin toys for specific geographic markets; London omnibuses and ambulances destined for the British market; French postal delivery vans for Continental Europe and American locomotives intended for sale in America.[10] Such activities suggest that basic forms of market segmentation have been practiced since the 17th century and possibly earlier. Contemporary market segmentation emerged in the first decades of the twentieth century as marketers responded to two pressing issues. Demographic and purchasing data were available for groups but rarely for individuals and secondly, advertising and distribution channels were available for groups, but rarely for single consumers. Between 1902 and 1910, George B Waldron, working at Mahin's Advertising Agency in the United States used tax registers, city directories, and census data to show advertisers the proportion of educated vs illiterate consumers and the earning capacity of different occupations, etc. in a very early example of simple market segmentation.[11][12] In 1924 Paul Cherington developed the 'ABCD' household typology; the first socio-demographic segmentation tool.[11][13] By the 1930s, market researchers such as Ernest Dichter recognized that demographics alone were insufficient to explain different marketing behaviours and began exploring the use of lifestyles, attitudes, values, beliefs and culture to segment markets.[14] With access to group-level data only, brand marketers approached the task from a tactical viewpoint. Thus, segmentation was essentially a brand-driven process. Wendell R. Smith is generally credited with being the first to introduce the concept of market segmentation into the marketing literature in 1956 with the publication of his article, "Product Differentiation and Market Segmentation as Alternative Marketing Strategies."[15] Smith's article makes it clear that he had observed "many examples of segmentation" emerging and to a certain extent saw this as a "natural force" in the market that would "not be denied."[16] As Schwarzkopf points out, Smith was codifying implicit knowledge that had been used in advertising and brand management since at least the 1920s.[17] Until relatively recently, most segmentation approaches have retained a tactical perspective in that they address immediate short-term decisions; such as describing the current “market served” and are concerned with informing marketing mix decisions. However, with the advent of digital communications and mass data storage, it has been possible for marketers to conceive of segmenting at the level of the individual consumer. Extensive data is now available to support segmentation at very narrow groups or even for the single customer, allowing marketers to devise a customised offer with an individual price which can be disseminated via real-time communications.[18] Some scholars have argued that the fragmentation of markets has rendered traditional approaches to market segmentation less useful.[19] Criticisms[edit]. The limitations of conventional segmentation have been well documented in the literature.[20] Perennial criticisms include: That it is no better than mass marketing at building brands[21] That in competitive markets, segments rarely exhibit major differences in the way they use brands[22] That it fails to identify sufficiently narrow clusters[23] Geographic/demographic segmentation is overly descriptive and lacks sufficient insights into the motivations necessary to drive communications strategy[24] Difficulties with market dynamics, notably the instability of segments over time[25][26] and structural change which leads to segment creep and membership migration as individuals move from one segment to another[27] Market segmentation has many critics. But in spite of its limitations, market segmentation remains one of the enduring concepts in marketing and continues to be widely used in practice. One American study, for example, suggested that almost 60 percent of senior executives had used market segmentation in the past two years.[28] Market segmentation strategy[edit]. See also: Niche market and Porter's generic strategies A key consideration for marketers is whether to segment or not to segment. Depending on company philosophy, resources, product type, or market characteristics, a business may develop an undifferentiated approach or differentiated approach. In an undifferentiated approach, the marketer ignores segmentation and develops a product that meets the needs of the largest number of buyers.[29] In a differentiated approach the firm targets one or more market segments, and develops separate offers for each segment.[29] Even simple products like salt, which might be considered as commodities, are highly differentiated in practice. In consumer marketing, it is difficult to find examples of undifferentiated approaches. Even goods such as salt and sugar, which were once treated as commodities, are now highly differentiated. Consumers can purchase a variety of salt products; cooking salt, table salt, sea salt, rock salt, kosher salt, mineral salt, herbal or vegetable salts, iodized salt, salt substitutes, and many more. Sugar also comes in many different types - cane sugar, beet sugar, raw sugar, white refined sugar, brown sugar, caster sugar, sugar lumps, icing sugar (also known as milled sugar), sugar syrup, invert sugar, and a plethora of sugar substitutes including smart sugar which is essentially a blend of pure sugar and a sugar substitute. Each of these product types is designed to meet the needs of specific market segments. Invert sugar and sugar syrups, for example, are marketed to food manufacturers where they are used in the production of conserves, chocolate, and baked goods. Sugars marketed to consumers appeal to different usage segments – refined sugar is primarily for use on the table, while caster sugar and icing sugar are primarily designed for use in home-baked goods. Different types of sugar: clockwise from top-left: White refined, unrefined, brown, unprocessed cane Main Strategic Approaches to Segmentation[30] Number of segments Segmentation strategy Comments Zero Undifferentiated strategy Mass marketing: no segmentation One Focus strategy Niche marketing: focus efforts on a small, tightly defined target market Two or more Differentiated strategy Multiple niches: focus efforts on 2 or more, tightly defined targets Thousands Hypersegmentation One-to-one marketing: customise the offer for each individual customer A number of factors are likely to affect a company's segmentation strategy:[31] Company resources: When resources are restricted, a concentrated strategy may be more effective. Product variability: For highly uniform products (such as sugar or steel) undifferentiated marketing may be more appropriate. For products that can be differentiated, (such as cars) then either a differentiated or concentrated approach is indicated. Product life cycle: For new products, one version may be used at the launch stage, but this may be expanded to a more segmented approach over time. As more competitors enter the market, it may be necessary to differentiate. Market characteristics: When all buyers have similar tastes or are unwilling to pay a premium for different quality, then undifferentiated marketing is indicated. Competitive activity: When competitors apply differentiated or concentrated market segmentation, using undifferentiated marketing may prove to be fatal. A company should consider whether it can use a different market segmentation approach Segmentation, targeting, positioning[edit]. The process of segmenting the market is deceptively simple. Seven basic steps describe the entire process including segmentation, targeting, and positioning. In practice, however, the task can be very laborious since it involves poring over voluminous data, and requires a great deal of skill in analysis, interpretation, and some judgment. Although a great deal of analysis needs to be undertaken, and many decisions need to be made, marketers tend to use the so-called S-T-P process, that is Segmentation→ Targeting → Positioning, as a broad framework for simplifying the process.[32] Segmentation comprises identifying the market to be segmented; identification, selection, and application of bases to be used in that segmentation; and development of profiles. Targeting comprises an evaluation of each segment's attractiveness and selection of the segments to be targeted. Positioning comprises the identification of optimal position and development of the marketing program. Perhaps the most important marketing decision a firm makes is the selection of one or more market segments on which to focus. A market segment is a portion of a larger market whose needs differ somewhat from the larger market. Since a market segment has unique needs, a firm that develops a total product focused solely on the needs of that segment will be able to meet the segment’s desires better than a firm whose product or service attempts to meet the needs of multiple segments.[33] Identifying the market to be segmented[edit]. See also: Serviceable available market The market for a given product or service known as the market potential or the total addressable market (TAM). Given that this is the market to be segmented, the market analyst should begin by identifying the size of the potential market. For existing products and services, estimating the size and value of the market potential is relatively straightforward. However, estimating the market potential can be very challenging when a product or service is totally new to the market and no historical data on which to base forecasts exists. A basic approach is to first assess the size of the broad population, then estimate the percentage likely to use the product or service and finally to estimate the revenue potential. To estimate market size, a marketer might evaluate the adoption and growth rates of comparable technologies (historical analogy method). Another approach is to use a historical analogy.[34] For example, the manufacturer of HDTV might assume that the number of consumers willing to adopt high definition TV will be similar to the adoption rate for Color TV. To support this type of analysis, data for household penetration of TV, Radio, PCs, and other communications technologies is readily available from government statistics departments. Finding useful analogies can be challenging because every market is unique. However, analogous product adoption and growth rates can provide the analyst with benchmark estimates, and can be used to cross-validate other methods that might be used to forecast sales or market size. A more robust technique for estimating the market potential is known as the Bass diffusion model, the equation for which follows:[35] N(t) – N(t−1) = [p + qN(t−1)/m] × [m – N(t−1)] Where: N(t)= the number of adopters in the current time period, (t) N(t−1)= the number of adopters in the previous time period, (t-1) p = the coefficient of innovation q = the coefficient of imitation (the social contagion influence) m = an estimate of the number of eventual adopters The major challenge with the Bass model is estimating the parameters for p and q. However, the Bass model has been so widely used in empirical studies that the values of p and q for more than 50 consumer and industrial categories have been determined and are widely published in tables.[36] The average value for p is 0.037 and for q is 0.327. Bases for segmenting consumer markets[edit]. Major bases used for segmenting a market A major step in the segmentation process is the selection of a suitable base. In this step, marketers are looking for a means of achieving internal homogeneity (similarity within the segments), and external heterogeneity (differences between segments).[37] In other words, they are searching for a process that minimizes differences between members of a segment and maximizes differences between each segment. In addition, the segmentation approach must yield segments that are meaningful for the specific marketing problem or situation. For example, a person's hair color may be a relevant base for a shampoo manufacturer, but it would not be relevant for a seller of financial services. Selecting the right base requires a good deal of thought and a basic understanding of the market to be segmented. In reality, marketers can segment the market using any base or variable provided that it is identifiable, substantial, responsive, actionable and stable.[38] Identifiability refers to the extent to which managers can identify or recognize distinct groups within the marketplace Substantiality refers to the extent to which a segment or group of customers represents a sufficient size to be profitable. This could mean sufficiently large in number of people or in purchasing power Accessibility refers to the extent to which marketers can reach the targeted segments with promotional or distribution efforts Responsiveness refers to the extent to which consumers in a defined segment will respond to marketing offers targeted at them Actionable – segments are said to be actionable when they provide guidance for marketing decisions.[39] For example, although dress size is not a standard base for segmenting a market, some fashion houses have successfully segmented the market using women's dress size as a variable.[40] However, the most common bases for segmenting consumer markets include: geographics, demographics, psychographics, and behaviour. Marketers normally select a single base for the segmentation analysis, although, some bases can be combined into a single segmentation with care. For example, geographics and demographics are often combined, but other bases are rarely combined. Given that psychographics includes demographic variables such as age, gender, and income as well as attitudinal and behavioural variables, it makes little logical sense to combine psychographics with demographics or other bases. Any attempt to use combined bases needs careful consideration and a logical foundation. Segmentation base Brief explanation of base (and example) Typical segments examples Demographic Quantifiable population characteristics. ( age, gender, income, education, socio-economic status, family size or situation). Young, Upwardly-mobile, Prosperous, Professionals (YUPPY); Double Income No Kids (DINKS); Greying, Leisured And Moneyed (GLAMS); Empty- nester, Full-nester Geographic Physical location or region ( country, state, region, city, suburb, postcode). New Yorkers; Remote, outback Australians; Urbanites, Inner-city dwellers Geo-demographic or geoclusters Combination of geographic & demographic variables. Rural farmers, Urban professionals, 'sea-changers', 'tree-changers' Psychographics Lifestyle, social or personality characteristics. (typically includes basic demographic descriptors) Socially Aware; Traditionalists, Conservatives, Active 'club-going' young professionals Behavioural Purchasing, consumption or usage behaviour. ( Needs-based, benefit-sought, usage occasion, purchase frequency, customer loyalty, buyer readiness). Tech-savvy (aka tech-heads); Heavy users, Enthusiasts; Early adopters, Opinion Leaders, Luxury-seekers, Price-conscious, Quality-conscious, Time-poor Contextual and situational The same consumer changes in their attractiveness to marketers based on context and situation. This is particularly used in digital targeting via programmatic bidding approaches Actively shopping, just entering into a life change event, being physically in a certain location, or at a particular retailer which is known from GPS data via smartphones. The following sections provide a detailed description of the most common forms of consumer market segmentation. Geographic segmentation[edit]. Geographic segmentation divides markets according to geographic criteria. In practice, markets can be segmented as broadly as continents and as narrowly as neighborhoods or postal codes.[41] Typical geographic variables include: Country Brazil, Canada, China, France, Germany, India, Italy, Japan, UK, US Region North, North-west, Mid-west, South, Central Population density: central business district (CBD), urban, suburban, rural, regional City or town size: under 1,000; 1,000–5,000; 5,000–10,000 ... 1,000,000–3,000,000 and over 3,000,000 Climatic zone: Mediterranean, Temperate, Sub-Tropical, Tropical, Polar The geo-cluster approach (also called geodemographic segmentation) combines demographic data with geographic data to create richer, more detailed profiles.[42] Geo-cluster approaches are a consumer classification system designed for market segmentation and consumer profiling purposes. They classify residential regions or postcodes on the basis of census and lifestyle characteristics obtained from a wide range of sources. This allows the segmentation of a population into smaller groups defined by individual characteristics such as demographic, socio-economic, or other shared socio-demographic characteristics. Geographic segmentation may be considered the first step in international marketing, where marketers must decide whether to adapt their existing products and marketing programs for the unique needs of distinct geographic markets. Tourism Marketing Boards often segment international visitors based on their country of origin. A number of proprietary geo-demographic packages are available for commercial use. Geographic segmentation is widely used in direct marketing campaigns to identify areas that are potential candidates for personal selling, letter-box distribution, or direct mail. Geo-cluster segmentation is widely used by Governments and public sector departments such as urban planning, health authorities, police, criminal justice departments, telecommunications, and public utility organizations such as water boards.[43] Demographic segmentation[edit]. Further information: Demographic targeting Segmentation according to demography is based on consumer- demographic variables such as age, income, family size, socio-economic status, etc.[44] Demographic segmentation assumes that consumers with similar demographic profiles will exhibit similar purchasing patterns, motivations, interests, and lifestyles and that these characteristics will translate into similar product/brand preferences.[45] In practice, demographic segmentation can potentially employ any variable that is used by the nation's census collectors. Typical demographic variables and their descriptors are as follows: Age: Under 5, 5–8 years, 9–12 years, 13–17 years, 18–24, 25–29, 30–39, 40–49, 50–59, 60+[46] Gender: Male, Female[47] Occupation: Professional, self-employed, semi-professional, clerical/ admin, sales, trades, mining, primary producer, student, home duties, unemployed, retired[48] Socio-economic: A, B, C, D, E, or I, II, III, IV or V (normally divided into quintiles)[49] Marital Status: Single, married, divorced, widowed Family Life-stage: Young single; Young married with no children; Young family with children under 5 years; Older married with children; Older married with no children living at home, Older living alone[50] Family size/ number of dependants: 0, 1–2, 3–4, 5+ Income: Under $10,000; 10,000–20,000; 20,001–30,000; 30,001–40,000, 40,001–50,000 etc. Educational attainment: Primary school; Some secondary, Completed secondary, Some university, Degree; Post graduate or higher degree Home ownership: Renting, Own home with mortgage, Home owned outright Ethnicity: Asian, African, Aboriginal, Polynesian, Melanesian, Latin-American, African-American, American Indian, etc. Religion: Catholic, Protestant, Muslim, Jewish, Buddhist, Hindu, Other In practice, most demographic segmentation utilizes a combination of demographic variables. Visualisation of two approaches to demographic segmentation using one and two variables. On the left, a single variable (age) is used. On the right, two variables (income and occupation) are used to form the segments. The use of multiple segmentation variables normally requires analysis of databases using sophisticated statistical techniques such as cluster analysis or principal components analysis. These types of analysis require very large sample sizes. However, data collection is expensive for individual firms. For this reason, many companies purchase data from commercial market research firms, many of whom develop proprietary software to interrogate the data. The labels applied to some of the more popular demographic segments began to enter the popular lexicon in the 1980s.[51][52][53] These include the following:[54][55] DINK: Double (or dual) Income, No Kids, describes one member of a couple with above-average household income and no dependent children, tend to exhibit discretionary expenditure on luxury goods and entertainment and dining out GLAM: Greying, Leisured and Moneyed. Retired older persons, asset rich, and high income. Tend to exhibit higher spending on recreation, travel, and entertainment GUPPY: (aka GUPPIE) Gay, Upwardly Mobile, Prosperous, Professional; blend of gay and YUPPY (can also refer to the London-based equivalent of YUPPY) MUPPY: (aka MUPPIE) Mid-aged, Upwardly Mobile, Prosperous, Professional Preppy: (American) Well educated, well-off, upper-class young persons; a graduate of an expensive school. Often distinguished by a style of dress. SITKOM: Single Income, Two Kids, Oppressive Mortgage. Tend to have very little discretionary income, struggle to make ends meet Tween: Young person who is approaching puberty, aged approximately 9–12 years; too old to be considered a child, but too young to be a teenager; they are 'in between'. WASP: (American) White, Anglo-Saxon Protestant. Tend to be high-status and influential white Americans of English Protestant ancestry. YUPPY: (aka yuppie) Young, Urban/ Upwardly-mobile, Prosperous, Professional. Tend to be well-educated, career-minded, ambitious, affluent, and free spenders. Psychographic segmentation[edit]. Main article: Psychographic segmentation Psychographic segmentation, which is sometimes called psychometric or lifestyle segmentation, is measured by studying the activities, interests, and opinions (AIOs) of customers. It considers how people spend their leisure,[56] and which external influences they are most responsive to and influenced by. Psychographics is a very widely used basis for segmentation, because it enables marketers to identify tightly defined market segments and better understand consumer motivations for product or brand choice. While many of these proprietary psychographic segmentation analyses are well-known, the majority of studies based on psychographics are custom designed. That is, the segments are developed for individual products at a specific time. One common thread among psychographic segmentation studies is that they use quirky names to describe the segments.[57] Behavioural segmentation[edit]. Behavioural segmentation divides consumers into groups according to their observed behaviours. Many marketers believe that behavioural variables are superior to demographics and geographics for building market segments[58] and some analysts have suggested that behavioural segmentation is killing off demographics.[59] Typical behavioural variables and their descriptors include:[60] Purchase/Usage Occasion: regular occasion, special occasion, festive occasion, gift-giving Benefit-Sought: economy, quality, service level, convenience, access User Status: First-time user, Regular user, Non-user Usage Rate/Purchase Frequency: Light user, heavy user, moderate user Loyalty Status: Loyal, switcher, non-loyal, lapsed Buyer Readiness: Unaware, aware, intention to buy Attitude to Product or Service: Enthusiast, Indifferent, Hostile; Price Conscious, Quality Conscious Adopter Status: Early adopter, late adopter, laggard Scanner data from super market or credit card information data[61] Note that these descriptors are merely commonly used examples. Marketers customize the variable and descriptors for both local conditions and for specific applications. For example, in the health industry, planners often segment broad markets according to 'health consciousness' and identify low, moderate, and highly health conscious segments. This is an applied example of behavioural segmentation, using attitude to product or service as a key descriptor or variable which has been customized for the specific application. Purchase/usage occasion[edit]. Purchase or usage occasion segmentation focuses on analyzing occasions when consumers might purchase or consume a product. This approach customer-level and occasion-level segmentation models and provides an understanding of the individual customers’ needs, behaviour, and value under different occasions of usage and time. Unlike traditional segmentation models, this approach assigns more than one segment to each unique customer, depending on the current circumstances they are under. Benefit-sought[edit]. Benefit segmentation (sometimes called needs-based segmentation) was developed by Grey Advertising in the late 1960s.[62] The benefits-sought by purchasers enables the market to be divided into segments with distinct needs, perceived value, benefits sought, or advantage that accrues from the purchase of a product or service. Marketers using benefit segmentation might develop products with different quality levels, performance, customer service, special features, or any other meaningful benefit and pitch different products at each of the segments identified. Benefit segmentation is one of the more commonly used approaches to segmentation and is widely used in many consumer markets including motor vehicles, fashion and clothing, furniture, consumer electronics, and holiday-makers.[63] Loker and Purdue, for example, used benefit segmentation to segment the pleasure holiday travel market. The segments identified in this study were the naturalists, pure excitement seekers, escapists.[64] Attitudinal segments[edit]. Attitudinal segmentation provides insight into the mindset of customers, especially the attitudes and beliefs that drive consumer decision-making and behaviour. An example of attitudinal segmentation comes from the UK's Department of Environment which segmented the British population into six segments, based on attitudes that drive behaviour relating to environmental protection:[65] Greens: Driven by the belief that protecting the environment is critical; try to conserve whenever they can Conscious with a conscience: Aspire to be green; primarily concerned with wastage; lack awareness of other behaviours associated with broader environmental issues such as climate change Currently constrained: Aspire to be green but feel they cannot afford to purchase organic products; pragmatic realists Basic contributors: Skeptical about the need for behaviour change; aspire to conform to social norms; lack awareness of social and environmental issues Long-term resistance: Have serious life priorities that take precedence before a behavioural change is a consideration; their everyday behaviours often have a low impact on the environment, but for other reasons than conservation Disinterested: View greenies as an eccentric minority; exhibit no interest in changing their behaviour; may be aware of climate change but have not internalized it to the extent that it enters their decision-making process. Other types of consumer segmentation[edit]. In addition to geographics, demographics, psychographics, and behavioural bases, marketers occasionally turn to other means of segmenting the market, or to develop segment profiles. Generational segments[edit]. A generation is defined as "a cohort of people born within a similar span of time (15 years at the upper end) who share a comparable age and life stage and who were shaped by a particular span of time (events, trends, and developments)."[66] Generational segmentation refers to the process of dividing and analyzing a population into cohorts based on their birth date. Generational segmentation assumes that people's values and attitudes are shaped by the key events that occurred during their lives and that these attitudes translate into product and brand preferences. Demographers, studying population change, disagree about precise dates for each generation.[67] Dating is normally achieved by identifying population peaks or troughs, which can occur at different times in each country. For example, in Australia the post-war population boom peaked in 1960,[68] while the peak occurred somewhat later in the US and Europe,[69] with most estimates converging on 1964. Accordingly, Australian Boomers are normally defined as those born between 1945–1960; while American and European Boomers are normally defined as those born between 1946–64. Thus, the generational segments and their dates discussed here must be taken as approximations only. The primary generational segments identified by marketers are:[70] Builders: born 1920 to 1945 Baby boomers: born about 1946–1964 Generation X: born about 1965–1980 Generation Y, also known as Millennials; born about 1981–1996 Generation Z, also known as Zoomers; born 1997–2012 Unique characteristics of selected generations[71] Millennials Generation X Baby Boomers Technology use 24% Technology use 12% Work ethic 17% Music/ popular culture 11% Work ethic 11% Respectful 14% Liberal/ tolerant 7% Conservative/ traditional 7% Values/ morals 8% Smarter 6% Smarter 6% Smarter 5% Clothes 5% Respectful 5% N/A — Cultural segmentation[edit]. Cultural segmentation is used to classify markets according to the cultural origin. Culture is a major dimension of consumer behaviour and can be used to enhance customer insight and as a component of predictive models. Cultural segmentation enables appropriate communications to be crafted for particular cultural communities. Cultural segmentation can be applied to existing customer data to measure market penetration in key cultural segments by product, brand, channel as well as traditional measures of recency, frequency, and monetary value. These benchmarks form an important evidence-base to guide strategic direction and tactical campaign activity, allowing engagement trends to be monitored over time.[72] Cultural segmentation can be combined with other bases, especially geographics so that segments are mapped according to state, region, suburb, and neighborhood. This provides a geographical market view of population proportions and may be of benefit in selecting appropriately located premises, determining territory boundaries, and local marketing activities. Census data is a valuable source of cultural data but cannot meaningfully be applied to individuals. Name analysis (onomastics) is the most reliable and efficient means of describing the cultural origin of individuals. The accuracy of using name analysis as a surrogate for cultural background in Australia is 80–85%, after allowing for female name changes due to marriage, social or political reasons, or colonial influence. The extent of name data coverage means a user will code a minimum of 99 percent of individuals with their most likely ancestral origin. Online customer segmentation[edit]. Online market segmentation is similar to the traditional approaches in that the segments should be identifiable, substantial, accessible, stable, differentiable, and actionable.[73] Customer data stored in online data management systems such as a CRM or DMP enables the analysis and segmentation of consumers across a diverse set of attributes.[74] Forsyth et al., in an article 'Internet research' grouped current active online consumers into six groups: Simplifiers, Surfers, Bargainers, Connectors, Routiners, and Sportsters. The segments differ regarding four customers' behaviours, namely:[75] The amount of time they actively spend online, The number of pages and sites they access, The time they spend actively viewing each page, And the kinds of sites they visit. For example, Simplifiers make over 50 percent of all online transactions. Their main characteristic is that they need easy (one-click) access to information and products as well as easy and quickly available service regarding products. Amazon.com is an example of a company that created an online environment for Simplifiers. They also 'dislike unsolicited e-mail, uninviting chat rooms, pop-up windows intended to encourage impulse buys, and other features that complicate their on- and off-line experience'. Surfers like to spend a lot of time online, thus companies must have a variety of products to offer and constant update, Bargainers are looking for the best price, Connectors like to relate to others, Routiners want content and Sportsters like sport and entertainment sites. Selecting target markets[edit]. Main article: Target market See also: Market analysis In targeting, a group of consumers is selected to become the focus of the marketing program Another major decision in developing the segmentation strategy is the selection of market segments that will become the focus of special attention (known as target markets). The marketer faces a number of important decisions: What criteria should be used to evaluate markets? How many markets to enter (one, two or more)? Which market segments are the most valuable? When a marketer enters more than one market, the segments are often labeled the primary target market, secondary target market. The primary market is the target market selected as the main focus of marketing activities. The secondary target market is likely to be a segment that is not as large as the primary market, but has growth potential. Alternatively, the secondary target group might consist of a small number of purchasers that account for a relatively high proportion of sales volume perhaps due to purchase value or purchase frequency. In terms of evaluating markets, three core considerations are essential:[76] Segment size and growth Segment structural attractiveness Company objectives and resources. Criteria for evaluating segment attractiveness[edit]. There are no formulas for evaluating the attractiveness of market segments and a good deal of judgment must be exercised.[77] Nevertheless, a number of considerations can be used to assist in evaluating market segments for overall attractiveness. The following lists a series of questions that can be asked. Segment size and growth[edit]. How large is the market? Is the market segment substantial enough to be profitable? (Segment size can be measured in the number of customers, but superior measures are likely to include sales value or volume) Is the market segment growing or contracting? What are the indications that growth will be sustained in the long term? Is any observed growth sustainable? Is the segment stable over time? (Segment must have sufficient time to reach desired performance level) Segment structural attractiveness[edit]. To what extent are competitors targeting this market segment? Do buyers have bargaining power in the market? Are substitute products available? Can we carve out a viable position to differentiate from any competitors? How responsive are members of the market segment to the marketing program? Is this market segment reachable and accessible? (i.e., with respect to distribution and promotion) Company objectives and resources[edit]. Is this market segment aligned with our company's operating philosophy? Do we have the resources necessary to enter this market segment? Do we have prior experience with this market segment or similar market segments? Do we have the skills and/or know-how to enter this market segment successfully? Developing the marketing program and positioning strategy[edit]. See also: Marketing mix, Positioning (marketing), and Perceptual mapping The marketing program is designed with the needs of the target market in mind When the segments have been determined and separate offers developed for each of the core segments, the marketer's next task is to design a marketing program (also known as the marketing mix) that will resonate with the target market or markets. Developing the marketing program requires a deep knowledge of key market segment's purchasing habits, their preferred retail outlet, their media habits, and their price sensitivity. The marketing program for each brand or product should be based on the understanding of the target market (or target markets) revealed in the market profile. Positioning is the final step in the S-T-P planning approach; Segmentation → Targeting → Positioning; a core framework for developing marketing plans and setting objectives. Positioning refers to decisions about how to present the offer in a way that resonates with the target market. During the research and analysis that forms the central part of segmentation and targeting, the marketer will have gained insights into what motivates consumers to purchase a product or brand. These insights will form part of the positioning strategy. According to advertising guru, David Ogilvy, "Positioning is the act of designing the company’s offering and image to occupy a distinctive place in the minds of the target market. The goal is to locate the brand in the minds of consumers to maximize the potential benefit to the firm. A good brand positioning helps guide marketing strategy by clarifying the brand’s essence, what goals it helps the consumer achieve, and how it does so in a unique way."[78] Perceptual map of the U.S. motor vehicle category The technique known as perceptual mapping is often used to understand consumers' mental representations of brands within a given category. Traditionally two variables (often, but not necessarily, price and quality) are used to construct the map. A sample of people in the target market are asked to explain where they would place various brands in terms of the selected variables. Results are averaged across all respondents, and results are plotted on a graph, as illustrated in the figure. The final map indicates how the average member of the population views the brand that makes up a category and how each of the brands relates to other brands within the same category. While perceptual maps with two dimensions are common, multi-dimensional maps are also used. There are a number of different approaches to positioning:[79] Against a competitor Within a category According to product benefit According to product attribute For usage occasion Along price lines e.g. a luxury brand or premium brand For a user Cultural symbols e.g. Australia's Easter Bilby (as a culturally appropriate alternative to the Easter Bunny). Basis for segmenting business markets[edit]. See also: Industrial market segmentation Segmenting business markets is more straightforward than segmenting consumer markets. Businesses may be segmented according to industry, business size, business location, turnover, number of employees, company technology, purchasing approach, or any other relevant variables.[80] The most widely used segmentation bases used in business to business markets are geographics and firmographics.[81] The most widely used bases for segmenting business markets are: Geographic segmentation occurs when a firm seeks to identify the most promising geographic markets to enter. Business can tap into business census type products published by Government departments to identify geographic regions that meet certain predefined criteria. Firmographics (also known as emporographics or feature based segmentation) is the business community's answer to demographic segmentation. It is commonly used in business-to-business markets (an estimated 81% of B2B marketers use this technique). Under this approach the target market is segmented based on features such as company size, industry sector or location usage rate, purchase frequency, number of years in business, ownership factors and buying situation.[82][81] Key firmographic variables: standard industry classification (SIC); company size (either in terms of revenue or number of employees), industry sector or location (country and/or region), usage rate, purchase frequency, number of years in business, ownership factors and buying situation Use in customer retention[edit]. See also: Relationship marketing The basic approach to retention-based segmentation is that a company tags each of its active customers on four axes: Risk of customer cancellation of company service One of the most common indicators of high-risk customers is a drop off in usage of the company's service. For example, in the credit card industry, this could be signaled through a customer's decline in spending on his or her card. Risk of customer switching to a competitor Many times customers move purchase preferences to a competitor brand. This may happen for many reasons those of which can be more difficult to measure. It is many times beneficial for the former company to gain meaningful insights, through data analysis, as to why this change of preference has occurred. Such insights can lead to effective strategies for winning back the customer or on how not to lose the target customer in the first place. Customer retention worthiness This determination boils down to whether the post-retention profit generated from the customer is predicted to be greater than the cost incurred to retain the customer and includes evaluation of customer lifecycles.[83][84] This analysis of customer lifecycles is usually included in the growth plan of a business to determine which tactics to implement to retain or let go of customers.[85] Tactics commonly used range from providing special customer discounts to sending customers communications that reinforce the value proposition of the given service. Segmentation: algorithms and approaches[edit]. The choice of an appropriate statistical method for the segmentation depends on a number of factors including, the broad approach (a-priori or post-hoc), the availability of data, time constraints, the marketer's skill level, and resources.[86] A-priori segmentation[edit]. A priori research occurs when "a theoretical framework is developed before the research is conducted".[87] In other words, the marketer has an idea about whether to segment the market geographically, demographically, psychographically or behaviourally before undertaking any research. For example, a marketer might want to learn more about the motivations and demographics of light and moderate users in an effort to understand what tactics could be used to increase usage rates. In this case, the target variable is known – the marketer has already segmented using a behavioural variable – user status. The next step would be to collect and analyze attitudinal data for light and moderate users. The typical analysis includes simple cross-tabulations, frequency distributions and occasionally logistic regression or one of a number of proprietary methods.[88] The main disadvantage of a-priori segmentation is that it does not explore other opportunities to identify market segments that could be more meaningful. Post-hoc segmentation[edit]. In contrast, post-hoc segmentation makes no assumptions about the optimal theoretical framework. Instead, the analyst's role is to determine the segments that are the most meaningful for a given marketing problem or situation. In this approach, the empirical data drives the segmentation selection. Analysts typically employ some type of clustering analysis or structural equation modeling to identify segments within the data. Post-hoc segmentation relies on access to rich datasets, usually with a very large number of cases and uses sophisticated algorithms to identify segments.[89] The figure alongside illustrates how segments might be formed using clustering; however, note that this diagram only uses two variables, while in practice clustering employs a large number of variables.[90] Statistical techniques used in segmentation[edit]. Marketers often engage commercial research firms or consultancies to carry out segmentation analysis, especially if they lack the statistical skills to undertake the analysis. Some segmentation, especially post-hoc analysis, relies on sophisticated statistical analysis. Visualisation of market segments formed using clustering methods Common statistical approaches and techniques used in segmentation analysis include: Clustering algorithms[91] – overlapping, non-overlapping and fuzzy methods; e.g. K-means or other Cluster analysis Conjoint analysis[92] Ensemble approaches – such as random forests[93] Chi-square automatic interaction detection – a type of decision-tree[94] Factor analysis or principal components analysis[95] Latent Class Analysis – a generic term for a class of methods that attempt to detect underlying clusters based on observed patterns of association[96] Logistic regression[97] Multidimensional scaling and canonical analysis[98] Mixture models – e.g., EM estimation algorithm, finite-mixture models[99] Model-based segmentation using simultaneous and structural equation modeling[100] e.g. LISREL Other algorithms such as artificial neural networks.[101] Data sources used for segmentation[edit]. Marketers use a variety of data sources for segmentation studies and market profiling. Typical sources of information include:[102][103] Internal sources[edit]. Customer transaction records e.g. sale value per transaction, purchase frequency Patron membership records e.g. active members, lapsed members, length of membership Customer relationship management (CRM) databases In-house surveys Customer self-completed questionnaires or feedback forms External sources[edit]. Commissioned research (where the business commissions a research study and maintains exclusive rights to the data; typically the most expensive means of data collection) Data-mining techniques Census data (population and business census) Observed purchase behaviours Government agencies and departments Government statistics and surveys (e.g. studies by departments of trade, industry, technology, etc.) Omnibus surveys (a standard, regular survey with a basic set of questions about demographics and lifestyles where an individual can add specific sets of questions about product preference or usage; generally lower cost than commissioned survey methods) Professional/Industry associations/Employer associations Proprietary surveys or tracking studies (also known as syndicated research; studies carried out by market research companies where business can purchase the right to access part of the data set) Proprietary databases/software[104] Companies (proprietary segmentation databases)[edit]. Acorn – geo-demographic segmentation[105] Claritas Prizm – geo-demographic segmentation[106] CanaCode Lifestyle Clusters - geo-demographic and psychographic segmentation[107] Experian – geo-demographic segmentation Mosaic – geo-demographic segmentation Roy Morgan Research Values Segments -psychographic/ psychometric[108] VALS-psychographic/ psychometric Values Modes-psychographic/ psychometric See also[edit]. Marketing § Segmentation Market analysis § Market segmentation Attitudinal targeting Behavioural targeting Demographic profile Demographic targeting Geo-targeting Geodemographic segmentation Mass marketing Marketing strategy Microsegment Niche market Persona Positioning (marketing) Precision marketing Precision marketing Product differentiation Psychographics Sagacity segmentation Segmenting and positioning Serviceable available market Target audience Targeted advertising Total addressable market References[edit]. ^ Pride, W., Ferrell, O.C., Lukas, B.A., Schembri, S., Niininen, O. and Cassidy, R., Marketing Principles, 3rd Asia-Pacific ed, Cengage, 2018, p. 200 ^ Madhavaram, S., & Hunt, S. 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Cite journal requires |journal= (help) ^ Myers, J.H., Segmentation and Positioning for Strategic Marketing Decisions, American Marketing Association, 1996 ^ Market Research Association, Glossary of Terms, Online:http://www.marketingresearch.org/issues-policies/glossary ^ Wedel, M. and Kamakura, W.A., Market Segmentation: Conceptual and Methodological Foundations, Springer Science & Business Media, 2010, pp 22-23. ^ Wedel, M. and Kamakura, W.A., Market Segmentation: Conceptual and Methodological Foundations, Springer Science & Business Media, 2010, pp 24-26. ^ Constantin, C., "Post-hoc Segmentation using Marketing Research," Economics, Vol 12, no 3, 2012, pp. 39–48. ^ https://inseaddataanalytics.github.io/INSEADAnalytics/CourseSessions/Sessions45/ClusterAnalysisReading.html., Cluster Analysis and Segmentation, Online: inseaddataanalytics.github.io/INSEADAnalytics/Report_s45.html [with worked example] ^ Desarbo, W.S., Ramaswamy, V. and Cohen, S. H., "Market segmentation with choice-based conjoint analysis," Marketing Letters, vol. 6, no. 2 pp. 137–147. ^ Perbert, F., Stenger, B. and Maki, A., "Random Forest Clustering and Application to Video Segmentation," [Research Paper], Toshiba Europe, 2009, Online: https://mi.eng.cam.ac.uk/~bdrs2/papers/perbet_bmvc09.pdf ^ Dell Software, Statistics Textbook, Online: https://documents.software.dell.com/statistics/textbook/customer-segmentation Archived 2016-10-22 at the Wayback Machine ^ Minhas, R.S. and Jacobs, E.M., "Benefit Segmentation by Factor Analysis: An improved method of targeting customers for financial services", International Journal of Bank Marketing, Vol. 14, no. 3, pp. 3–13. ^ Wedel, M. and Kamakura, W.A., Market Segmentation: Conceptual and Methodological Foundations, Springer Science & Business Media, 2010, p. 21. ^ Burinskiene, M. and Rudzkiene, V., "Application of Logit Regression Models for the Identification of Market Segments", Journal of Business Economics and Management, vol. 8, no. 4, 2008, pp. 253–258. ^ T.P. Beane and D.M. Ennis, "Market Segmentation: A Review", European Journal of Marketing, Vol. 21 no. 5, pp. 20–42. ^ Green, P.E., Carmone, F.J. and Wachspress, D.P., Consumer Segmentation Via Latent Class Analysis, Journal of Consumer Research, December, 1976, pp. 170–174, DOI: https://dx.doi.org/10.1086/208664 ^ Swait, J., "A structural equation model of latent segmentation and product choice for cross-sectional revealed preference choice data," Journal of Retailing and Consumer Services, Vol. 1, no. 2, 1994, pp. 77–89. ^ Kelly E Fish, K.E., Barnes, J.H. and Aiken, M.W., "Artificial neural networks: A new methodology for industrial market segmentation," Industrial Marketing Management, Vol. 24, no. 5, 1995, pp. 431–438. ^ US Government, Small Business Administration, Online: https://www.sba.gov/blogs/conducting-market-research-here-are-5-official-sources-free-data-can-help ^ Marr, C., "Big Data: 33 Brilliant and Ad Free Data Sources for 2016," Forbes, 12 February 2016, Online: https://www.forbes.com/sites/bernardmarr/2016/02/12/big-data-35-brilliant-and-free-data-sources-for-2016/#7ef90b046796 ^ Wedel, M. and Wagner, A., Market Segmentation: Conceptual and Methodological Foundations, Kluwer Academic Publishers, 1998, See Chapter 14 ^ For an excellent discussion of ACORN, see Chris Fill, Marketing Communications: Framework, Theories and Application, London, Prentice-Hall, 1995, p. 70 and P.R. Smith, Marketing Communications: An Integrated Approach, London, Kogan Page, 1996, p. 126; Stone et al, Fundamentals of Marketing, Routledge, 2007, Chapter 6; Wedel and Wagner, Market Segmentation: Conceptual and Methodological Foundations, pp 250-256; Baker, M., The Marketing Book, Oxford, UK, Butterworth-Heinemann, 2003, pp 258-263 ^ Weinstein & Cahill, Lifestyle Segmentation, 2006, Chapter 4 ^ Weinstein & Cahill, Lifestyle Segmentation, 2006, Chapter 4 ^ Chitty et al, Integrated Marketing Communications, 3rd Asia-Pacific ed., Cengage, pp 83-89 and p. 95; Eunson, B., Communicating in the 21st Century, 2nd ed., Wiley,p. 8.8; Phillip Kotler et al, Marketing Pearson, Australia, 2013, pp 196-7 External links[edit]. Wikiversity has learning resources about Marketing Wikimedia Commons has media related to Market segmentation. Retrieved from "https://en.wikipedia.org/w/index.php?title=Market_segmentation&oldid=1064668637" Categories: Market segmentationDemographicsHidden categories: Webarchive template wayback linksCS1 errors: missing periodicalArticles with short descriptionShort description is different from WikidataEngvarB from July 2018Commons category link from Wikidata Navigation menu. Search .
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                            [body] => What Is Market Segmentation? What Type Suits Your Business? January 1, 2021 by Hannah Tow In this post What is market segmentation? Geographic segmentation Demographic segmentation Psychographic segmentation Behavioral segmentation The importance of market segmentation Common market segmentation mistakes Ready to implement your own market segmentation strategy? Share Share You’ve spent time and money creating the perfect marketing strategy, and you want your message to resonate well with your potential customers, right? Communication is an art, and it’s incredibly easy for a message to become lost, confused, or avoided altogether as the size of your audience increases. The larger your audience grows, the broader their preferences, needs, and opinions become which can put your marketing message at risk of being irrelevant to the majority of people you’re attempting to reach.  This is exactly why segmenting your target market is crucial. This practice allows you to focus your marketing efforts on individual customer segments so that you can better cater to their specific wants and needs. This method gives your brand an advantage over your competitors because you can prove to potential customers that you understand them and know what they need best. What is market segmentation? Market segmentation is a business practice that brands use to divide their target market into smaller, more manageable groups of people based on common ground they share to optimize their marketing, advertising, and sales efforts. Simply put, customers of each market segment have similar characteristics that businesses can leverage to advance their efforts. The purpose of market segmentation is to introduce a tailored message that will be received successfully. This is advantageous for companies that may have a product or service in the marketplace that boasts multiple benefits or uses for different types of customers.  Accept the fact that you can’t be everything for everybody, and as a marketer, you can’t solve everyone’s problem or appeal to every single person. This is exactly why market segmentation is such an effective growth strategy to implement. Tip: Before you can start with market segmentation, you must have a solid marketing mix. This is your foundation for everything that comes next in this article. Four types of market segmentation. As you can imagine, there are many different approaches you can take when segmenting your target market. This article will walk you through the four main types and real-life market segmentation examples to help you get started. Learning from those who have done it right will help your brand garner that success you’re looking for. Geographic segmentation. Geographic segmentation targets customers based on a predefined geographic border. Differences in interests, values, and preferences vary dramatically throughout cities, states, and countries, so it’s important for marketers to recognize these differences and advertise accordingly. Think about products such as parkas and bathing suits. Parkas will be sold for most of the year in the colder, northern half of the country, whereas southern areas may only be able to find parkas in specialty stores during the wintertime. Bathing suits, on the other hand, are sold year-round in the warmer states but typically only sold during the spring and summer in the cooler states. Another example of geographic segmentation is the iconic fast-food chain, McDonald’s. If you’ve never traveled to another country and stepped foot in a McDonald’s, then you’re in for a surprise! Would you believe that in the Philippines, McDonald’s sells McSpaghetti? And in Hong Kong, they sell ramen flavored french fries? These are all ways McDonald’s has segmented its customers based on geographic location to better cater to food preferences and different cuisines around the world.  “When it comes to paid search campaigns, geographic targeting is the most important segment to get right.” Ryan Moothart PPC Architect, Portent Demographic segmentation. Demographic segmentation divides a market through variables such as age, gender, education level, family size, occupation, ethnicity, income, and more. This form of segmentation is widely used due to specific products catering to obvious individual needs relating to at least one demographic element. Perhaps the most obvious variable of them all, age is a crucial element for marketers to understand thanks to the fast-paced nature of preference changes within the various stages of life. Even media consumption differs greatly between each generation, so it’s important to recognize what your target age range is and which channels they use to consume information to ensure your tailored message reaches them appropriately.  An example of demographic segmentation is when clothing companies cater to multiple age groups. For instance, Lululemon sells athletic clothing to adult men and women of all ages, but they also cater to girls between the ages of 6 and 15. By analyzing their current customer base, Lululemon saw an opportunity to serve a new market and expand their business. Many clothing companies cater to a variety of age groups to reach as many customers as possible. Think H&M, Old Navy, and Zara. All of these companies cater to men, women, and children of all ages, and they have distinct labels, advertising, and styles for each segment.  Psychographic segmentation. Unlike geographic segmentation and demographic segmentation, psychographic segmentation focuses on the intrinsic traits your target customer possesses. Psychographic traits can range from values, personalities, interests, attitudes, conscious and subconscious motivators, lifestyles, opinions, and more.  To understand your target audience on this level, methods such as focus groups, surveys, interviews, audience testing, and case studies can all prove to be successful in compiling this type of conclusion. Think about the lifestyle of someone who lives in a small beach town and surfs for a living versus someone who lives in a big city working in corporate America. These two people have incredibly different wants and needs on a daily basis, and marketers must recognize those differences to be successful. For example, Starbucks does a fantastic job of segmenting its customers based on psychographic traits. We all know that not everyone loves coffee or prefers to drink it, but that doesn’t stop Starbucks from appealing to just about everyone. For the little kids that accompany mom or dad on their morning coffee run, Starbucks sells chocolate milk, cake pops, granola bars, cheese sticks, and more. Of course, those items aren’t strictly for the kids, but those items sure are tempting when you have a fussy one. What about for those sophisticated coffee drinkers who care about quality and bean sources? Starbucks appeals to them by selling a variety of exotic beans sourced from regions all over the world. And what about those who don’t really drink coffee, but all of their friends do and they enjoy an afternoon hang out at Starbucks? Think frappuccinos, lemonades, teas, and juices.  It’s one thing to sell products that can appeal to everyone, but it’s a whole new ball game when those products make every single person feel individually catered to. This is what Starbucks does through its messaging by creating a sense of belonging. They cater to each segments’ wants and needs through targeted marketing campaigns to ensure their coffee brand is inclusive to all, even if you aren’t a coffee drinker.   “The biggest danger is assuming that your market is perfectly sliced and diced just because you're making sales.” John Donnachie Director, ClydeBank Media Behavioral segmentation. Behavioral segmentation has similar measurements to psychographic segmentation, but instead, it focuses on specific reactions and the ways customers go through their decision making and buying processes.  Attitudes towards your brand, the way they use and interact with it, and their knowledge base are all examples of behavioral segmentation. Collecting this type of data is similar to the way you would find psychographic data.  Brand loyalty is an excellent example of behavioral segmentation. While reading this article, I bet that you can think of one brand that you consistently purchase and trust enough to buy its newly launched product without even reading the reviews. This type of brand loyalty produces a consistent buying pattern which is categorized as a behavioral trait. Marketers work hard to get customers to love and stay loyal to their brand for a consistent purchase cycle. To target customers that have great brand loyalty, many companies will offer rewards programs to enhance this behavior with the hope of capturing new loyal customers as well. For example, the makeup and beauty company, Sephora, has an excellent rewards program for its loyal customers. The more you spend at their store, the more points you rack up, which can be redeemed for generous samples. In addition to that, they offer free services, special access to sales, and more!  By targeting and rewarding those who already had an affinity to their brand, Sephora was able to build an impressive community that their target market wants to be a part of.  The importance of using market segmentation for your business . Now that you understand the four major types of market segmentation, you’re probably wondering what the major benefits are to implementing them. The importance of this strategy goes far beyond placing your target market into cohesive segments.  Customer retention. For starters, those cohesive customer segments will lead to great customer retention. Capturing customers at the beginning of a perfectly tailored customer journey will provide an excellent brand experience and increase the likelihood that they will stay loyal to your brand. If every message and product shared with them resonates in some way, they will have a very difficult time saying no to you.  Grow your business . Market segmentation can not only help you discover new ways to reach your current customers but also help you find new markets of potential customers that you haven’t previously reached. Analyzing your customers in-depth will help you uncover unknown needs or problems that they face that your brand can solve. This discovery can lead to new product lines, rebrands, or new brands, all to catapult the growth of your business by appealing to your current customers better, as well as new consumers that were previously uninterested.  Lower spend rate . If you know how to speak to your customers correctly, you’re more efficient with your efforts, which means you spend less money. It’s as simple as that. Gone are the days of your team spinning its wheels trying to come up with something that will stick. By segmenting your customers correctly, you’ll get it right every single time.  Common market segmentation mistakes . Now that you understand the basics of market segmentation and have seen it in practice, it’s time to focus on the common mistakes marketers can make when segmenting their target market for the first time. Creating too small of segments. This can be rather easy to do if you’re trying to ensure that you have every last detail included. If a segment is created too small, you’ll lose the buying power of that group as well as create a segment with non-quantifiable metrics. At the end of the day, every single person is vastly different. You cannot appeal to every aspect of every person. Not updating your strategy as your customer base changes. People change, and they can change fast. It’s in your brand’s best interest to refresh its strategy and resurvey its customers from time to time. Choose a cycle that makes sense for your business and stick to it. This can be a quarterly refresh, yearly, or every couple of years; if you’re seeing big changes within your customers, perform a refresh then, too.  Targeting the segment instead of the money. You may have segmented a large customer base that aligns with your strategy, but if that segment doesn’t have the buying power or a legitimate need for your product, then you won’t have a positive ROI. Market segmentation can be a laborious and complicated task, and mistakes in the beginning stages may seem inevitable. Being aware of these common downfalls will better prepare you and your team so you don’t make them in the future. How to implement your own market segmentation strategy. It’s time to put what you’ve learned to use. Here are five steps that lay the process out simply, plus the two strategies that are most commonly used to guide them. Once you’ve got these basics down and you have a solid foundation for your strategy, branch out, and make it uniquely your own.  Before getting started, consider using marketing automation software to streamline and measure your efforts effectively. As your strategy becomes more complex and your campaigns grow larger, you’ll be happy with the amount of time and resources you were able to save from having everything automated from the very beginning.  Concentrated strategy . As the name suggests, a  concentrated marketing strategy is when a company chooses only one market to focus all of their time, money, and efforts on. This strategy is usually chosen by smaller businesses or those that are just taking off and starting to make a name for themselves in the marketplace. Success is typically seen when targeting a smaller group of people since the strategy has to appeal to the entire segment. Appealing to an entire segment becomes challenging when the segment is too large. You should be aware that when using this strategy, your growth opportunity is limited. Once you’ve capitalized on your market and are seeing great success, consider tapping into other similar markets to continue to drive growth.  Differentiated strategy. On the other hand, a differentiated marketing strategy is when a company focuses on two or more markets. Companies that utilize this strategy market their products to many different segments, they just change their messaging to appeal to all of the differences. Although a differentiated marketing strategy requires a lot more effort, time, and money than a concentrated marketing strategy would, it typically yields more success since there are many more avenues to rake in a profit.  1. Define your market. Where does your brand fit within the current market landscape? Is there a need for the solution you promise to provide? How large is the market? These are all important questions to consider when starting this step. 2. Segment your market. This is where it gets fun. Decide which of the four segmentation methods you’re going to use, but don’t feel confined by one segmentation method. It’s common for brands to implement more than one segmentation technique and take a combination approach, so play around with each and find the perfect mix for your brand. 3. Understand your market. Ask your target market the questions that relate to the segmentation categories you chose. You should get to know your target market through and through at this step. You can use surveys, focus groups, polls, and more to obtain your answers. Make sure you’re asking questions that will provide quantifiable answers. 4. Build your customer segments. Interpret the responses you received to create dynamic customer segments that are unique to your brand. Make sure that you’re focusing on the buying power of the segments and not creating any that are too small. Look over the common mistakes one last time to ensure you’re not making any!  5. Test your strategy. Ensure that you have interpreted your responses accurately by testing it on your target market. Implement conversion tracking early. It’s one of the best ways to determine the effectiveness of your strategy. If you’re not relating to your customers with the segments you’ve created, then you’ll need to relook at your survey methods and analysis. Be sure that the strategy you choose has unique characteristics from others in the marketplace so you can stand out.  By determining the proper strategy for your needs and following the basic steps outlined above, you can ensure that your market segmentation strategy will be effective and successful.  Take your marketing strategy to the next level Market segmentation is a highly effective strategy for every marketing team. It proves to your customers that you understand them by providing a tailored message that resonates with specific facets of their lives. Knowing how to get a message across successfully will help your brand grow exponentially. Just remember, your success won’t last long if you’re not testing your strategy constantly. To be competitive you must always be on top of your game. Market segmentation comes down to knowing your customer base and providing a personalized experience for them. For a seamless customer journey across your segments, learn how to implement an omnichannel marketing strategy next. Have a question? If you have any questions or comments on what you're reading, click below to chat directly with the author! Join in! Hannah Tow Hannah is a former content marketing associate at G2. She graduated from the University of Missouri with a degree in Journalism. In her free time, Hannah enjoys running with her dog, Teddy, traveling to new and exciting places, and capturing the beautiful places she travels to with her DSLR camera. (she/her/hers) Have a question? If you have any questions or comments on what you're reading, click below to chat directly with the author! Join in! Recommended Articles. Marketing What Is Ephemeral Content Marketing (+Why You Need It in 2019). Over the last few years, ephemeral content has become a popular social media phenomenon. by Hugh Beaulac Marketing What Is Co-branding? (+Great Examples in the Marketplace). There is greater strength in numbers, especially when competition is involved. by Hannah Tow Marketing Shopper Marketing 101: What It Is and How It Works. Ever wonder who decided to put names on Coca-Cola bottles? by Deirdre O'Donoghue Marketing What Is Ephemeral Content Marketing (+Why You Need It in 2019). Over the last few years, ephemeral content has become a popular social media phenomenon. by Hugh Beaulac Marketing What Is Co-branding? (+Great Examples in the Marketplace). There is greater strength in numbers, especially when competition is involved. by Hannah Tow Never miss a post. Subscribe to keep your fingers on the tech pulse. By submitting this form, you are agreeing to receive marketing communications from G2.
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                                    [1] => What is Market Segmentation?
                                    [2] => ‘Market Segmentation’ was first coined in 1956
                                    [3] => Research shows that marketers noted a 760% increase in revenue from segmented campaigns
                                    [4] => Market Segmentation and Big Data
                                    [5] => Big data streamlines your marketing efforts
                                    [6] => Types of Segmentation
                                    [7] => 1. Demographic Segmentation
                                    [8] => 52% of consumers would share personal data in exchange for product recommendations, and 53% would do the same for personalised shopping experiences
                                    [9] => 2. Geographic Segmentation
                                    [10] => 3. Psychographic Segmentation
                                    [11] => 4. Behavioural Segmentation
                                    [12] => Firmographic Segmentation
                                    [13] => The M.A.S.D.A. Model
                                    [14] => Benefits of Market Segmentation
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                                    [16] => Market Segmentation Improves Product Development
                                    [17] => Market Segmentation Optimises User Experience [UX]
                                    [18] => Market Segmentation Helps Break into New Markets
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                                    [21] => 2. Develop a Segmentation Strategy
                                    [22] => Research
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                                    [24] => Data
                                    [25] => 3. Execute Go-To-Market Strategy
                                    [26] => “Whoever understands the customer best wins.”
                                    [27] => Four Little-known Tips for Market Segmentation
                                    [28] => 1. Communication is Key
                                    [29] => 2. Customer Journey Mapping Matters
                                    [30] => 3. Don’t define your segments too broadly
                                    [31] => 4. Be consistent with your segments globally
                                    [32] => Brand consistency is the pattern of expression that affects what people think about your company.
                                    [33] => Market Segmentation Analytics
                                    [34] => Social Media
                                    [35] => 89% of shoppers who engage with retailers via social media channels say those interactions have an impact on their purchasing choices
                                    [36] => Web Analytics
                                    [37] => This is the real value and purpose of marketing analytics: Simply put, marketing analytics tells you what is working, what is not working, and how to adjust your marketing activities based on this feedback
                                    [38] => Conclusion
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                            [body] =>   Get Started With Hurree Whether you want to understand your audience behaviour or send campaigns across multiple platforms based on that behaviour, Hurree has a solution for you.         Product   Why Hurree? Cross-Platform  Analytics Dashboard Plug & Play Integrations Smart Insights FAQS         Resources   Blog   Ebooks   Infographics   Videos   Podcasts   Market Segmentation   Market Strategy   Data Integration   Push Notifications   Company   About Us   Contact Us   Hurree Brand   Careers   Become a Partner     
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                                    [3] => Psychographic segmentation
                                    [4] => Behavioral segmentation
                                    [5] => Geographic segmentation
                                    [6] => Price segmentation
                                    [7] => Firmographic segmentation
                                    [8] => Generational segmentation
                                    [9] => Life stage segmentation
                                    [10] => Seasonal segmentation
                                    [11] => Technographic segmentation
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                                    [13] => Concentration strategy
                                    [14] => Multi-segment strategy
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                                    [16] => Phase 2: Sort the data into segments
                                    [17] => Phase 3: Plug in your marketing channels
                                    [18] => Educational resources:
                                    [19] => Marketing webforms: How to build them and where to put them
                                    [20] => Nutshell earns first-ever ‘Leader’ placement in G2’s Winter 2022 Grid® Report for Email Marketing
                                    [21] => What’s the difference between hunter, farmer, and trapper sales personas?
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                                                                            [name] => Geographic segmentation variables and examples:. 
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                            [body] => Market segmentation: The no-nonsense guide (w/ examples)Jack ViragGrowth Marketing Manager, NutshellJack ViragGrowth Marketing Manager, NutshellSHARE Link Copied!Ready to try Nutshell for Free?Thank you! Your submission has been received!Oops! Something went wrong while submitting the form.Marketing to the wrong segment can feel like barking up the wrong tree, or more specifically, barking up tens of thousands of wrong trees.Market segmentation didn't always exist:Since the invention of funnel reports, salespeople have been standing around whiteboards trying to crank up their conversion rates.Nearly everybody in the industry has, at one point or another, heard someone reasoning that simply adding more people to the funnel will improve their sales numbers while preserving their conversion rate. “Of 10 prospects, 5 bought the product. This must mean that if we market to one million people, 500,000 will buy.”Similarly, if you’re a sales rep making 30 calls a day, you might reasonably extrapolate that making 60 calls a day would double your closed deals. Or, if you send prospects 1-2 emails a week, you might consider sending 3-4 emails instead. Unfortunately, it’s not that straightforward.Sales processes are complicated. What one audience might find valuable might just be noise for another. For instance, a restaurant mailing BOGO offers might have a high success rate on residents who live within one freeway exit’s distance of your establishment.However, mailing those same BOGO offers across state lines would see those conversation rates drop down near zero. This no-brainer is a textbook example of market segmentation as it illustrates how demographics respond differently to marketing strategies.Skip ahead:. What is market segmentation? The 4 most common types of market segmentation 6 less common types of market segmentation What are the benefits of market segmentation? Market segmentation strategies How to do your own market segmentation Market segmentation in a nutshell What is market segmentation?Market segmentation is the process of qualifying companies (or people) into groups that respond similarly to marketing strategies. This is the first critical step in creating a sales process tailored to resonate across multiple demographics.Your marketing segmentation strategy will be mainly influenced by what your product is, and which types of companies are already buying it.An ideal market segment is:MeasurableLarge enough to earn profitStable, not going to vanish after a short timeReachable by your marketing strategiesHomogenous and responds similarly to your marketing strategiesThe expression “market segmentation” was first coined by Wendell R. Smith in his 1956 publication Product Differentiation and Market Segmentation as Alternative Marketing Strategies. Smith wrote that modern marketing appeals to selective rather than primary buying motives.In other words, consumers are actively contrasting products against one another rather than simply purchasing a product to satisfy an immediate need. This realization was the inception of the modern market segmentation we practice today.Before 1956, there wasn’t a huge market variety, and general stores tended to carry only one or two brands’ versions of the same product. At the time of the publication, more and more emerging brands were offering similar products and thus needed to differentiate themselves with branding and by targeting different markets.It wasn’t enough to just manufacture ketchup, you had to identify your brand as America’s ketchup, or kids’ ketchup, or fancy ketchup.This 1970s Virginia Slims advertisement is marketing cigarettes towards women. Thankfully we’ve come a long way (baby) from terrible advertising. The 4 most common types of segments. Savvy salespeople and marketers categorize their prospects into customer segments in order to keep their efforts focused and effective. When your prospects are grouped correctly, it’s much easier to target specific groups and tailor your efforts for maximum impact. Below are the most common forms of segmentation.Demographic segmentation. Demographic market segmentation is the most commonly used form of market segmentation and entails categorizing your market based on age, gender, income, profession, race, religion, education, location, family situation, etc.Demographic segmentation examples:. A great example of this: Switch to the cartoon channel and check out those commercials. Do Nerf guns and neon-colored slime appeal to someone your age? Yeah us too, bad example.A recruiter running one of those mostly annoying LinkedIn InMail campaigns. Ideally, they’d be targeting people who are currently looking for a job. Yet, somehow they manage to flood my inbox daily.Psychographic segmentation. More specific characteristics are categorized under the umbrella of psychographic segmentation. Less tangible than demographic segmentation, this classification method includes details like lifestyle, personality, beliefs, values, and social class.This evaluation is important because two individuals can possess identical demographic information but make purchasing decisions completely differently, and thus require different marketing.Psychographic segmentation examples:. Health and wellness advertisements might not go a long way with someone who prefers to spend their money on video games and energy drinks, even if they work in the same industry and live in the same apartment building.Advertisements for large social gatherings (events, clubs, bars) might not appeal to extroverts who would much rather snuggle up with a book than being surrounded by other people.Behavioral segmentation. At its core, behavioral segmentation is the act of categorizing prospects based on their actions, usually within your marketing funnel. For instance, prospects who visited a landing page for an upcoming event might benefit from receiving a personalized invitation.Segmenting your market based on behaviors is typically done by marketers within their marketing automation software, but any company with a mailing list has already performed behavioral segmentation simply by tracking prospects who have signed up to receive emails.Behavioral segmentation examples:. Grammarly sends new users who have stopped using their chrome extension for a few days an email which addresses common reasons of churn - technical difficulties, not seeing the value, not enough features, etc.Sending emails to website visitors who have left items in their cart. “But wait…come back.”A retargeting campaign that only displays ads to people who have previously purchased an item.Geographic segmentation. The most straightforward of the gang, geographic market segmentation takes into account prospects’ locations to help determine marketing strategies. Although SaaS sales are relatively unaffected, a salesperson of gigantic coats knows to avoid pitching to Arizona residents.Geographic segmentation variables and examples:. Climate: Swimwear brands shouldn’t be targeting Alaska residents in January.Cultural preferences (based on location): For obvious reasons, the McDonald's in Germany sells beer.Population type: A bicycle company may segment its audience differently depending on the population type - rural (mountain bikes; thicker tires; more durable), urban (road bikes; thin tires; lightweight), etc.Density: A giant strip mall may require a high density of foot traffic to thrive. 6 less common types of market segmentation. Price segmentation. Price segmentation is the process of altering the price of similar products and services to different consumer groups.If you still have a student ID to get those sweet discounts, even though you graduated years ago, then you’ve experienced price segmentation. Or, if you ever forced your kids to pretend to be under a certain age to qualify for the “kids eat free” special, then you understand the power and utility of price segmentation.However, price segmentation can get much more granular. It can be used to identify customers who may be willing to pay more for a particular product or service that they perceive to be more valuable.Done correctly, price segmentation can capture the maximum amount of revenue for each transaction.Price segmentation examples:. Broad: Senior discount, veteran discount, coupons, etc.Granular: Computer processors are priced differently when sold to a company as a part (like inside an iMac) than when sold to a consumer as a standalone product. For one, this is because of bulk discounts, but it’s also because the processor may be a large chunk of the total cost of goods for the iMac. Apple’s high price sensitivity means the computer processor manufacturer doesn’t have much flexibility in its pricing. Even more granular: A marketing consultancy may base their prices entirely on the value they can generate for each of their client’s unique situations. They may charge a small business $75/hr for a low-level consulting call. And they may charge a multinational corporation $2,000/hr to review their Q1 marketing budget.Firmographic segmentation. Firmographic segmentation is similar to demographic segmentation...but for a firm. Take a second to let the creativity of the wording waft over you.Instead of categorizing consumers based on age, location, income, etc, firmographic segmentation categorizes companies based on industry, annual revenue, job function, company size, location, status, performance, etc.For B2B marketers, utilizing firmographic segmentation is non-negotiable to a high-performing marketing strategy.Just as the demographic segmentation variables can help you form a buyer persona at the consumer level, firmographic segmentation can help you develop a buyer persona at the company level.Firmographic segmentation examples:. Nutshell running different ads for different industries - real estate, finance, legal firms, etc.A B2B sales team only targeting companies with revenues over $100m.Generational segmentation. “Ok, boomer” -  Something you’ve either been on the giving or receiving end of at some point in your life - whether you know it or not.Generational segmentation is almost comparable to the “age” variable in demographic segmentation. However, generational market segmentation goes beyond age by considering the difference in preferences, habits, lifestyles, and attitudes of a particular generation.It’s self-evident that the generations are vastly different. Someone born in the 1960s will likely have experienced a different culture than someone born in the 2000s.According to a segmentation survey conducted by Buzzstream and Fractl:Baby Boomers consume the most contentBaby Boomers consume a larger portion of their content in the morningGen Xers are the least active tablet usersMore than 25% of Millennials use their mobile phones as their primary content viewing deviceBaby Boomers view more world news and politics than other generationsMillennials are more likely to share memes than other generationsBaby Boomers are more likely to share videos than other generationsGen Xers are more likely to share content on TwitterGenerational segmentation examples. Utilizing more memes on Facebook to target a larger percentage of Millennials.Altering your content publishing schedule to mornings to target a larger percentage of Baby Boomers.Life stage segmentation. Life stage segmentation is the process of dividing your market based on the life stage of your target audience. Someone who is married with 5 kids may respond well to an emotional advertisement about convertibles during their midlife crisis. Life stage segmentation examples. Ads about life insurance may not appeal to sophomores in college, but they may appeal to someone who just started a familySomeone who just entered the workforce for the first time may be more interested in a new apartment than someone who is retired.Seasonal segmentation. Seasonal segmentation targets people based on their purchasing habits during certain periods of the year. It can range from actual seasons (spring, summer, fall, winter), events (Coachella, Super Bowl), and holidays (Christmas, Mother’s Day).Seasonal segmentation examples. A local company selling crop tops and hangover antidotes may want to target people based on the timing of Coachella.A flower shop that specializes in same-day delivery may want to ramp up their ad spend targeting forgetful sons and daughters.Technographic segmentation. Much like firmographic market segmentation, technographic segmentation only applies to B2B audiences. It’s used to target companies based on the types of technology they’re using. Whether it’s a CRM, a website CMS, or a niche-specific software tool, utilizing technographic segmentation can help enhance sales and marketing efforts.Technographic segmentation examples. A company that develops WordPress plugins would have no business targeting companies that use a different CMS, like Wix.Let’s say a SaaS company just launched a valuable cross-compatible integration with another app. It would make sense for them to the target businesses using the app they just integrated with. What are the benefits of market segmentation?Market segmentation isn’t just for big businesses. In fact, smaller teams whose efforts aren’t yet focused benefit the most from segmenting their audiences.When companies are still struggling to get off the ground and maintain their momentum, it’s easy to get too hung up on what has worked in the past to try marketing to new groups.The benefits of market segmentation are:. Bang for your buck. Market segmentation can help companies get the most out of their marketing efforts. With tailor-made, demographic-specific messages and advertising, companies can more effectively communicate with their audiences, begin boosting their conversion rates, and actually spend less on broad advertising.Better conversion rate. Simply put, the more information you have about your various audiences, the more specificity you can add to your outreach, which will help your prospects convert more easily.Customer retention. By marketing towards customers who have already gone through their own buyer’s journey, segmentation makes it easier to keep them engaged and pitch them with occasional upgrades. And with their segment data you’ve captured, you know how to talk to them.Expanding your efforts. Segmentation can be a great way to pursue new markets. Clothing retailers are a great example: The Gap clothing company, after studying its audience, determined it would be advantageous to launch a new brand called Baby Gap, and completely reoptimized their business from a supply chain level just to do so.Because of all the information you gather about your prospects, proper segmentation can help you determine if there’s a case to explore new endeavors such as this.Without market segmentation, companies are at risk of getting pulled into a self-perpetuating cycle, wherein they inadvertently market to a specific demographic, and then assume that that demographic is their only viable demographic because they’re the only ones buying:“Everyone who responded to our direct mailer was over the age of 65. This must mean that our target market is only people 65 or older.” Market segmentation strategies (and their pros and cons). Once you’ve completed your market segmentation and you have very clear insight into your various marketable audiences, you’re in a great position to create an impactful marketing strategy. Every strategy is different but most of them follow one of two fundamental outlines:Concentration strategy. Concentration strategy is when a company determines that their efforts are best focused solely on a single market segment. This strategy is particularly great for small, growing businesses who have demonstrated a viable use case within a specific market. Focusing on one segment will allow the company to invest more time, energy, and resources into one specific market, which minimizes advertising spend and potentially mitigates wasting efforts across multiple segments.Concentration strategy is like putting all your cards on the table—if it doesn’t work out, it can end badly. If the market segment hasn’t been properly vetted and turns out to be a bust, all of your marketing efforts could be wasted. Be sure to do some careful planning and execute thorough market testing before committing your business to a single market segment.Pros: High conversion percentages, repeatable marketing practices, less marketing spendCons: “All-or-nothing,” growth potential is limited to segment sizeMulti-segment strategy. Multi-segment marketing (or differentiated marketing,) is when a company’s marketing strategies are designed to advertise one product to more than one market segment.Although apparently “safer” than concentration strategy, multi-segment marketing is a much larger tax on a company’s marketing spend, as it requires completely different campaigns for each market segment.However, if a particular segment is extremely receptive and converts well, it’s easy to tailor your strategy to market more directly to that segment. Multi-segment marketing is “safer” from the standpoint that if a company advertises across numerous channels, they’re bound to scrape up some revenue from one of them.The downside is that it’s a less targeted use of a company’s marketing efforts, and thus could result in a potentially lower average ROI than a concentrated one-segment strategy.Pros: Safer, appeal to more consumers, diverse marketing, high growth potentialCons: Lower conversion percentages, greater marketing spendLearn more: An Introduction to Market Segmentation as Strategic ToolDOWNLOADThe best sales email is the one that gets read.Download the Complete Guide to Writing MUCH Better Sales Emails for over 50+ pro tips on how to make your emails stand out in a crowded inbox.GET THE GUIDE How to do your own market segmentation in phases. Phase 1: Gather the data. First things first, it’s time to gather data so that you can use it to form your market segments. There are many ways to go about it—some people like to go with pre-made lead lists, others prefer to do their own research.If you’re in the latter category (you probably should be), you can frame your searches along the following categories.Researching by company size:. Size can mean a number of things, but is most often measured by the number of employees, number of customers, or overall sales revenue a company claims. Some companies have transparency on their websites, which makes reaching out to the correct person much easier.Using free references like Bloomberg can help uncover basic information about a company in question.Researching by industry:. It’s unlikely that your product is applicable across all industries, which is why industry segmentation exists. Industry segmentation will help you ensure that you’re not wasting your time by targeting a company with no need for your product.Some companies have nondescript names like Amphastar and Wong, Doody, Crandall, and Wiener, so make sure you know what they actually do before you place them into a category.Researching by location:. If you’re offering a location-specific product or service, like landscaping services within the local community, your geographic market segmentation is probably pretty airtight: You probably use handy tools like lead maps, and engage in local marketing wherever possible.For other industries, like IT staffing, your reach might be international. Whatever your product, location is a crucial thing to know about a company, because it will help you decide which sales tactics to use, and when to send your emails if you’re communicating across time zones, at the least.Researching by needs:. This method of segmentation entails qualifying companies based on whether they need your products or services. While this definition is straightforward, the process behind making this determination may not be, depending on what you’re offering.If you sell landscaping services, you can use Google Maps to look up a company’s HQ. If their office is in a tower in New York City, they probably don’t need any landscaping.Capturing data in web forms:. Web forms are the industry standard for capturing prospect data. The practice is simple: if you have high-quality content that would provide a lot of value to your site visitors, you can place that content behind a web form that requires users to submit their name, email address, and other information before they can see it.The form’s questions should be light and noninvasive, as to not discourage users from filling it out, but constructive enough to give you enough context when communicating with them in the future.Surveys. Somewhat of a niche marketing method, surveys can be tactically deployed to get highly specific information from potential buyers in exchange for highly specific content or rewards.The standard survey format usually offers a tangible reward—like a gift card or a free product—in exchange for a decent chunk of voluntary user data.Although somewhat abstract, surveys are still one of the best methods of obtaining hyper-targeted data about users and companies. Because, let’s face it, no one is going to advertise their meme habit right on their company website.SikePhase 2: Sort the data into segments. There are many ways to go about this process. Most involve expensive analysts, marketers, and lots and lots of time. Although the DIY route is faster, it is no substitute for a comprehensive market segmentation strategy.Assuming time and money are an obstacle, you can approximate your own market segmentation by compiling your data into one single source and running filters on it to manually group your prospects and companies together by segments.Remember, ask yourself the following:Is this segment measurable?Is this segment large enough to earn a profit?Is this segment stable, and not going to vanish after a short time?Is this segment reachable with my marketing strategies?Is this segment homogenous, and will they respond similarly to my marketing strategies?This sample data template can help you get started! (Just make a copy so you can add your own customer data.) Phase 3: Plug in your marketing channels. Now that your segments have been firmly established, it’s time to connect the dots and breathe life into your marketing. This means establishing a plan for each of your marketing tools and channels, and coming up with real ways to reach your segments with them.You’ll be attributing different marketing and sales tactics to each stage of your pipeline, and determining what sticks. The good news is that your market segments are clearly defined and you’ll be able to speak to them clearly.The real challenge is continuously improving your efforts with trial and error to get the best possible conversion rates.There’s a good, old-fashioned way to map this out quickly and easily:Draw your pipeline stages horizontally across a sheet of paperAbove each pipeline stage, jot your marketing channels, like Linkedin, emails, or webinars, with blank space in between themBelow each marketing channel, write exactly how you will use this tool at this pipeline stage, like “email prospects a link to a recorded webinar”Repeat this exercise for each market segment to help establish a concise and repeatable process for marketing towards your various audiences. You can fully flesh out your segmented marketing strategy by configuring your sales software and email automation around the outline you’ve created, and then make tweaks as needed.To this end, some CRMs have reporting and performance tracking as well as custom reporting to help you figure out what’s working and what needs to change. Market segmentation in a nutshell. Now you’ve got your demographics clearly segmented, your strategy figured out, and your sales processes mapped tightly to your market segments.Because of this, you should have a clear understanding of how to talk to your prospects, and how to differentiate your outreach efforts based on the market segment.The challenges that lie ahead are rooted in constantly adjusting your marketing—testing your messages, your tactics, and measuring your audiences’ responses. If you’re ready to put your sales and marketing automation into action, get started with a free nutshell trial today!Educational resources:. Sales tactics encyclopedia: 19 strategies for prospecting, qualifying, and closingThe complete guide to researching sales prospects: 13 tools to help you understand your buyersThe ultimate guide to cold calling16 B2B cold email templates that sales experts swear byHow to Build a Sales Process: The Complete GuideBuying a lead list: The pros, the cons, and the things that might land you in jailYou might also like. Lead GenerationBuying a lead list: The pros, the cons, and the things that might land you in jail. Sell to WinEight sales and marketing vanity metrics to avoid at all costs. Sell to WinWhat's the craziest thing you've ever done to make a sale?Most popular. Lead GenerationMarketing webforms: How to build them and where to put them. NutshellNutshell earns first-ever ‘Leader’ placement in G2’s Winter 2022 Grid® Report for Email Marketing. Sell to WinWhat’s the difference between hunter, farmer, and trapper sales personas?Join 30,000+ other sales and marketing professionals. Subscribe to our Sell to Win newsletter!
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                            [body] => Market segmentation: What it is, Types & Examples In this article we will learn what market segmentation is and how it allows you to correctly direct your marketing efforts to the right audience to ensure the success of your business.  Before going deeper, we will define what market segmentation is and the benefits of this method that helps you to know your target audience.  What is market segmentation? Market segmentation consists of sectioning the target market into smaller groups that share similar characteristics, such as age, income, personality traits, behavior, interests, needs or location.  These segments can be used to optimize products, marketing, advertising and sales efforts. Segmentation allows brands to create strategies for different types of consumers, depending on how they perceive the overall value of certain products and services. In this way they can introduce a more personalized message with the certainty that it will be received successfully.  Now that you know what market segmentation is, let’s talk about the different types that exist. Types Of Market Segmentation. There are 4 types of market segmentation. Below, we describe each of them:  Geographic segmentation . Geographic segmentation consists of creating different groups of customers based on geographic boundaries.  The needs and interests of potential customers vary according to their geographic location, climate and region, and understanding this allows you to determine where to sell and advertise a brand, as well as where to expand a business. Demographic segmentation. Demographic segmentation consists of dividing the market through different variables such as age, gender, nationality, education level, family size, occupation, income, etc.  This is one of the most widely used forms of market segmentation, since it is based on knowing how customers use your products and services and how much they are willing to pay for them.  Psychographic segmentation. Psychographic segmentation consists of grouping the target audience based on their behavior, lifestyle, attitudes and interests.  To understand the target audience, market research methods such as focus groups, surveys, interviews and case studies can be successful in compiling this type of conclusion. Behavioral segmentation. Behavioral segmentation focuses on specific reactions, i.e. the consumer behaviors, patterns and the way customers go through their decision-making and purchasing processes. The attitudes the public has towards your brand, the way they use it and their awareness are examples of behavioral segmentation. Collecting this type of data is similar to the way you would find psychographic data. This allows marketers to develop a more targeted approach. Market segmentation objectives. There are different market segmentation objectives. Here we tell you what each of them are: Product: Creating successful products is one of the main objectives of organizations and one of the reasons why they conduct market research. This allows you to add the right features to your product and will also help you reduce costs to meet the needs of your target audience. Price: Another objective of market segmentation is to establish the right price for your products. Identifying which is the public that will be willing to pay for it.  Promotion: It helps you to target the members of each segment and select them in different categories so that you can direct your strategies appropriately.  Place: The ultimate goal of segmentation is to decide how you offer a product to each group of consumers and make it pleasant to them.  5 steps to implement a market segmentation strategy. In order to implement a strategy, you must not only know what market segmentation is. It is very important to know how to apply this method. That is why we have for you a guide that will help you: Define your market: At this point of the segmentation you should focus on discovering how big the market is, where your brand fits and if your products have the capacity to solve what it promises. Segment your market: This step consists of choosing which of the types best suits your brand. Understand your market: Ask your customers the right questions, depending on the type you chose. You must know your target audience in detail. You can use online surveys to get their answers. Build your customer segment: After collecting responses, you need to perform data analysis to create dynamic segments unique to your brand. Test your strategy: Make sure you have correctly interpreted your survey data by testing it with your target audience. This will help you to revisit your market segmentation strategies and make the necessary changes.  Advantages of market segmentation. Knowing what market segmentation is and the benefits it has for your organization will help you implement it correctly. Here are some of its advantages: Create stronger marketing messages: When you know who you are targeting, you can create strong, personalized messages that respond to the needs and wants of your target audience. Find the ideal marketing strategies: You may not know which is the right strategy to attract the ideal audience. Market segmentation allows you to know the audience, create a plan that will work successfully and determine better solutions and methods to reach them. Design targeted advertising: Market segmentation allows you to target your advertising to the audience in a successful and effective way, knowing their age, location, buying habits, interests, etc. Attract potential customers: By sending direct and clear marketing messages, you attract the right audience and are more likely to convert them into buyers. Differentiate your brand from the competition: By creating messages specific to your value proposition, you can stand out from the competition. Segmentation allows you to differentiate your brand by focusing on specific customer needs and characteristics. Identify your niche market: Market segmentation helps you discover your niche market. Identify the niche with the broadest audience and whether it has needs that your brand can effectively address. Focus your efforts: Allows you to identify new marketing opportunities and avoid distractions that take you away from your target market. Create a customer connection: When you know what your customers want and need, you can create effective strategies. This allows you to create strong bonds between your brand and the customer to create brand loyalty and customer satisfaction.  Conclusion. Market segmentation is a highly effective strategy for organizations because it allows them to know which customers care about them and understand their needs enough to send a message that ensures brand success.   Now that you know what market segmentation is, start your research today! Gather the information you need to learn more about your target audience using online surveys.  Contact us and we will help you collect the data you need. Related Posts. Tuesday Morning CX Thoughts — Making Consumer Insights Matter. Participant observation: What it is, types & uses. Holiday Shopping Trends 2021. POS data analysis: What it is, uses & why you need it. Real estate market analysis: What it is & How to do it. Patient Satisfaction: What it is & how to improve it. Help center Live Chat SIGN UP FREE Tour Sample questions Sample reports Survey logic Branding Integrations Professional services Security Products Survey Software Customer Experience Workforce Communities Audience Polls Explore the QuestionPro Poll Software - The World's leading Online Poll Maker & Creator. Create online polls, distribute them using email and multiple other options and start analyzing poll results. Research Edition LivePolls Resources Blog Articles eBooks Survey Templates Case Studies Training Webinars Coronavirus Resources Pricing All Plans Non-Profit Academic Features Comparison Qualtrics Explore the list of features that QuestionPro has compared to Qualtrics and learn how you can get more, for less. 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                            [body] => New Criteria for Market Segmentation The director of marketing in a large company is confronted by some of the most difficult problems in the history of U.S. industry. To assist him, the information revolution of the past decade puts at his disposal a vast array of techniques, facts, and figures. But without a way to master this information, he can […] by Daniel Yankelovich by Daniel Yankelovich From the Magazine (March 1964) Tweet Post Share Save Get PDF Buy Copies Print Tweet Post Share Save Get PDF Buy Copies Print Leer en español Ler em português The director of marketing in a large company is confronted by some of the most difficult problems in the history of U.S. industry. To assist him, the information revolution of the past decade puts at his disposal a vast array of techniques, facts, and figures. But without a way to master this information, he can easily be overwhelmed by the reports that flow in to him incessantly from marketing research, economic forecasts, cost analyses, and sales breakdowns. He must have more than mere access to mountains of data. He must himself bring to bear a method of analysis that cuts through the detail to focus sharply on new opportunities. In this article, I shall propose such a method. It is called segmentation analysis. It is based on the proposition that once you discover the most useful ways of segmenting a market, you have produced the beginnings of a sound marketing strategy. Unique Advantages . Segmentation analysis has developed out of several key premises: In today’s economy, each brand appears to sell effectively to only certain segments of any market and not to the whole market. Sound marketing objectives depend on knowledge of how segments which produce the most customers for a company’s brands differ in requirements and susceptibilities from the segments which produce the largest number of customers for competitive brands. Traditional demographic methods of market segmentation do not usually provide this knowledge. Analyses of market segments by age, sex, geography, and income level are not likely to provide as much direction for marketing strategy as management requires. Once the marketing director does discover the most pragmatically useful way of segmenting his market, it becomes a new standard for almost all his evaluations. He will use it to appraise competitive strengths and vulnerabilities, to plan his product line, to determine his advertising and selling strategy, and to set precise marketing objectives against which performance can later be measured. Specifically, segmentation analysis helps him to— …direct the appropriate amounts of promotional attention and money to the most potentially profitable segments of his market; …design a product line that truly parallels the demands of the market instead of one that bulks in some areas and ignores or scants other potentially quite profitable segments; …catch the first sign of a major trend in a swiftly changing market and thus give him time to prepare to take advantage of it; …determine the appeals that will be most effective in his company’s advertising; and, where several different appeals are significantly effective, quantify the segments of the market responsive to each; …choose advertising media more wisely and determine the proportion of budget that should be allocated to each medium in the light of anticipated impact; …correct the timing of advertising and promotional efforts so that they are massed in the weeks, months, and seasons when selling resistance is least and responsiveness is likely to be at its maximum; …understand otherwise seemingly meaningless demographic market information and apply it in scores of new and effective ways. These advantages hold in the case of both packaged goods and hard goods, and for commercial and industrial products as well as consumer products. Guides to strategy . Segmentation analysis cuts through the data facing a marketing director when he tries to set targets based on markets as a whole, or when he relies primarily on demographic breakdowns. It is a systematic approach that permits the marketing planner to pick the strategically most important segmentations and then to design brands, products, packages, communications, and marketing strategies around them. It infinitely simplifies the setting of objectives. In the following sections we shall consider nondemographic ways of segmenting markets. These ways dramatize the point that finding marketing opportunities by depending solely on demographic breakdowns is like trying to win a national election by relying only on the information in a census. A modern census contains useful data, but it identifies neither the crucial issues of an election, nor those groups whose voting habits are still fluid, nor the needs, values, and attitudes that influence how those groups will vote. This kind of information, rather than census-type data, is the kind that wins elections—and markets. Consider, for example, companies like Procter & Gamble, General Motors, or American Tobacco, whose multiple brands sell against one another and must, every day, win new elections in the marketplace: These companies sell to the whole market, not by offering one brand that appeals to all people, but by covering the different segments with multiple brands. How can they prevent these brands from cannibalizing each other? How can they avoid surrendering opportunities to competitors by failing to provide brands that appeal to all important segments? In neither automobiles, soaps, nor cigarettes do demographic analyses reveal to the manufacturer what products to make or what products to sell to what segments of the market. Obviously, some modes of segmentation other than demographic are needed to explain why brands which differ so little nevertheless find their own niches in the market, each one appealing to a different segment. The point at issue is not that demographic segmentation should be disregarded, but rather that it should be regarded as only one among many possible ways of analyzing markets. In fact, the key requirement of segmentation analysis is that the marketing director should never assume in advance that any one method of segmentation is the best. His first job should be to muster all probable segmentation and then choose the most meaningful ones to work with. This approach is analogous to that used in research in the physical sciences, where the hypothesis that best seems to explain the phenomena under investigation is the one chosen for working purposes. Ten Markets . In the following discussion we shall take ten markets for consumer and industrial products and see how they are affected by seven different modes of nondemographic segmentation. The products and modes are shown schematically in Exhibit I. Of course, these segments are not the only ones important in business. The seven I have picked are only examples of how segmentation analysis can enlarge the scope and depth of a marketer’s thinking. Exhibit I. Example of Segmentation in Different Industries I. Watches . In this first case we deal with a relatively simple mode of segmentation analysis. The most productive way of analyzing the market for watches turns out to be segmentation by value. This approach discloses three distinct segments, each representing a different value attributed to watches by each of three different groups of consumers: 1. People who want to pay the lowest possible price for any watch that works reasonably well. If the watch fails after six months or a year, they will throw it out and replace it. 2. People who value watches for their long life, good workmanship, good material, and good styling. They are willing to pay for these product qualities. 3. People who look not only for useful product features but also for meaningful emotional qualities. The most important consideration in this segment is that the watch should suitably symbolize an important occasion. Consequently, fine styling, a well-known brand name, the recommendation of the jeweler, and a gold or diamond case are highly valued. In 1962, my research shows, the watch market divided quantitatively as follows: Approximately 23% of the buyers bought for lowest price (value segment #1). Another 46% bought for durability and general product quality (value segment #2). And 31% bought watches as symbols of some important occasion (value segment #3). Defining and quantifying such segments is helpful in marketing planning—especially if a watch company’s product happens to appeal mostly to one segment or if the line straddles the three segments, failing to appeal effectively to any. Without such an understanding, the demographic characteristics of the market are most confusing. It turns out, for example, that the most expensive watches are being bought by people with both the highest and the lowest incomes. On the other hand, some upper income consumers are no longer buying costly watches, but are buying cheap, well-styled watches to throw away when they require servicing. Other upper income consumers, however, continue to buy fine, expensive watches for suitable occasions. Timex’s Timely Tactics. The planning implications in value segmentation are very broad for the industry. For one thing, many of the better watch companies in the years between 1957 and 1962 were inadvertently focusing exclusively on the third segment described—the 31% of the market that bought a watch only as a gift on important occasions—thus leaving the bulk of the market open to attack and exploitation. The U.S. Time Company took advantage of this opening and established a very strong position among the more than two-thirds of America’s watch buyers in the first two segments. Its new low-price watch, the Timex, had obvious appeal for the first segment, and it catered to the second segment as well. At that time, higher-price watches were making the disastrous mistake in their advertising of equating product quality with water-proof and shock-resistant features. The Timex also offered these low-cost features, at lower prices, thus striking at a vulnerable area which the competition itself created. When Timex pressed its attack, it was able within a few years to claim that “Timex sells more watches than any other watch company in the world.” Even the timing of Timex’s watch advertising was involved. Much of the third segment was buying watches only during the Christmas season, and so most of Timex’s competitors concentrated their advertising in November and December. But since buying by the other two segments went on all the time, Timex advertised all year-round, getting exclusive attention ten months of the year. Thus, nondemographic segmentation in the watch industry has directly affected almost every phase of marketing, including the composition of the product line. Major watch companies know that they must plan product line, pricing, advertising, and distribution within the framework of the three basic value segments of this market. II. Automobiles . The nondemographic segmentation of the automobile market is more complex than that of the watch market. The segments crisscross, forming intricate patterns. Their dynamics must be seen clearly before automobile sales can be understood. Segmentation analysis leads to at least three different ways of classifying the automobile market along nondemographic lines, all of which are important to marketing planning. Value Segmentation. The first mode of segmentation can be compared to that in the watch market—a threefold division along lines which represent how different people look at the meaning of value in an automobile: 1. People who buy cars primarily for economy. Many of these become owners of the Falcon, Ford, Rambler American, and Chevrolet. They are less loyal to any make than the other segments, but go where the biggest savings are to be found. 2. People who want to buy the best product they can find for their money. These prospects emphasize values such as body quality, reliability, durability, economy of operation, and ease of upkeep. Rambler and Volkswagen have been successful because so many people in this segment were dissatisfied. 3. People interested in “personal enhancement” (a more accurate description than “prestige”). A handsomely styled Pontiac or Thunderbird does a great deal for the owner’s ego, even though the car may not serve as a status symbol. Although the value of an automobile as a status symbol has declined, the personal satisfaction in owning a fine car has not lessened for this segment of the market. It is interesting that while both watches and cars have declined in status value, they have retained self-enhancement value for large portions of the market. Markets can change so swiftly, and the size of key segments can shift so rapidly, that great sensitivity is required to catch a trend in time to capitalize on it. In the automobile market, the biggest change in recent years has been the growth in segment two—the number of people oriented to strict product value. Only a few years ago, the bulk of the market was made up of the other segments, but now the product-value segment is probably the largest. Some automobile companies did not respond to this shift in the size of these market segments in time to maintain their share of the market. Aesthetic Concepts. A second way of segmenting the automobile market is by differences in style preferences. For example, most automobile buyers tell you that they like “expensive looking” cars. To some people, however, “expensive looking” means a great deal of chrome and ornamentation, while to others it means the very opposite—clean, conservative lines, lacking much chrome or ornamentation. Unfortunately, the same words are used by consumers to describe diametrically opposed style concepts. Data that quantify buyers according to their aesthetic responses—their differing conceptions of what constitutes a good-looking car—are among the most useful an automobile company can possess. The importance of aesthetic segmentation can be pointed up by this example: When Ford changed from its 1959 styling to its 1960 styling, the change did not seem to be a radical one from the viewpoint of formal design. But, because it ran contrary to the special style expectations of a large group of loyal Ford buyers, it constituted a dramatic and unwelcome change to them. This essential segment was not prepared for the change, and the results were apparent in sales. Susceptibility to Change. A third and indispensable method of segmenting the automobile market cuts across the lines drawn by the other two modes of segmentation analysis. This involves measuring the relative susceptibility of potential car buyers to changing their choice of make. Consider the buyers of Chevrolet during any one year from the point of view of a competitor: At one extreme are people whose brand loyalty is so solidly entrenched that no competitor can get home to them. They always buy Chevrolets. They are closed off to change. At the other extreme are the open-minded and the unprejudiced buyers. They happened to buy a Chevrolet because they preferred its styling that year, or because they got a good buy, or because someone talked up the Fisher body to them. They could just as easily have purchased another make. In the middle of this susceptibility continuum are people who are predisposed to Chevrolet to a greater or lesser degree. They can be persuaded to buy another make, but the persuasion has to be strong enough to break through the Chevrolet predisposition. The implications of this kind of a susceptibility segmentation are far-reaching. Advertising effectiveness, for example, must be measured against each susceptibility segment, not against the market as a whole. Competitors’ advertising should appear in media most likely to break through the Chevrolet predisposition of the middle group. In addition, the wants of those who are not susceptible must be factored out, or they will muddy the picture. Marketing programs persuasive enough to influence the uncommitted may make no difference at all to the single largest group—those who are predisposed to Chevrolet but still open enough to respond to the right stimulus. If the marketing director of an automobile company does not break down his potential market into segments representing key differences in susceptibility, or does not clearly understand the requirements of each key segment, his company can persevere for years with little or no results because its promotion programs are inadvertently being aimed at the wrong people. III. Perfume . A segmentation analysis of the perfume market shows that a useful way to analyze it is by the different purposes women have in mind when they buy perfume. One segment of the market thinks of a perfume as something to be added to what nature has supplied. Another segment believes that the purpose of fragrance products is to help a woman feel cleaner, fresher, and better groomed—to correct or negate what nature has supplied. In the latter instance, the fragrance product is used to cancel out natural body odors; in the former, to add a new scent. To illustrate this difference in point of view: One woman told an interviewer, “I like a woodsy scent like Fabergé. It seems more intense and lingers longer, and doesn’t fade away like the sweeter scents.” But another woman said, “I literally loathe Fabergé. It makes me think of a streetcar full of women coming home from work who haven’t bathed.” These differences in reaction do not indicate objective differences in the scent of Fabergé. They are subjective differences in women’s attitudes; they grow out of each woman’s purpose in using a perfume. Purposive segmentation, as this third mode of analysis might be called, has been of great value to alert marketers. For instance: A company making a famous line of fragrance products realized that it was selling almost exclusively to a single segment, although it had believed it was competing in the whole market. Management had been misled by its marketing research, which had consistently shown no differences in the demographic characteristics of women buying the company’s products and women buying competitors’ products. In the light of this insight, the company decided to allocate certain lines to the underdeveloped segments of the market. This required appropriate changes in the scent of the product and in its package design. A special advertising strategy was also developed, involving a different copy approach for each product line aimed at each segment. In addition, it was learned that visualizations of the product in use helped to create viewer identification in the segment that used perfume for adding to nature’s handiwork, but that more subtle methods of communication produced better results among the more reserved, more modest women in the second segment who want the “canceling out” benefits of perfume. The media susceptibilities of women in the two segments were also found to be different. Thus, from a single act of resegmentation, the advertising department extracted data critical to its copy platform, communication strategy, and media decisions. IV. Bathing Soap . A comparable purposive segmentation was found in the closely related bathing soap field. The key split was between women whose chief requirement of soap was that it should clean them adequately and those for whom bathing was a sensuous and enjoyable experience. The company (a new contender in this highly competitive field) focused its sights on the first segment, which had been much neglected in recent years. A new soap was shaped, designed, and packaged to appeal to this segment, a new advertising approach was evolved, and results were very successful. V. Hair-Care Market . The Breck-Halo competition in the shampoo market affords an excellent example of another kind of segmentation. For many years, Breck’s recognition of the market’s individualized segmentation gave the company a very strong position. Its line of individualized shampoos included one for dry hair, another for oily hair, and one for normal hair. This line accurately paralleled the marketing reality that women think of their hair as being dry, oily, or normal, and they do not believe that any one shampoo (such as an all-purpose Halo) can meet their individual requirements. Colgate has finally been obliged, in the past several years, to revise its long-held marketing approach to Halo, and to come out with products for dry hair and for oily hair, as well as for normal hair. Other companies in the hair-care industry are beginning to recognize other segmentations in this field. For example, some women think of their hair as fine, others as coarse. Each newly discovered key segmentation contains the seeds of a new product, a new marketing approach, and a new opportunity. VI. Other packaged goods . Examples of segmentation analysis in other packaged goods can be selected almost at random. Let us mention a few briefly, to show the breadth of applicability of this method of marketing analysis: In convenience foods, for example, we find that the most pragmatic classification is, once again, purposive segmentation. Analysis indicates that “convenience” in foods has many different meanings for women, supporting several different market segments. Women for whom convenience means “easy to use” are reached by products and appeals different from those used to reach women for whom convenience means shortcuts to creativity in cooking. In the market for cleaning agents, some women clean preventively, while others clean therapeutically, i.e., only after a mess has been made. The appeals, the product characteristics, and the marketing approach must take into account these different reasons for buying—another example of purposive segmentation. In still another market, some people use air fresheners to remove disagreeable odors and others to add an odor. A product like Glade, which is keyed to the second segment, differs from one like Airwick in product concept, packaging, and type of scent. The beer market requires segmentation along at least four different axes—reasons for drinking beer (purposive); taste preferences (aesthetic); price/quality (value); and consumption level. VII. Retail soft goods . Although soft-goods manufacturers and retailers are aware that their customers are value conscious, not all of them realize that their markets break down into at least four different segments corresponding to four different conceptions of value held by women. For some women value means a willingness to pay a little more for quality. For others, value means merchandise on sale. Still other women look for value in terms of the lowest possible price, while others buy seconds or discounted merchandise as representing the best value. Retailing operations like Sears, Roebuck are highly successful because they project all these value concepts, and do so in proportions which closely parallel their distribution in the total population. VIII. Adding machines . In marketing planning for a major adding machine manufacturer, analysis showed that his product line had little relationship to the segmented needs of the market. Like most manufacturers of this kind of product, he had designed his line by adding features to one or several stripped-down basic models—each addition raising the model price. The lowest priced model could only add; it could not subtract, multiply, divide, or print, and it was operated by hand. Since there are a great many features in adding machines, the manufacturer had an extremely long product line. When the needs of the market were analyzed, however, it became clear that, despite its length, the line barely met the needs of two out of the three major segments of the market. It had been conceived and planned from a logical point of view rather than from a market-need point of view. The adding machine market is segmented along lines reflecting sharp differences in value and purpose: One buyer group values accuracy, reliability, and long life above all else. It tends to buy medium-price, full-keyboard, electric machines. There are many banks and other institutions in this group where full-keyboard operations are believed to ensure accuracy. Manufacturing establishments, on the other hand, prefer the ten-key machine. Value, to these people, means the maximum number of labor-saving and timesaving features. They are willing to pay the highest prices for such models. Both these segments contrast sharply with the third group, the small retailer whose major purpose is to find a model at a low purchase price. The small retailer does not think in terms of amortizing his investment over a period of years, and neither labor-saving features nor full-keyboard reliability count for as much as an immediate savings in dollars. Despite the many models in the company’s line, it lacked those demanded by both the manufacturer and small retailer segments of the market. But, because it had always been most sensitive to the needs of financial institutions, it had developed more models for this segment than happened to be needed. Product, sales, and distribution changes were required to enable the company to compete in the whole market. IX. Computers . One pragmatic way of segmenting the computer market is to divide potential customers between those who believe they know how to evaluate a computer and those who believe they do not. A few years ago only about 20% of the market was really open to IBM’s competitors—the 20% who believed it knew how to evaluate a computer. By default, this left 80% of the market a virtual captive of IBM—the majority who did not have confidence in its own ability to evaluate computers and who leaned on IBM’s reputation as a substitute for personal appraisal. Another segmentation in this market involves differences in prospects’ attitudes toward the inevitability of progress. Although this factor has been widely ignored, it is a significant method for qualifying prospects. People who believe that progress is inevitable (i.e., that change is good and that new business methods are constantly evolving) make far better prospects for computers than those who have a less optimistic attitude toward progress in the world of business. X. Light trucks . The market for light trucks affords us another example of segmentation in products bought by industry. As in the computer example, there are both buyers who lack confidence in their ability to choose among competing makes and purchasers who feel they are sophisticated about trucks and can choose knowledgeably. This mode of segmentation unexpectedly turns out to be a key to explaining some important dynamics of the light truck market. Those who do not trust their own judgment in trucks tend to rely very heavily on both the dealer’s and the manufacturer’s reputation. Once they find a make that gives them reliability and trouble-free operation, they cease to shop other makes and are no longer susceptible to competitive promotion. Nor are they as price-sensitive as the buyer who thinks he is sophisticated about trucks. This buyer tends to look for the best price, to shop extensively, and to be susceptible to the right kind of competitive appeals, because he puts performance before reputation. These ways of looking at the truck market have far-reaching implications for pricing policy, for product features, and for dealers’ sales efforts. Conclusion . To sum up the implications of the preceding analysis, let me stress three points: 1. We should discard the old, unquestioned assumption that demography is always the best way of looking at markets. The demographic premise implies that differences in reasons for buying, in brand choice influences, in frequency of use, or in susceptibility will be reflected in differences in age, sex, income, and geographical location. But this is usually not true. Markets should be scrutinized for important differences in buyer attitudes, motivations, values, usage patterns, aesthetic preferences, or degree of susceptibility. These may have no demographic correlatives. Above all, we must never assume in advance that we know the best way of looking at a market. This is the cardinal rule of segmentation analysis. All ways of segmenting markets must be considered, and then we must select out of the various methods available the ones that have the most important implications for action. This process of choosing the strategically most useful mode of segmentation is the essence of the marketing approach espoused in this article. In considering cases like those described, we must understand that we are not dealing with different types of people, but with differences in peoples’ values. A woman who buys a refrigerator because it is the cheapest available may want to buy the most expensive towels. A man who pays extra for his beer may own a cheap watch. A Ford-owning Kellogg’s Corn Flakes-eater may be closed off to Chevrolet but susceptible to Post Toasties; he is the same man, but he has had different experiences and holds different values toward each product he purchases. By segmenting markets on the basis of the values, purposes, needs, and attitudes relevant to the product being studied, as in Exhibit I, we avoid misleading information derived from attempts to divide people into types. 2. The strategic-choice concept of segmentation broadens the scope of marketing planning to include the positioning of new products as well as of established products. It also has implications for brand planning, not just for individual products but for the composition of a line of competing brands where any meaningful segment in the market can possibly support a brand. One explanation of the successful competing brand strategy of companies like Procter & Gamble is that they are based on sensitivity to the many different modes of market segmentation. The brands offered by P & G often appear very similar to the outsider, but small, marginal differences between them appeal to different market segments. It is this rather than intramural competition that supports P & G successes. 3. Marketing must develop its own interpretive theory, and not borrow a ready-made one from the social sciences. Marketing research, as an applied science, is tempted to borrow its theoretical structures from the disciplines from which it derives. The social sciences offer an abundance of such structures, but they are not applicable to marketing in their pure academic form. While the temptation to apply them in that form is great, it should be resisted. From sociology, for example, marketing has frequently borrowed the concept of status. This is a far-reaching concept, but it is not necessarily the most important one in a marketing problem, nor even one of the important ones. Again, early psychoanalytic theory has contributed an understanding of the sexual factor. While this can sometimes be helpful in an analysis of buying behavior in a given situation, some motivation researchers have become oversensitive to the role of sex and, as a result, have made many mistakes. Much the same might be said of the concept of social character, that is, seeing the world as being “inner-directed,” “other-directed,” “tradition-directed,” “autonomous,” and so forth. One of the values of segmentation analysis is that, while it has drawn on the insights of social scientists, it has developed an interpretive theory within marketing. It has been homegrown in business. This may explain its ability to impose patterns of meaning on the immense diversity of the market, and to provide the modern marketing director with a systematic method for evolving true marketing objectives. A version of this article appeared in the March 1964 issue of Harvard Business Review. Read more on Marketing or related topic Market segmentation DY Daniel Yankelovich is chairman of Viewpoint Learning, a firm that promotes problem solving through dialogue, and DYG, a market research firm that tracks social trends. He is based in San Diego. Tweet Post Share Save Get PDF Buy Copies Print Read more on Marketing or related topic Market segmentation Partner Center. Diversity Latest Magazine Ascend Topics Podcasts Video Store The Big Idea Data & Visuals Case Selections
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                            [body] => Identifying market segmentsMarket segmentation is the process of splitting a business’ target market into different groups. Businesses use these groups to make it easier for them to develop products aimed at certain people and to help them target their marketing. Small businesses generally split up their target market based on location, demographics, behaviour, lifestyle, income and age.Location. Splitting up a market by location is also known as geographical segmentation. This is used to split up a target market based on where people live. A business may choose to target customers in its local area, or it may consider what types of products would sell in specific locations. For example, walkers in the Lake District may be more interested in buying hiking boots than people living in Manchester. Demographics. Demographic segmentation considers the characteristics of people. These characteristics may include age, gender, race, religion, nationality, disability, ethnicity, sexual orientation and occupation. Businesses consider the demographics of the people to whom they want to aim their products. For example, a make-up business might target females aged 19–35 in the UK for a certain type and style of make-up. Some businesses target products at people of certain ages. Examples of such products include toys for children, pension plans for people aged over 60 and cars for people aged 17 or above.Behaviour. Behavioural segmentation considers how people behave in relation to purchases at different times of the year and in different situations. For example, at birthdays, holidays and celebrations, people make purchases in addition to what they would normally buy. Card and gift businesses thrive on these events year-round, while other businesses provide specific products only at a certain time of year, such as special candles during Hanukkah or chocolate eggs during Easter.Lifestyle. Lifestyle segmentation considers what sorts of lives the people in a business’ target market lead. This may take into account hobbies, sporting interests and other things customers do in their spare time. For example, a camera equipment retailer may want to target customers who are interested in photography, or a cricket bat manufacturer may want to target people with an interest in cricket.Income. Income segmentation considers how much people earn and how much disposable income they have. This is extremely important for certain products. For example, a business selling high-end luxury cars or expensive jewellery would need to target people with a high level of income. However, a budget brand of baked beans may target customers with a low level of income.GlossaryupdownGCSE SubjectsGCSE Subjectsupdown. Art and DesignBiology (Single Science)BusinessChemistry (Single Science)Combined ScienceComputer ScienceDesign and TechnologyDigital Technology (CCEA)DramaEnglish LanguageEnglish LiteratureFrenchGeographyGermanHistoryHome Economics: Food and Nutrition (CCEA)Hospitality (CCEA)ICTIrish – Learners (CCEA)Journalism (CCEA)Learning for Life and Work (CCEA)MandarinMathsMaths Numeracy (WJEC)Media StudiesModern Foreign LanguagesMoving Image Arts (CCEA)MusicPhysical EducationPhysics (Single Science)PSHE and CitizenshipReligious StudiesScienceSociologySpanishWelsh Second Language (WJEC)
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                            [title] => What is Marketing Segmentation and How You Can Create One
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                            [body] => What is marketing segmentation? Christopher Lowe Sep 30, 2020 Christopher Lowe Sep 30, 2020 The success of a business lies in offering the right product to the right consumer. To do this, marketers need to know their customers inside out. This makes market segmentation a vital tool for organizations, to study and segment consumer behavior. It can reap huge dividends. A Harvard Business School survey conducted in the US found that 95% new products fail due to ineffective marketing segmentation.  Every consumer comes with unique requirements. So a one-size-fits-all marketing strategy will not work to engage users across the board. Marketing segmentation can help companies divide users into unique groups, in order to analyze their needs and communicate with them effectively. This gives a competitive advantage to organizations, as well as improve Return on Ad Spend (ROAS).  A quick overview of what you’ll read in this blog: What is marketing segmentation? What is the relationship between market segmentation, target marketing and positioning? What are the types of marketing segmentation? How do you develop a market segmentation strategy? How can Insider help you with marketing segmentation? Table of Contents What is Market Segmentation? Relationship between Market Segmentation, Target Marketing and Positioning? What Are The Types of Marketing Segmentation? How Do You Develop a Market Segmentation Strategy? How Insider Can Help in Marketing Segmentation What is Market Segmentation? Marketing segmentation is the process of creating customer groups based on common behavioral and consumption patterns. In fact, demographic, psychographic, behavioral, and geographic similarities cluster customers. Specifically, these four segments break into subcategories to optimize marketing strategy. Understanding target marketing. In today’s digital world, marketing has become a precise and customer-centric process. Targeting your customers with specific advertisements that are relevant and timely for them works better, than running a generic, fancy ad campaign. Decoding Positioning. This is a strategic exercise that outlines the USP of a product and highlights what makes it better than its competitors. This exercise is a basic tenet of every marketing story. It works at three levels: find out who the right audience is, find out their needs and craft a marketing strategy that tells them how the product is best-fit for them. The better a product’s positioning, the higher its business success. Relationship between Market Segmentation, Target Marketing and Positioning? Market segmentation, target marketing and positioning is a chain of events that result in a well-rounded marketing strategy. All three rely on each other to perform a perfect marketing masterstroke. Marketing segmentation categorizes a customer base according to their interests. This helps marketers target potential customers with relevant products. This, in turn, optimizes their marketing strategy. Take the market segmentation example of YouTube, which segments users and then places advertisements as per their interests.  Once marketers have the relevant data on customers and their requirements, they can position a product in a way that ticks all the boxes for the user. This way, marketers can position a product or a service effectively and improve conversion rates on their leads. What Are The Types of Marketing Segmentation? There are four broad types, based on their unique attributes. Each is subdivides into smaller categories, to serve them better. Demographic segmentationPsychographic segmentationBehavioral segmentationGeographic segmentation Demographic segmentation. It’s the simplest and most generalized segmentation category. It creates large groups of people based on their age, gender, religion, location or occupation. For example, a beauty cream is more relevant to women in the age group of 16 to 35 years, rather than men.  Psychographic segmentation. People who think alike usually shop alike. The consumer is segmented based on their attitudes, lifestyles, interests or values. Though psychographic segmentation isn’t as easy to mark as demographic, it gives marketers deeper insights into their audience. For example, if a consumer is highly concerned about the privacy features of her smartphone, she might opt to buy an iPhone.  Behavioral segmentation. Marketing expert Jon Miller said: “Knowing who your customers are is great. Knowing how they behave is better.” Behavioral segmentation divides customers based on what they do, using insights derived from customers’ actions. It is based on patterns of behavior displayed by customers as they interact with a company or make a purchase decision.  Examples: Buying patterns of a user, brand interaction, website interaction, engagement on an app or website, loyalty. Geographic Segmentation. People are categorized based on geographical boundaries, so that marketers can better serve customers in a particular area. Besides geographic units, factors like climate, cultural preferences and urban-suburban-rural divides also factor in to segment consumers.  How do you develop a marketing segmentation strategy? We’ve understood marketing segmentation at a theoretical level. Now let’s delve into how it works at a practical level. Here’s a step-by-step guide to how marketers can develop a market segmentation strategy: Analyze your existing customers: This will help marketers understand their customers’ behavior. Here are some marketing techniques to engage with customers: Get feedback: Ask customers about their experience with your product and optimize it accordingly. Brainstorm with your sales team: Your sales team spends the most time interfacing with the customer and knows them well. Use insights from this team as a critical resource. Analyze your website analytics: There’s enough data on your website- time spent on your website, what is the bounce rate, which page did they spend maximum time on. Use these metrics to understand your customer and engagement levels.Analyze audience interest: If a consumer is visiting your website to explore a particular product category, put them in the concerned psychographic segment. 2. Build a consumer segment group for your product: Once you’ve understood your consumer, you can draw a complete picture of your target user group. This will help you get a 360 degree understanding of your consumer and create the right marketing strategy to target them.  3. Create a brand positioning for your product: When a marketer is clear about who his potential customer is, it becomes easy to position a product in a way that it addresses the user’s issues.  4. Find the right market segment that’s a right-fit for your brand: This is where you link your product’s positioning with your consumer’s requirements. For example: What problem does your product solve? Is there a customer segment that not having its needs met? Link the two, and find your right-fit user segment. 5. Launch your campaign: The homework: check. It’s time to launch your campaign. Of course to play completely safe, you can A/B Test your campaign for optimal results.  How Insider Can Help in Marketing Segmentation. Marketers segment their customers to gain insight into buyer personas. Even then, missteps can happen in the segmentation process. At times, segmentation gets confused with plain demographics. Or a company may not close the gaps between consumer segmentation and creating the right strategies. Marketers need to ask some critical questions: Why do you want to segment? How will the marketing campaign encompass all the information they collect about customers and the market?  Technology can help marketers create the right customer segment groups and engage with them using the right tools. Let’s look at some of these handy tech tools: Use Predictive Segments & App Tracker to detect users who are about to uninstall and switch to a rival brand. Engage to bring them back onboard. Let’s take an example of a finance company that has an app to sell services like loans, insurance and mutual funds. It’s a leading industry brand and its app has been downloaded by thousands of users. But competition is stiff. The company realizes that a growing number of its VIP users are uninstalling its app and switching to a rival company. How can it halt the trend? How can it convince someone who has decided to move to a competitor to stay on? The company realizes that if its existing customers switch to a rival company, it will directly impact its Customer Lifetime Value metric. After all, it costs less to keep existing customers than to acquire new ones.  Using Insider’s Predictive Segments and App Tracker, the finance firm is able to track the online behavior of its users, and find out if they are following a competitor’s application. Users enter a segment likely to uninstall their app in the future. Next, comes engagement with a clear target. Naturally, the company doesn’t want to lose a consumer to a rival brand at any cost.  Once this user segment is identified like above, the company uses Insider’s Architect to engage with the consumer through appropriate channels. If the user is opted-in to the email channel send a strong offer, if the user is not opted-in, send an app push notification which specifies new product arrivals. If the user does not take any action send him to Facebook remarketing channel. The emails highlight the ongoing relationship between the consumer and the brand and the special deals they can avail as long-term clients. The users are made to feel unique and opt to remain onboard.  2. Target users who visit a product page multiple times but don’t purchase. Help them change their mind. A travel company offers customized holidays, hotel bookings and flight tickets through its website. During one of its audits, the company discovered that there was a large base of users who would visit its website, check out holiday destinations and airfares but did not book anything. One thing is clear to the company: this is a user segment that is highly likely to purchase. They want to go on that holiday to Egypt or Greece but seem to have a change of mind at the last minute. The company decides to engage with these users to get them to convert. As a first step, it created a segment of consumers who visited the website more than five times in one week.  Next, using Insider’s Architect, it started sending them web push notifications, offering steal hotel deals and the cheapest airfares available. If the user did not respond to the notifications, it was followed with emails.  The strategy works and users land on the company website. Insider’s Onsite Smart Recommender takes over from here, showing a personalized webpage to them as per their travel interests. As the users revisit the page, Smart Recommender’s Shuffling application shuffles the categories and shows the users a new product in every visit. The personalized website experience increases conversion rates. 3. Cut down on cart abandonment by creating urgency around your product. Thousands of shoppers go online to shop with an e-commerce retailer, who sold an array of products: from electronic items and smartphones, to shoes and clothes. The company, however, realized that there were a growing number of cart abandoners on the site. They would add an item from a specific product category and then not return to purchase for days.  Besides hampering sales, this posed another problem: the item in the cart automatically reduced the stock numbers listed with the company. They were not able to show it to other customers. Besides hampering sales, this posed another problem: the item in the cart automatically reduced the stock numbers listed with the company. They were not able to show it to other customers. To convert the cart abandoners, the retailer began sending them dynamic push notifications, using Insider’s Automated App Push. When a user clicked on this notification, she landed directly on the product page of the sweatshirt that she had left forgotten in her cart. Insider’s Social Proof took charge from here. To build urgency around the product, the tool posted a banner on the product page: “Only 10 items left in stock.”  This nudged the consumer to make the purchase before it ran out of stock.  4. Target new and returning users by persuading them to stay on the website, register and purchase. Let’s take an example of an e-commerce company. It’s a new company, has just launched its website and is looking at attracting visitors to its webpage to drive sales. E-retail is a crowded marketplace and the company doesn’t want to lose the consumers who land on its webpage for the first time to check out its product line up. The company used Insider’s Exit Intent to capture a user’s cursor movement on the webpage. If the tool sensed that the user was about to click out, a pop up showed up on the webpage, handing out offers like free shipping and money back guarantee. This was a clincher, as most users opted to take up the offer, after sharing their email id. This way, the startup retailer got to build its user database as well. 5. Retarget registered users by reinforcing the benefits of your product.  As a global fitness fad gains momentum, a fitness app saw the number of registrations soar on its application. However, the high registration rates were not translating into an equally high number of active users.  The firm drew a marketing strategy to engage users who registered for its fitness programs but did not start a session for a fortnight. It used Insider’s Mobile App Push, to send notifications to these users. Not only did the notifications talk about the various workout programs and free online classes that the company offered, but also highlighted the importance of staying fit to lead a meaningful life. The idea worked wonders with consumers. Example of Insider’s Mobile App Push that send notifications Conclusion . Marketing segmentation helps companies target customers based on their unique characteristics and requirements. It is easier for businesses to focus their marketing energies and resources on reaching the right audiences to achieve their business goals. Getting a segmentation strategy right can, however, take time and effort. Make it seamless with the right technology. Schedule a demo Written by Christopher Lowe Christopher has a long history of driving value and creating personalized, omnichannel journeys that enhance customer experience. He's passionate about learning and development and has a keen interest in developing economies, especially ones with a lot of room for digital growth. How-to Optimizing your Customer Lifetime Value (CLV) with a mobile-first marketing strategy See All How-to How to optimize Customer Lifetime Value and the most effective tools for marketers See All How-to Web push win-back campaigns: Re-engaging inactive customer segments for higher conversions See All © 2021 Insider. All rights reserved. Subscribe to our newsletter © 2021 Insider. All rights reserved. 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                            [body] => Breaking Down Market Segmentation Companies need stronger, faster, and cheaper insights. But how can an insight or marketing team divide their customer base up more precisely to accomplish this task? Cue, market segmentation research. Segmented personas will present your insights team with the strongest data. Behavior-based segmentation, especially, is increasingly popular among researchers. Let's dive into these 5 types of market segmentation strategies your team can use to unlock employee and consumer insights. In this market segmentation guide, you'll learn: 1. What is Market Segmentation? 2. How to Conduct Segmentation Research 3. 5 Types of Market Segmentation & Segmentation Examples Behavioral Segmentation Psychographic Segmentation Demographic Segmentation Geographic Segmentation Firmographic Segmentation 4. Common Mistakes to Avoid 5. Types of Market Segmentation Strategies 7. The State of AI in Market Research (eBook) Market Segmentation Definition. Market segmentation is a marketing technique that involves segmenting a target market into smaller, more defined segments, enabling a business to conduct strong market research into customers. By participating in market segmentation, researchers can reveal consumer experience insights, product development innovation approaches, suggestions for boosting customer loyalty, and more.  The Importance of the Market Segmentation Process. We know that market segmentation allows us to gain an in-depth understanding of our customer base, but what can we do with these insights? Market segmentation offers a wide range of actionable recommendations with projected business outcomes. These outcomes include: Unlocking new competitive advantages . Market segmentation can allow us to unlock competitive advantages by introducing new markets for organizations to explore. Using the insights gained from this method, we can identify untapped and growing markets but have low competition. High-growth and low competition markets allow the organization to expand its customer base and eventually drive product discovery. Improving the product development process. Through the use of market segmentation, organizations can power their product development process. Uncovering new segments and discovering their needs allows product teams to create products that satisfy that particular group’s pain points. In turn, specialized products or services may have little competition – and if niche enough, they may have no competition at all. Creating product guides and recommendations is one of the ways here that will allow dealing with competition issues niche will have. Optimizing campaign performance. Insights gained from market segmentation efforts can help marketing teams market actively by creating tailored messaging that strengthens campaign communications. Most importantly, market segmentation insights allow teams to make more calculated decisions, reducing media spend and improving the campaign’s cost-effectiveness.  How to Conduct Segmentation Research. You can split market segmentation into four distinct stages within a more prominent market research method separate from the segmentation divides themselves. Read: The State of AI on Market Research (Report). 1. Set an objective. What is the purpose of this market segmentation process? Identify customer segmentation models and variables (and those that apply to your specific market), then develop a hypothesis based on those findings. 2. Identify customer segments. Establish a research design, collect data, analyze the results, and develop your segments. This step will validate or disprove your hypothesis in part. 3. Evaluate the target segment. There are several potential customers you can choose from, so you must choose your most viable option and move your product forward from there.  Think of this step as a service to your future customer base. Identify the most specific use case, and your company will be able to offer a more personalized product or service. Think of your company as a resource, not a selling point. You can perform this step in market segmentation in a variety of manners. An online focus group is a fast and efficient way to discover new segments. You can use platforms like Remesh to dig into pre-existing customer segments. 4. Develop market segmentation strategy. Select your target segment and identify the implications of this segment or persona. Make moves based on a target segment, project goals, market viability, and product status. Use powerpoint templates to capture and present your marketing segmentation strategy effectively.  5. Identify launch plan. Identify key stakeholders, ideate and communicate the launch plan internally, then execute the project using your target segments. What Are the Five Types of Market Segmentation? The five types of market segmentation include: Behavioral Segmentation Psychographic Segmentation Demographic Segmentation Geographic Segmentation Firmographic Segmentation Watch: How to Use Behavioral & Narrative Economics (Webinar).  . Behavioral Segmentation: A Customer’s Choices. Behavioral segmentation digs deeper into customers' purchasing habits than demographic segmentation. It’s also one of the most popular customer profile types to be integrated into marketing campaigns. Behavioral segmentation comprises behavior patterns, like customer loyalty or engagement level, specific to customer interactions with a brand or company. Behavioral Segmentation Examples. Benefit(s) sought from product or service Readiness to buy or purchase Usage-based segmentation Common characteristics You can use behavioral segmentation to gain insights into customer experience, allowing for improvements in customer success. Some questions to consider: How engaged are shoppers throughout the customer journey?  What specific trends in timing or occasion do your customers tend to prefer your products?  How much time are your customers spending in the buyer’s process?  How does your business define a "good customer?" Behavioral segmentation is also used for marketers to determine future customer leads and prospects in the market who are more likely to purchase your product. Similar to psychographics, behavioral segments are primarily collected based on a consumer’s digital footprint. New improvements in technology compile metadata from customers to better understand their preferences. Unused data can be sent to customer support or used for marketing messages. Psychographic Segmentation: A Customer’s Lifestyle . Psychographics is a type of customer segmentation that focuses on inner or qualitative traits. Psychographic attributes are the ones that aren’t obvious just by looking at your customer, like demographic segmentation. Instead, psychographics requires deeper analysis. Psychographic Segmentation Examples. Habits Hobbies, activities, or interests Values or opinions Personality or attitude Lifestyle Social status By defining a customer persona this way, you’ll be more equipped to tailor your marketing strategies. And, you’ll appeal to customer tastes.  Defining Brand Personality Traits Through Psychographic Segmentation. You can use psychographic segmentation to develop a “brand personality” or brand personification. In other words, the personality traits that your brand exemplifies. For example, let’s say your insights team discovers your customer base purchases a new type of running shoe every year. Your market research team also knows that people interested in new running shoes value high energy and independence.  Read: The Impact of COVID-19 on Digital Ads (Report). Then, you can use that finding as a feature in your brand style, which could help sell other products related to fitness under those same traits. For example, your commercials might be fast-paced and emphasize the strength of the individual.  There are a few ways to collect demographics, including: 1. Interviewing existing clients. Depending on your relationship with a customer, you can more or less ask them directly about their consumer habits. Some quantitative feedback questions may include: How likely are you to purchase Company X’s sneaker again?  If you like Sneaker X, would you try Hoodie Y from the same company?  If you’re running out of ideas, you might start looking into some unusual places to collect customer feedback. Or, you might begin by investigating potential groups of customers you're not currently interviewing or more broadly into consumer trends. When you ask qualitative questions, you can discover meaningful insights about your customers. These questions may include: What do you enjoy about running?  Can you walk me through your running routine? These questions lead to further insights into a customer’s lifestyle. These questions, especially when asked to larger groups of people, are typically requested by creating a survey. However, online focus groups are becoming increasingly popular customer feedback tools, as well. Read: Online Focus Groups vs Traditional Focus Groups. 2. Observing customer data . This type of psychographic probe is more low-key and becoming increasingly efficient with A.I. advancement. For companies studying consumers, A.I. systems have allowed for a deeper understanding of consumer insights.  Some questions to consider: Where are your consumers on the internet?  How can you use their Instagram or Pinterest clicks to better market your products?  What niche marketing strategies can you tap into? Analyzing your customer’s social media and digital habits will enable you to optimize your product marketing efforts – and probably contribute to your market segmentation strategy, as well. An increasingly popular example of this play method is coming with the rise of voice technology.   Voice search is an essential asset in psychographic segmentation. Customers use devices like Google Home or Amazon’s Alexa to discuss personal preferences, interests, and other potentially sensitive data. Now, consumer data is available for companies to sculpt customer profiles.  With this access to detailed customer information comes some concerns over data privacy and ethical corporate use. Some risks can include: Data exploitation Identity tracking Voice and facial recognition Without consent and transparency, this data could easily make consumers less inclined to share their information with brands, which in turn, makes it harder to generate brand loyalty. If used responsibly, these technologies can create a fully tailored consumer marketplace, speed up efficiency, and increase time to market.  Demographic Segmentation: A Customer’s Profile. Demographics are the breakdown of your customer personas in the market for cursory traits like age or gender. These traits offer basic information on your customers and are often considered one of the more broad segmentation types. Examples of demographic segmentation include age, income, family size, education, or gender. Dive into these segments to cut down on time and resources to understand your target audience. Or tap into potential consumers that you have yet to reach. Demographics are generally less invasive to collect than other segmentation types. Demographic Segmentation Examples. Occupation Marital status Political party status  Race Religion Living status (if your subject is a homeowner or renter) Geographic Segmentation: A Customer’s Home. Geographics are the study of your customer based on their physical location, which can affect more physical interactions in the market. Consumers grouped in similar areas may share similar preferences. That’s why this type of market segmentation is excellent to pair alongside more abstract types, like behavioral. Geographic Segmentation Examples. City State Country Population density Economic status Zip Code Regional climate  However, geographic segmentation can also include geographic regions that aren’t technically defined, such as neighborhoods.  For example, consider a company that is advertising a lawn care service that utilizes a subscription model. The company would likely be more successful in targeting a suburban area where residents need extra yard care. The campaign would be less successful in an urban area, where consumers might be more interested in a food delivery service. Read: How to Write Discussion Guides (eBook). Studying customer geography can also help target search results in your prospect’s region. Firmographic Segmentation: The Customer’s Company. You can use firmographics to describe the attributes of firms or businesses. Firmographics are to firms and investors as demographics are to people. Companies can use this type of segmentation to determine whether or not a smaller firm is apt for an investment. With millions of firms worldwide, businesses can use firmographics to identify prospects based on size, scale, and funding. You can also breakdown firms into sections of: Non-profits Businesses Governmental entities Agencies Small-retail shops Independent contractors Investing in a smaller firm or company always comes with a risk. Therefore, investors have to be precise in segmenting venture opportunities to minimize that risk.  Segmentation variables for firms typically include things related to a smaller company’s potential. For example, before investing in a new application, venture capital firms look for company strengths. These can include things like the vision of the executive team or the product’s target market. Firmographic Segmentation Examples. Performance and annual revenue Average sales cycle Size and employee population Ownership (public, private, government, etc.) Organizational trends  . Read: The Ultimate Guide to Conducting Online Qualitative Research. Common Segmentation Mistakes to Avoid. Once you’ve created segments, keep an eye out for common mistakes that marketers and researchers make.  Making your segments too small or specializedSegments that are too small will be more challenging to organize or inaccurate, and they can distract from your objective. Like sample size, an over-segmented group can yield data that is not statistically or directionally significant. Not allowing your segments to changeStay focused on ROI. If your strategy isn’t working efficiently for your business, it may be time to switch things around.  Ignoring new potential personas   Customer profiles change. Try not to get too attached to your segments, as they will evolve with the market. Types of Marketing Segmentation Strategies . Targeting and Positioning. Targeting and positioning are the next steps in the roadmap following market segmentation. To evaluate the potential commercial value of a segment, use these strategies to assess the following criteria: Market Size. The market share for that segment must be large enough to justify spend.  Segment Differences. What’s different about each segment, and what is the value of those differences? Is one segment distinct from the others? Profit vs. Spend. The segment must provide returns on investment from the initial budget allocated for a campaign or project.  Accessibility of Segment: Is the segment available to your team? If not, how can your brand overcome the barriers to that segment? After settling on a target segment, move on to product positioning, which presents the benefits of your product to the chosen target segment. A simple way to evaluate your best positioning opportunities is to map them out.  Follow these steps to create a simple product positioning map: Define “hot buttons” or customer feedback trends about your product through surveys or focus groups Ask your customers to rate competitor products based on that given feedback criteria Place your product and competitor products on a scatter plot and evaluate the gaps Summing Up Market Segmentation . Whether it’s conducting an interview or writing a survey, the next phase of your research can sometimes be unclear. When collecting massive amounts of market segmentation data, keep the more extraordinary brand or marketing in mind. Rather than relying on one or two sole strategies to characterize your customer segments, combine the efforts of multiple strategies. For researchers, this allows for a complete perspective on target customers. Marketing segmentation allows companies to define and optimize future products and advertise their product to consumers in the future. Don't leave your market segmentation up to a manual process. Optimize your customer insights with AI, using our free guide below. SHARE. Newsletter. Related Blog Posts . Remesh Named #168 in 2021’s Deloitte Fast 500 List. By Team Remesh Deloitte today revealed that Remesh ranked No. 168 on its annual Fast 500 list, one of the most respected rankings of ... 100 Open-Ended Survey Questions for Effective Consumer Research in 2021. By Kevan Chew Because we live in a globalized economy, market trends and customer preferences constantly morph and change over time. ... Research & Equitable Leadership Award Winners Announced (2021). By Team Remesh In its second annual year, we're proud to announce the 2021 Research & Equitable Leadership (REEL) award, honoring ... logo-remesh Created with Sketch. Remesh enables you to discover Truth by engaging and understanding a live-audience in real-time. 6815 Euclid Ave. Cleveland, OH 44103 Twitter Facebook Telephone LinkedIn instagram Home Marketing and Branding Product Employee Experience About Product Innovation Blog Customer Experience Careers Politics Login Login - Legacy Support Support - Legacy Request a Demo Terms of Service Privacy Newsletter. © 2022  |  All rights reserved Newsletter. Sign up to get Remesh updates and sweet content!
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                                    [9] => Identifying and fixing leaks in your LMS marketing strategy
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                            [body] => What is market segmentation? Find out the definition marketing segmentation, how it is applied in a business context, how you can segment a market and gain a perspective of the historical and current iterations of marketing segmentation. Vanessa Rizzi | August 27, 2015 For many years, marketing specialists have segmented their target customers to understand who might buy a service or product. It does sound pretty easy. Yet, sometimes companies have fallen (and continue to fall) into a few pitfalls when thinking about segmentation. One is that they just don’t segment. Two, they confuse segmentation with demographics. And three, many companies forget to ask themselves why they want to segment and what decisions will be made based on the information they receive. In other instances, firms focus on traditional segmentation while failing to consider major shifts in customer behaviour caused by the advance of Information Technology. So, for example, what demographic or geographic segmentation never did was identify what a person may have wanted other than a particular product (say juice). One step at a time, we will explain what market segmentation is, the process of market segmentation and why it is important for your business. What is market segmentation? Market segmentation refers to the classification of prospective consumer groups, in accordance with their needs and requirements and their tendencies to generate a similar response to a particular marketing action. Market segmentation is a useful marketing strategy through which businesses may divide a homogeneous consumer market of a sizable proportion into more defined segments, to be better able to understand the dynamics of their target consumers. Segmenting a market, simply put, is separating a group of customers belonging to the mass market into smaller groups of customers with similar needs and behaviours. In doing so, a company establishes a target for their marketing efforts (i.e., target market) and can, therefore, better customise its services and products to meet the target’s preferences. Consider this example: the beverage market consists of people that are willing to purchase a liquid beverage to satisfy their thirst needs. While it would be simplistic to consider everyone in the world to have a thirst need, in reality, there is not a single commercial product that would satisfy everyone’s desire. Individual needs, tastes, price sensitivity and many other factors lead to differences in the ways people choose what to drink. Such differences and similarities are the key elements that for-profits or non-profits, industrial or consumer businesses should consider when orientating their marketing strategies and segmenting the market. The purpose of segmentation is to learn as much as possible about the consumers and with this information begin to craft highly targeted marketing campaigns. Targeting a particular market does not mean excluding people who do not pertain to the criteria. Rather, learning as much as possible on specific people allows you to craft highly targeted marketing campaigns. This is a much more affordable, effective and efficient way to reach potential clients and generate revenues. Now that we’ve covered what Market segmentation is, let us dive into the three-stage process of segmenting our market: Segment, Target, Position. Why does market segmentation matter? As we mentioned at the beginning of the article, big data and technology have changed how companies approach segmentation. Technology revolves around universally cheap communication. The boundaries of availability for an infinite variety of products and services have expanded, and many products have been converted to a digital format. Technology has also created a ‘two-way flow’ of information between customers and suppliers, enabling an entirely new set of customer behaviours and expectations around how, when and where they can buy and use products, and in what form. This isn’t necessarily bad news, rather over time, customer behaviours will be easier to cater thanks to the use of advanced analytics. So, as the pool of customers’ personalities, needs, behaviours, etc. change over time, it is crucial that companies keep up the pace and consistently correct and revise their segments with new data on real behaviours. You will want information about which benefits and features matter to customers, and data on emerging social, economic and technological trends that may alter purchasing and usage patterns. Effective segmentation need to be dynamic in two ways and need to be redrawn as soon as they lose their relevance. The first way is, they should concentrate on the needs and behaviours which are rapidly evolving, rather than personality traits, which frequently persist through a person’s life. The second way is that segments are being rapidly reshaped by technology, fluctuating economics, and new consumer niches. If a company, business or firm ignores market segmentation and ignores their target customer, there is nothing to sell and nobody to sell to. A good market strategy and thus a proper segmentation can increase your competitiveness, brand recall, customer retention, communications and expand your market. In summary – Target the right segment, and you will walk away with a better company and higher profitability. Advantages of market segmentation. Ultimately, market segmentation adds to a business’ ability to cater to diverse needs of a considerably sized consumer market, where various sections of consumers may have varied needs, interests and perceptions of different products and services. Market segmentation is vital for every business, which is why some entrepreneurs would opt to take up a marketing fundamentals at an educational level. Taking into consideration different conclusions derived through market segmentation, businesses can allocate their resources to develop a marketing mix in coherence with the demands and requirements of their target consumers. Market segmentation has evolved as an essential marketing component and today, it is utilised by businesses operating in different industries to fulfil various purposes and meet diversified marketing requirements. Provides direction. Market segmentation is relied upon as an essential tool by businesses to help them with the identification of consumer segments that consist of their target customers. Hence, market segmentation provides a direction to the businesses for adopting a feasible marketing approach and developing a workable marketing strategy. Value creation. As a result of market segmentation, businesses can develop a better understanding of the dynamics of smaller market segments, comprised of their target consumers, as well as that of a large consumer market as a whole. This helps businesses in making informed decisions with respect to the deliverance of their products or services, to their target consumers. Gaining insight into the perceptions and preferences of their target consumers, they are better able to project their offered goods and services as valuable entities for their consumer bases. Competitive edge. Since market segmentation is considered as a facilitator towards the identification of specified consumer segments and their respective needs and requirements, as elaborated earlier, it helps businesses in offering their goods and services in accordance with the acknowledge consumer demands. Consequently, through market segmentation, businesses are better able to fulfil the needs and requirements of their target consumers and attain a competitive edge over others. Disadvantages of market segmentation. Though market segmentation is one of the most acknowledged tools of marketing in the present times, still there are some shortcomings that entail the concept of market segmentation, and for that very reason, it is subjected to widespread criticism. It is often suggested that market segmentation limits a business’ approach towards the identification of and interaction with target consumers. Hence, many point towards the possibility of businesses missing out on any potential consumers, who may not be a part of the identified consumer segments. Objective approach and generalisation. Moreover, questions and concerns are raised about the viability of quantitative survey and analysis for market segmentation. Since quantitative studies are more objective in nature, it is possible that relying on quantitative data companies and businesses might not be able to gain some information that may relate to abstract concepts of human behaviour. Individuals essentially show diversity in characteristics and behaviour, and at times it may not be reasonable to generalise and subject a finding to a particular group of people. Hence, it is argued that applications of market segmentation do not confer to the principles of diverse dynamics of a particular consumer segment and varying individual behaviour. How to segment a market/markets. The very first step in segmentation consists of identifying variables through demographics (i.e., statistics that describe a population), geographics (i.e., location issues) and financial information. While a few years ago a marketer may have stopped at this stage, nowadays, the straight line that once linked a person’s demography or geography to their buying patterns may look like a crack in the windshield: an indirect path leading to various types of dead ends. How so? Because every experienced marketer knows that different customers buy for different reasons and different customers engage with a product or service in different ways. Marketers should, in fact, use market research techniques tailored to finding out more about their target, for example, their purchase situation. They should investigate what circumstances within the customer’s environment could affect purchases and understand local conditions that could impact buying decisions. Accordingly, segmentation consists of identifying variables through behaviours (i.e., knowledge of, attitude towards, and readiness to use a product.), psychographics (i.e., real people’s lifestyles, attitudes, self-image and aspirations), and culture. Most of these variables necessitate the marketer to analyse the customers in the market through primary research methods, like surveys, customer service, or hiring consultants to undertake research projects. Simply put: you will need data. The advantage of deeper segmentation is likely to be competitive gains over rivalling companies whose segmentation efforts were more superficial. To get access to such information marketers must be aware that they will spend a surprising amount of resources and time to collect data which customers are sometimes not so keen to share (Qualitative research is preferable because it showcases real stories that are the key to convincing stakeholders). Whichever approach you take to gain relevant data and segment your market, segments should be fashioned according to the following six characteristics: Identifiable, substantial, accessible, stable, differentiable and actionable. Identifiable means you should be able to identify and measure customers’ characteristics, like demographics or usage behaviour. Substantial entails a large enough segment to be potentially profitable. Accessible means it should be reached via communication and distribution channels. A stable segment is one which can be strategically marketed over a long period of time. For example, psychographics may not be wise to use globally because people’s lifestyles are dynamic and constantly evolving. Differentiable. The targets in a segment should have similar needs that are clearly different from the needs of people in other segments. Actionable means you have to be able to provide products or services to your segments. To wrap it up: when segmenting your market, make sure you are asking yourself if you have targeted all those potential customers that fit into the segment, whether you understand your target fully, if your target will benefit from your products and services and if they can afford them, and if your idea, product or service is easily accessible. Now all your business needs is marketing objectives and a plan. Target marketing strategy. Next you need to devise a marketing strategy. Given the current state of the economy, devoting time and resources to identify more targeted markets can help you maximise your marketing strategy. This process – knowing when and to whom to market your product or service – can result in much higher rates of return. No one can afford to target everyone. Small businesses can effectively compete with large companies by targeting a niche market. With a clearly defined target audience, it is much easier to determine where and how to market your company. Here are some tips to identifying a good marketing strategy. The first tip is that there isn’t a single strategy to suit all consumer groups, so coming up with tailored strategies for your target markets is crucial. The second tip is to perform a cost-benefit analysis of all available strategies before selecting a particular targeting approach, so you know which best suits your firm. There are four general strategies for choosing your target market/s: (Market Analysis) Undifferentiated or Mass Targeting:. With this strategy, the marketing team views the market as one group using a single marketing strategy. As we mentioned earlier, however, while this approach might have been appealing in the initial days of marketing when Ford introduced his Model-T, a limited number of businesses now view it as a feasible strategy. Concentrated or Niche Targeting:. This approach combines mass and segmentation marketing by focusing on a particular market niche on which marketing efforts are targeted. It is primarily used by small firms which have identified a narrower sub-target of a larger segment that is not served by larger firms. This strategy often allows the former to benefit, as focusing on one segment enables them to compete effectively against larger firms. Differentiated or Multi-Segment Targeting:. This strategy is used by marketers to target multiple markets using a unique marketing strategy for each. Multi-segment targeting mainly offers benefits to large consumer product firms that offer multiple products (e.g., soccer shoes and baseball shoes) within a wider product category (e.g., footwear). Customised or Micro-Marketing. This newest target marketing approach, catalysed by the Internet, is generally used to attract targeted customers with individualised marketing programs. For micro-marketing segmentation to be effective, the marketer must, to some degree, allow customers to “build-their-own” products. As more companies learn to utilise the internet, micro-marketing is expected to flourish. Step 3. Positioning. No matter which marketing strategy is selected, the overall marketing strategy should involve the process of positioning the firm’s outputs in ways that will appeal to targeted customers. Positioning is the process by which you position a market, product or service and communicate the benefits to potential clients with the goal of convincing them to believe such outputs are better than those of the competitors. For instance, if a customer has discovered they have a need for an affordable laptop computer, a company such as Dell may come to mind since their marketing efforts position their products as offering good value at a reasonable cost. When you start coming up with the factors that will communicate your position, they must all tie-in to the positioning approach to maximise its effectiveness. Otherwise, your marketing campaign won’t own the idea in the mind of the targeted customer, and your positioning won’t have the desired effects. To position successfully, you must have a thorough knowledge of the key benefits sought after by the market and thus know what your customer actually wants to buy from you, how your product stands out among those of your competitors, and the reasons your product or service is unique. Once you have a clear view of these strategic aspects, you can begin to develop a positioning strategy for your business plan that will include a description of the target market, how it will be reached, the product that is being bought, who the competitors are, and what your unique selling proposition is. And when you have done your homework regarding segmentation, you will know the benefits wanted by the market and therefore the overall market strategy can be evaluated for each target market more smoothly. A history of market segmentation. Market segmentation finds its roots in the marketing practices of the 1950s. It was identified and incorporated in the marketing endeavours during that era, as its importance was recognised by various business circles. Ever since then, market segmentation has only grown in importance and popularity and today, it is one of the most researched disciplines of marketing. Market segmentation is as important for marketing success in the present times, as it had been at the time of its birth, during the late 1950s, particularly in industrialised nations. Since businesses have come to realise the importance of modifying their products and services in accordance with consumer requirements and preferences, and the need to identify the needs of their specified consumer bases amid the vast heterogeneity of broad consumer markets, markets segmentation has evolved to be recognised as one of the rudimentary principles for the adoption of various marketing approaches. Industrial revolution and development. Perhaps, the need for market segmentation was first felt as a consequence of the diversity of good and products, that was a result of industrial development. It was during the early twentieth century that marketing segmentation gained a prominent position and was formally acknowledged as an essential marketing component, in the wake of increasing efficiency of mass production and diversity of goods and products. Surely, industrial revolution and development had had a significant impact on marketing concepts, and philosophies and marketing strategies became more centred on manufacturing, focusing on the applications that were to minimise production cost, with marginal importance being devoted towards consumer satisfaction. Though, later the with the advancements made with respect to the flexibility of production methods and the diversification of consumer demands, businesses began to shift their focus towards the identification of requirements and demands of particular market segments. Those businesses which focused on meeting the demands of smaller consumer segments were better able to gauge consumer requirements and preferences and resultantly, their marketing approaches rendered fruitful results, providing them with a competitive edge over others. Early developments and theories. It was Chamberlain who first directed attention towards the importance of focusing on consumer needs than business requirements for entrepreneurial success. The subject was further elaborated by Robinson in his ‘Economic Theory of Imperfect Competition’. These theories and speculations were what prompted Smith to highlight the importance of market segmentation and discuss the heterogeneity of consumer demand, in 1956. It was much later in 1974, that Wind and Cardozo presented a more structured definition of consumer segments, in the article ‘Industrial Market Segmentation’. They defined consumer segment as a sub-group of consumers sharing similar requirements and showing tendencies to respond in a similar manner to a market stimuli. Since then, various experts have highlighted the importance of market segmentation as an effective way to deliver products and services, according to the needs and requirements of the target consumers. Role of market segmentation in the present era. Today, market segmentation is widely practised as a part of effective marketing endeavours. Modern marketing theories and practices include market segmentation as an elementary and essential component. Elementary marketing tool. Over time, market segmentation has been recognised as one of the most effective tools for ensuring marketing success. Presently, various companies and businesses rely on market segmentation to exploit diverse marketing opportunities to the most of their advantage and make optimum use of all the resources available to them. Moreover, the modern description of market segmentation also explains it as a fundamental tool that is required for coping up with the intense and increasing market competition. Businesses rely on market segmentation to gain valuable data and input about consumer needs, requirements, preferences and behaviours and hence their confidence in their ability to adequately cope up with the growing competition which has increased manifolds. Market penetration. Today market segmentation is considered as an effective tool by businesses to enhance their interaction with the target consumer and focus on the allocation of their resources to increase their marketing efficiencies concerning particularly identified smaller consumer segments. Market segmentation is now acknowledged as a vital factor that paves the way for market penetration. As it allows businesses to identify the consumer pulse and helps them in developing a profound understanding of their consumers’ needs it serves as an essential factor that leads to market penetration. Related topics. Tags: Market segmentationMarketing strategyResearch methods Related Posts. Digital marketing Identifying and fixing leaks in your LMS marketing strategy . Developing a learning management system (LMS) is a potentially lucrative business idea and opportunity. However, just like most other business ... Published by Editorial team 27th March 2021 Digital marketing 5 marketing mistakes that are holding your campaigns back . The truth of the matter is that the best marketers in the world make massive amounts of money because they ... Published by Editorial team 27th July 2021 Marketing strategy How to create SMART marketing objectives (and get results…) . Some marketers have become kings of generic marketing goal-setting. Hiding behind buzzwords has replaced planning and actionable steps, leading to ... Published by Dino Ibisbegovic 27th July 2021 About. Advertise with us Privacy policy Terms of use Contact us Topics. Finance Insurance Technology Marketing Human resources Legal eCommerce Leadership Procurement Luxury Start a business Advertise with us Contact us Cookie list Home Alpha Join the Entrepreneur Handbook community Notifications error Privacy & cookie policy Terms and conditions of use Thanks for subscribing! Copyright © 2013 - 2022 Entrepreneur Handbook Ltd. All rights reserved. Registered offices at 20-22 Wenlock Road, London, N1 7GU, United Kingdom. Finance Insurance Technology Marketing Human resources Legal eCommerce Leadership Procurement Luxury Start a business Advertise with us Privacy policy Terms of use Contact us Copyright © 2013 - 2022 Entrepreneur Handbook Ltd. All rights reserved. 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                            [body] => 4 Types of Market Segmentation With Examples Using different types of market segmentation allows you to target customers based on unique characteristics, create more effective marketing campaigns, and find opportunities in your market. See how you can leverage market segmentation by learning: What market segmentation is Why market segmentation is important The four types of market segmentation How to create a market segmentation strategy What Is Market Segmentation? Market segmentation is the process of dividing a target market into smaller, more defined categories. It segments customers and audiences into groups that share similar characteristics such as demographics, interests, needs, or location. Eight Benefits of Market Segmentation. The importance of market segmentation is that it makes it easier to focus marketing efforts and resources on reaching the most valuable audiences and achieving business goals. Market segmentation allows you to get to know your customers, identify what is needed in your market segment, and determine how you can best meet those needs with your product or service. This helps you design and execute better marketing strategies from top to bottom. Market segmentation helps you get to know your customers, identify what's needed in your market segment, and determine how you can best meet those needs with your product or service. Click To Tweet 1. Create stronger marketing messages. When you know whom you’re talking to, you can develop stronger marketing messages. You can avoid generic, vague language that speaks to a broad audience. Instead, you can use direct messaging that speaks to the needs, wants, and unique characteristics of your target audience. 2. Identify the most effective marketing tactics. With dozens of marketing tactics available, it can be difficult to know what will attract your ideal audience. Using different types of market segmentation guides you toward the marketing strategies that will work best. When you know the audience you are targeting, you can determine the best solutions and methods for reaching them. 3. Design hyper-targeted ads. On digital ad services, you can target audiences by their age, location, purchasing habits, interests, and more. When you use market segmentation to define your audience, you know these detailed characteristics and can use them to create more effective, targeted digital ad campaigns. 4. Attract (and convert) quality leads. When your marketing messages are clear, direct, and targeted they attract the right people. You draw in ideal prospects and are more likely to convert potential customers into buyers. When your marketing messages are clear, direct, and targeted they attract the right people. Click To Tweet 5. Differentiate your brand from competitors. Being more specific about your value propositions and messaging also allows you to stand out from competitors. Instead of blending in with other brands, you can differentiate your brand by focusing on specific customer needs and characteristics. 6. Build deeper customer affinity. When you know what your customers want and need, you can deliver and communicate offerings that uniquely serve and resonate with them Click & Tweet! . This distinct value and messaging leads to stronger bonds between brands and customers and creates lasting brand affinity. 7. Identify niche market opportunities. Niche marketing is the process of identifying segments of industries and verticals that have a large audience that can be served in new ways. When you segment your target market, you can find underserved niche markets that you can develop new products and services for. 8. Stay focused. Targeting in marketing keeps your messaging and marketing objectives on track. It helps you identify new marketing opportunities and avoid distractions that will lead you away from your target market. The Four Types of Market Segmentation. The four bases of market segmentation are: Demographic segmentation Psychographic segmentation Behavioral segmentation Geographic segmentation Within each of these types of market segmentation, multiple sub-categories further classify audiences and customers. Demographic Segmentation. Demographic segmentation is one of the most popular and commonly used types of market segmentation. It refers to statistical data about a group of people. Demographic Market Segmentation Examples  Age Gender Income Location Family Situation Annual Income Education Ethnicity Where the above examples are helpful for segmenting B2C audiences, a business might use the following to classify a B2B audience: Company size Industry Job function Because demographic information is statistical and factual, it is usually relatively easy to uncover using various sites for market research. A simple example of B2C demographic segmentation could be a vehicle manufacturer that sells a luxury car brand (ex. Maserati). 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. 500+ employees) who have the ability to make purchase decisions for their teams. Psychographic Segmentation. Psychographic segmentation categorizes audiences and customers by factors that relate to their personalities and characteristics. Psychographic Market Segmentation Examples  Personality traits Values Attitudes Interests Lifestyles Psychological influences Subconscious and conscious beliefs Motivations Priorities 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 Behavioral Segmentation. While demographic and psychographic segmentation focus on who a customer is, behavioral segmentation focuses on how the customer acts. Behavioral Market Segmentation Examples  Purchasing habits Spending habits User status Brand interactions Behavioral segmentation requires you to know about your customer’s actions. 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. Geographic segmentation is the simplest type of market segmentation. It categorizes customers based on geographic borders. Geographic Market Segmentation Examples    ZIP code City Country Radius around a certain location Climate Urban or rural 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). An example of geographic segmentation may be the luxury car company choosing to target customers who live in warm climates where vehicles don’t need to be equipped for snowy weather. The marketing platform might focus their marketing efforts around urban, city centers where their target customer is likely to work. How to Create a Market Segmentation Strategy. Now, you know what market segmentation is, why it’s important, and the four types of market segmentation. It’s time to put this information into practice. Use the following market segmentation process to learn about your audience and find new marketing and product opportunities. 1. Analyze your existing customers. 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. Interview your customers. 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. Interview your sales team. 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. Refer to your business data. 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. Use your website analytics. 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. For example, you can learn about customer behavior by seeing what pages users visit, how long they stay on the site, and what referral sites led them to your site. Research audience geography. Get details for graphic segmentation and find out where your audience lives using Alexa’s Site Overview tool. Enter your site URL, and the report shows you where your website visitors are located across the world. Research audience interests. Knowing your audience’s interests can help you identify psychographic segments within your customer base. Use Alexa’s Audience Interest tool to find topics and categories that your audience cares about. Enter your site URL to produce a report of categories that your audience is interested in. Learn more about your audience by seeing what other websites they use. Enter the URL of your website in Alexa’s Audience Overlap tool to create a cluster map with dozens of other sites that your audience regularly visits. See what your customers search for. Knowing what your customers search for is a great way to get inside their minds and see what they want and need Click & Tweet! . To see what terms your audience searches for, use Alexa’s Audience Overlap tool and Competitor Keyword Matrix tool. Start by using the Audience Overlap tool to create a list of sites that your audience visits. Then, toggle to the list view, select up to 10 sites, and run the sites through Alexa’s Competitor Keyword Matrix. The tool produces a report of the top keywords driving traffic to the listed sites. Use this data to identify the topics and themes that matter most to your target market. 2. Create a buyer persona for your ideal customer. Once you complete an audience analysis, you’ll have a good idea about who your current customers are. In the next step, take your data and use it to create a buyer persona that describes the exact type of customer you’d like to attract. A buyer persona is a semi-fictional description of your ideal customer. It allows you to clearly visualize the person that your brand is trying to attract. Knowing whom you want to work with will make it easier to find the right market segment opportunities. If you need help with creating a persona, use this free downloadable buyer persona template to walk you through the process. Related Reading: Here Are 10 Buyer Persona Examples to Help You Create Your Own 3. Identify market segment opportunities. Once you have a buyer persona that describes your ideal customer, start looking for market segment opportunities. A market segment opportunity is a trend that can drive new marketing tactics or offerings. To find them, first ask questions about your brand. What problems does your brand solve? What problems can you solve better than your competitors? What do you know a lot about or excel at? Who do you and your team like to serve? Then, refer back to your audience analysis and buyer persona and ask questions that uncover opportunities. What large segments stick out? What customer characteristics or qualities are most common? What segments are currently not being served? What segments is your brand uniquely qualified to serve? Identify a few potential market segment opportunities, and then research to confirm that they are viable. 4. Research your potential segment. Before you launch a marketing campaign for a new segment of your market, verify that it is a good option. Research to see what competition exists and if audiences are interested in your new market. Gauge search interest. Perform keyword research to make sure audiences are searching for terms related to your new market segment. Enter search phrases into Alexa’s Keyword Difficulty tool to measure audience interest and competition. Look for phrases that are popular with low competition to find a sweet spot. Research the competition. If there is interest in your market, research to see what competition is already in the space. Use Alexa’s Keyword Share of Voice tool to find brands already in the market. Enter a search phrase to create a report with brands that own the top share-of-voice for the phrase. Share of voice represents the amount of traffic that a website receives for a specific keyword. It helps you identify brands already in the market, so you can see if you can compete with them and how you can differentiate your brand from their existing offerings. 5. Test and iterate. Once you find a new market you want to explore, don’t go all in just yet. Create a few campaigns to test your idea. Try new markets and track your results to see where you can find a sweet spot that resonates with audiences. Small market tweaks can lead to big results, so continue to go through this process, test, and iterate based on what you learn. Market segmentation helps your brand get clear about your audience and goals. Click To Tweet Use Market Segmentation to Build Better Marketing Campaigns. Market segmentation helps your brand get clear about your audience and goals. You can get to know your audience, see how to better serve and reach them, and find new markets to grow into. Related Posts . 5 Ways to Strengthen the Retail Customer Journey for Your E-commerce Business . September 13th, 2021 | 0 Comments Why Inbound Content Marketing Needs More Conversations . July 12th, 2021 | 0 Comments 6 Customer Journey Touchpoints to Help Build an Optimal User Experience . May 24th, 2021 | 0 Comments Competitive Intelligence 4 Types of Market Segmentation With Examples . All The Content Calendar Template That Saves Time for … All 8 Common Duplicate Content Issues and How to Fix T… Go to Top
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