How Is Market Segmentation A Key To Achieve Business Goals
What is Market Segmentation
Promotion is an integral part of online marketing. Without it, any business would find it difficult to survive in the long course. Though promotion has now become easier via online means. But still, you need certain strategies to engage your users in a better way. Every customer is different from each other. Also, what differentiates them is behavior, personality traits, and other factors. Here, comes the crucial concept of market segmentation to simplify marketing threads.
Market segmentation refers to grouping customers into groups on the basis of age, income, behavior and personality traits.
Segmenting, in turn, helps in optimizing your products to a specific group based on their needs, interests, psychological or behavioral criteria. Also, it helps in promoting your products effectively.
Increase response rates on social media through Market Segmentation
It becomes easy to promote your products and communicate with your audience. Once you divide the audience and know what actually a group demands. You can target your audience through effective marketing strategies. Once you understand the market segments. You can use its broader aspects in targeting your products. Also, you can create effective marketing communications on social media platforms using market segmentation. It includes low acquisition costs and great response rates.
Basics of Market Segmentation
Before you begin with the promotion of your products, you must know the various ways in which you can segment your market :
First of all, let’s have a look at the categories of segmentation :
- Demographic: Classify customers on the basis of their individual attributes. i.e. gender, education, and income. If you are running a smaller business or have just started a project. You can binge on the following basis of segmentation.
- Firmographic: Classify customers on the basis of organizational attributes. i.e. Industry location, no. of employees and revenues. If you have started a new project or a new business. You can segment customers on the basis of firmographic factors.
- Psychographic: Segment customers on the basis of the interests, values, and aspirations. i.e. their lifestyle attributes, their personality traits, and their perspectives.
- Behavioural: Classify customers on the basis of their behavioral traits such as product usage and technology laggards. (They are the customers who are not willing to purchase a new product and are not prone to any change ). Arrange them on the rates of their product utility and their purchasing decision.
How can you use segmentation with NotifyVisitors :
Let’s have a look at the key factors, on the basis of which you can create a segment with NotifyVisitors :
1. User segmentation
Create a user segment on the basis of their education, profession, income, and rank.
2. Geographical segmentation
Categorize your users and create segments on the basis of geographical factors such as city & country with latitude and longitude range.
3. Event segmentation
Group your users on the basis of the events they perform.
Forex- Segregate group of users who only signed up but did not buy the product.
4. Technology segmentation
Form groups on the basis of device type and browser type, which users are using.
Marketers can serve its customers well through the proficient tool i.e. Market Segmentation. They can pool up similar customers on the basis of certain factors. Thus they can target audience and personalize their campaigns effectively.