Do you have a business? Do you want to start a new venture? Before starting to plan your Marketing and sales strategies, you should know some aspects that will determine the success of your business or “try to sell to everyone” and die trying. Learn all about MARKET SEGMENTATION FOR YOUR BUSINESS in a new article from Xavier Sánchez’s Blog.
Starting at the very beginning, we know that consumers want personalized content. According to a study, 74% of customers feel frustrated when the content of the website they visit is not personalized. In addition, 59% report that this is a determining factor when making or not making a purchase on the site.
Today, consumers have high expectations placed on the brands we consume. Among them we could mention: a trusted service, a brand purpose that is aligned with their values, and experiences that allow them to act as co-creators, instead of mere recipients of someone else’s vision.
In the current environment, those expectations have increased. The companies that are successful are those that act with a clear and defined purpose and target their ideal audience (we will talk about this concept later).
Today’s market is too broad and is made up of customers of different ages and needs. Market segmentation divides the market into groups with similar characteristics and needs in order to offer a differentiated offer adapted to each of the target groups. This action allows you to optimize resources and effectively use the Marketing strategies that your business has adopted.
There are different variables to segment the market, depending on each company a different combination will be used. Market segmentation variables are grouped into geographic, demographic, psychographic, and behavioral variables.
If after asking ourselves the question: Who do you want to sell to? the answer is to everyone, it is most likely that in the long term we will end up not selling to anyone.
Considering the market as a unit and trying to satisfy all its members with the same product offer is very ineffective.
What is market segmentation?
Market segmentation is a method by which potential customers can be divided into different groups, which allow companies to send personalized messages to the correct audiences. By using these types of techniques, marketing campaigns are more effective because they impact the right people with content tailored to each one of them.
Market segmentation is a Marketing process through which a company divides a large market into smaller groups for members with similarities or certain characteristics in common to carry out their actions and strategies.
Once the target audience has been divided, it will be easier to prepare a list with effective “Marketing” activities for each group in question. In this way, effort and work are focused, managing to reduce the cost, compared to a campaign focused on a larger and more heterogeneous audience. In addition to making conversion more difficult, you will have to work much harder to reach a sales amount.
In the segmentation of markets we must take into account the alternatives for choosing markets: needs to be covered, how to attend to them, clients to whom we are addressing, distribution channels, geographical areas and a way of quantifying the above variables to achieve the best results. .
Market segmentation also allows your company to deploy resources more efficiently and create messages that resonate with particular segments. These methods more adapted to the era in which we live have come to completely eclipse the old methods of hyper generalized and dispersion marketing. Strategies designed particularly for companies with a large customer base.
