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Market Segmentation Strategies: Which One Should You Follow To Be Successful

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Market Segmentation Strategies: Which One Should You Follow To Be Successful

If you want to embark on a new business adventure or are thinking of launching a new product on the market, it is very important to be clear about the audience you are going to address.This step, which seems very basic and is essential to create a good marketing plan and start any Singapore Phone Number List , is usually one of the most complicated due to the great diversity of sectors, regions, people and interests. That is why there are segmentation strategies.Do you want to know more about them? Discover them in this post!s
What is market segmentation?
Key criteria for market segmentation
Objectives of market segmentation
Advantages of segmentation
What are the market segmentation strategies?
The 5 steps to creating market segmentation strategies
How to make sure the strategy is effective
Example of market segmentation with Google
What is market segmentation?
Before talking about segmentation strategies, we must be clear about what market segmentation is: it is about dividing and organizing potential consumers into groups or segments, taking into account a series of characteristics, needs, attitudes and behaviors that are relevant to them. common .

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Thus, each segment is defined based on a series of criteria and approaches that help us classify these potential consumers and, at the same time, group specific information that will help us make better decisions in our marketing, distribution and marketing strategies. product positioning.Market segmentation has many applications and is not only connected with the launch of a new product but also with more specific marketing strategies such as digital advertising. For example, in Betting Email List or Google ads we must segment to get the ads to reach the right audience.Thanks to market segmentation, we can reach our audience and not a series of people who we know will not be interested in the products and / or services we advertise.Do you like what you are reading? Subscribe to the blog!EMAIL *your email
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Key criteria for market segmentation
There are many ways to carry out market segmentation or audience segmentation, in order to divide users into groups in large categories by location, age, educational level, tastes, interests …So, what characteristics can we take into account when carrying out market segmentation? These are the best known and most used:Geographic : the geographic criterion when segmenting has to do with selecting the country, region or city to which we want to go. Similarly, the segments starting from the geographic category can also have the same language or the same climate in common.
Demographic : if we know well what the profile of our audience is, this criterion may be the easiest to use when defining our segment. In this aspect we will have to consider age, gender, nationality, marital status, level of studies, job or profession in which they work, family, religious beliefs, race or ethnicity, purchasing power … This criterion can be so broad that it can complicate segmentation, but it is undoubtedly one of the most widely used methods in marketing to classify customers.
Business : based on the attributes of the company such as industry, company size, location, employees … In this way, we will be able to define much more the sector in which the company will enter to position itself and, for this, we will have to know who are the competitors and what products they offer to the market.
Behavioral : taking into account behavioral or behavioral criteria, we can reach, for example, users who have shown greater loyalty to the brand. It is so important that we will have to analyze the behavior patterns that are repeated the most, evaluate what are the buying habits, the moment, frequency and level of use, as well as the aspects related to the benefits sought by users, the stage in which that is each user, the attitude towards the product or brand … Everything related to decision making and purchase.
Psychographic : in relation to lifestyle and, probably, the most complex common characteristics of our segments, is psychography. To classify the audience by this criterion we have to consider aspects such as personality, lifestyle, values ​​or beliefs in common, interests, as well as concerns or opinions. The best way to know the psychographic characteristics that define our potential client is through interviews, from which we can obtain more complete information.
characteristic segmentation strategiesFor example, imagine that we are an NGO that runs solidarity projects in Spain, focused on promoting gender equality. In this case, if we launched a campaign in Google Ads with the aim of getting more partners, we could use the options offered by the platform to segment our audience with:

Demographic data s: middle-aged Spanish woman, with compulsory studies and even university and upper-middle class.
Purchase intention : you have visited other NGO websites, have donated other times.
Keywords : you have searched for information on gender equality.
segmentation strategies google ads

As you can see, although some of these options have a different name, all these properties are related to the types of market segmentation that we have seen before. Keep in mind that we will be able to know many of these characteristics when, after being clear about the segment, we have identified the pains of our target audience to create buyer persona or ideal client archetypes.

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Objectives of market segmentation
If you have read this far, you will have already imagined what the main objective is: to direct marketing actions to an audience interested in our product or service, and with some common variables to offer a personalized message . And what does that mean? Make our campaigns more effective.

Going back to the example of the Google Ads campaign to get more partners: if the ad that we have prepared appeared to everyone, the cost of obtaining a new partner would be much higher.

Advantages of segmentation
Speaking of the objective, we have already found an advantage: to be more effective with the time, money and other resources invested by targeting a group of clients with similar characteristics instead of doing it individually. Other advantages are:

Reduce costs : by being more efficient, you can save resources. Remember the example of the Google Ads ad.
You can easily prioritize which group of potential clients you want to target and create strategies with this in mind.
You will be able to identify new opportunities . If you keep analyzing the behavior of the members of your segments, you will surely end up identifying patterns that will allow you to get ahead of your competitors.
Your audience will see the product or service with better eyes, since you can adapt it to their needs . They will not see it as something strange.
Build loyalty with existing customers . You will get to know better those who have already bought your product and you will be able to maintain their level of satisfaction and even offer them an up-selling.
Related to all of the above, you can carry out more personalized marketing strategies . Continuing with the example of the NGO, imagine that you have identified that your target audience is a running fan. You will be able to focus actions related to this hobby and personalize the message by giving it a wink.
What are the market segmentation strategies?
As you can see, market segments are used to direct our business strategies to a specific group of people , who we know can be more successful based on a previous market study or a predictable demand.

Thus, a company can produce a product line to satisfy the needs of a specific segment of the population, for example, for women between 18 and 35 years old, and another product line aimed at women between 35 and 55 years old. Depending on the information from which we start, the use that we are going to give to such segmentation, the resources we have, the type of products or services we offer and what our commercial interests are at all times, we must develop a type of strategies or others.

We explain the different types of market segmentation strategies that you can apply in your company.

 

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