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The importance of customer feedback
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What is Market Segmentation?
The basic definition of market segmentation is when your target audience is divided into smaller categories that share similar characteristics.
Here are a few reasons why this can benefit your brand:
- Creating hyper-targeted ads
- Building stronger relationships with customers
- Differentiating your brand from competitors
- Identifying marketing tactics that have more impact.
With market segmentation, you will gain greater insight into consumer behaviors.
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Market Segmentation: Key Criteria
You can and should define your own customer segmentation, but the key textbook examples are:
- Geographic: country/city, urban/rural etc.
- Demographic: age, religion, gender, income, socio-economic type, education, family size/status
- Psychographic: lifestyle, interests, hobbies, opinions, influencers
- Behavioral: buyer journey stage, brand loyalty traits, price sensitivity, purchasing style, usage rate
- Media: social media/TV/newspapers/search engine preferences
- Benefit: customer service, quality, and other specific expectations.
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Putting Market Segmentation into Action
The key point of market segmentation is to further use it to develop your targeting and positioning. These are the foundations of the STP (Segmentation, Targeting, Positioning) Model:
- Targeting: based on various customer segments, you can assess which one can potentially respond better to your offering, thereby bringing more profit and/or staying longer with your brand.
- Positioning: by considering your selected primary market segments, you can define how to go about placing your product in front of each segment and will be able to narrow down your key value proposition.
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