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:
With market segmentation, you will gain greater insight into consumer behaviors.
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You can and should define your own customer segmentation, but the key textbook examples are:
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:
You need to adapt your marketing strategy to complement the way today's consumers research, shop, & buy to sell your service. To do that, you must have a deep understanding of who your buyers are, your specific market, and what influences the purchase decisions and behavior of your target audience members.
Market research is the process of gathering information about your business's buyers personas, target audience, and customers to determine how viable and successful your product or service would be, and/or is, among these people.
Customer-centric marketing is an approach to marketing that prioritizes the wants and needs of the customer over any other factor in regards to their interests.
Although their goal is to grow their business, customer-centric marketing shows us that they will be able to grow while at the same time ensure that their product or service can improve some aspect of the customers' work or life.
An inconclusive test might mean the numbers are less than a percent off, or neither variation got any traffic at all. When your tests don’t have enough data or if the numbers are too close, they are considered inconclusive or statistically insignificant.
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