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MARKET SEGMENTATION: WHAT IS IT, TYPES AND STRATEGIES

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MARKET SEGMENTATION: WHAT IS IT, TYPES AND STRATEGIES

What we seek when segmenting markets is to identify groups that have a common need. In this way, it will be much easier for us to develop a marketing strategy that adapts to the particularities of this segment and we will be much more effective.

 

What characteristics should a market segment have?
To be useful for us Brazil Email Lists when developing our marketing strategy, market segments must meet a number of characteristics:

Be measurable. In order to know how many people we are targeting, we have to be able to measure the size of each segment. The segmentation tools in advertising platforms such as Facebook Ads facilitate this work by providing us with an approximate size of the audiences based on different filters. We should also be able to analyze the main characteristics of the market segment, such as its purchasing .

Have a suitable size. Market segments have to be large enough to be profitable; the minimum size will vary based on how large our own business is. On the other hand, they should not be excessively large, as that would distort them.

Be accessible. We have to be able to reach the market segment that we have identified and communicate with it using available resources.

 

Advantages of market segmentation
Market segmentation allows us to know the needs of a specific audience in order to be able to offer them the products that best suit their situation, which results in a much better fit between the brand and the market.

It reduces costs , since we are not wasting resources in targeting an audience whose characteristics do not fit with our brand.

It helps us identify new opportunities . If we do a good analysis of the segment we are targeting, we can identify patterns that will allow us to get ahead of other brands.

Increase loyalty and sales . Of course, if we adjust the product offer, the price and the messages to the specific needs of our audience, it will respond much better, we will have more sales conversions and it will be easier for us to retain those customers in the long term.

But the country (or even the province or city) is not the only geographical aspect to consider. We can also take into account aspects such as whether our market segment lives in a coastal or inland area, in the city or in rural areas, the climate …

This is one of the most complex types of market segmentation, as it takes into account characteristics such as the personality, lifestyle, values, interests, and concerns of the people who make up the market segment.

Behavioral targeting
In digital marketing we have a large amount of data on the actions that users take around our brand, which allows us to carry out a behavioral segmentation.

All kinds of elements related to decision-making and purchase come into play here, for example, if a user has visited our website, if they have bought complementary products, if they usually visit pages related to certain topics … good market segmentation by behavior, it is necessary to collect and analyze all this data to identify the most relevant patterns and trends for the brand.

 

Segmentation by companies
This type of market segmentation is very important for brands in the B2B sector. Attributes of the company that users work for, such as industry, size, location, or number of employees are taken into account here.

 

Keyword targeting
Finally, when we carry out a market segmentation focused on the digital positioning of the brand, we must also take into account the keywords that our audience has searched for . This puts us on the track of the topics that interest you most and your possible purchase intention.

 

Market segmentation strategies
To put all of this into practice, we must choose and implement a market segmentation strategy. We are going to see what the main options are depending on the characteristics of your company and your products.

 

Undifferentiated segmentation strategy
The undifferentiated segmentation strategy is what is commonly known as ” mass marketing ” as it seeks to target the majority of the market. We could say that this strategy is non-segmentation.

Targeting too broad an audience makes campaigns less effective and can waste time and resources, but it may be the right choice for large companies selling generic products. Still, each product range within the company is most likely targeting a more specific market.

 

Differentiated segmentation strategy
Differentiated segmentation or segment marketing itself is halfway between mass marketing and personalized marketing. In this case, we seek to identify more or less broad segments of the market with certain common characteristics and adapt our marketing to each of them.

Market segmentation into niches goes one step further, as it seeks to identify ” micro- segments ” whose needs are not being met.

Typically, a niche is a smaller within a market segment, displaying a number of unique characteristics that make it meaningful to target it independently.

The amount of data on the users that we handle and the marketing automation tools mean that we can increasingly fine-tune our campaigns and it makes more sense to target niches. In fact, we can see certain marketing trends that are going in that direction, such as the shift from macro (in which the important thing was to reach large audience figures) to micro (who specialize in a specific niche and have high levels). interaction and loyalty).

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