Get to know in depth market segmentation for business success

      Comments Off on Get to know in depth market segmentation for business success

Get to know in depth market segmentation for business success

Get to know in depth market segmentation for business success 1

Businesses that are successful, they are able to target market targets optimally. So, business people can be analogous as an archery athlete. Which the archery athlete knows the size of the power to be able to aim for the desired target. Therefore, in the business there needs to be market segmentation that is in accordance with the target.

A businessman must know for sure what market segmentation is targeted for the product. Because, not all products can be used by all kinds of circles. So, business will become no focus and not reach the main target. The resources that have been owned will be in vain.

The most important thing to determine market segmentation is to do research. So, it will affect the marketing process that is more smooth. That way, product sales can increase.

Get to know market segmentation

Before knowing further market segmentation in depth, of course you must first understand the definition. So, there is no understanding of understanding more in-depth.

Market segmentation itself is an activity dividing the market in groups of buyers based on the needs of buyers, characteristics, and different behaviors that need different marketing products and mixes. Another understanding is the process of identifying and analyzing buyers on the product market. And analyze differences in buyers on the market.

Market Segmentation Factors

There are several things that need to be considered when a businessman wants to set a market so much. Below is the basis that can be used:

Geography variables

Market segmentation can be affected by the geographical conditions of the buyers. This variable covers the area, city size, regional size, and climate density.

Demographic variables

Demographic conditions are about population of an area. So, this factor also affects the consumer segmentation of the product you sell. Demographic variables include age, life cycle, family, education, income, and so on.

Psychological variables

Psychological or psychiatric from the buyer also provides a considerable role towards the determination of the segment of your customers. Some of the things related to psychological variables include social, lifestyle, and personality classes.

Effective Market Segmentation Characteristics

To determine market segmentation, it is very important to understand the benchmarks and effectiveness first. Characteristics of effective market segmentation include:

  • Measurable which is determining the segment must be measured at a certain level. All results from data analysis need to be proven using measurable data accurately.
  • Affordable (accelsible) The effective segmentation will remove the wall between products with consumers. Clearly, the product is easy to reach consumers.
  • Influential (substantial) means, market segmentation will affect business by providing profits and has an effect on process changes.
  • Can be distinguished (differentiable) means, market segmentation that each element can be clearly distinguished.
  • Realistic (Actionable) where effective segmentation is able to realize the business plan you apply.

Market segmentation type

Before starting to market the product, you also need to pay attention to the type of market segmentation today. These types include:

See also  Performance management: understanding, cycle, and how to maximize it

1. Location segmentation

This type is indeed most widely used. For example, if the main target is Indonesia, the company will build a factory with a location in Indonesia, so it will be closer to consumers.

2. Segmentation of time

This business segmentation is based on certain times. Suppose photographic services are sold when the graduation season.

3. Price segmentation

With the type of price segmentation, you will be easy to consider the economic power of consumers. If market segmentation is wider, you can make products at low, medium and high prices. So, all circles are able to economically buy it.

4. Demographic segmentation

Age, gender, or income will affect market segmentation. Because, there are products that are only suitable for men. There are also products that are suitable for adults only.

5. Psychographic segmentation

It is a segmentation based on consumer behavior in response to product stimulation and trends. This data is quite difficult to group because it has a large anomaly. Data analysis is also more descriptive.

6. Social-cultural segmentation

This type of segmentation pays more social and cultural variables of consumers. Data that can be analyzed in the form of social class, community norms, and so on.

Stage in determining market segmentation

If you have understood the understanding, factor, and also the type of market segmentation, then precepts began to do stage after stages that will be explained below:

1. Determine the target market

To determine the target market, of course it needs to be tailored to the business needs that are run. The trick, by paying attention to three things that include:

  • First, the New Consumer is to determine segmentation based on new businesses so it needs to find new consumers.
  • Two, focused consumer carried out in order to find existing consumers to support sustainable business.
  • Third, supported consumer related to the needs of Supporting Product.

You can refer to the factors and types of segmentation that have been discussed in previous reviews.

2. Knowing consumer problems and needs

Next, find out all the needs of prospective customers. After that, you can adjust to the product. Information can be obtained by asking directly to prospective consumers or you can also do product tests.

If consumer problems have been obtained, classify based on the needs, desires, and problems of consumers. Its function, as a reference to create a business strategy road map and for product evaluation.

3. Knowing the behavior of consumers

Observe and analyze the behavior of consumers. Pay attention to consumers in using Procedures and circumstances before and after using the product. In addition, also consider the trend pattern related to the product.

4. Process and analyze data

After consumer data you have observed, then you can start you. At this stage, product opportunities can be known and can be sold on each segmentation that has been done. Data analysis has a function as a reference to determine the strategy of developing products and marketing strategies.

See also  Business Concepts - Definitions and 5 ways to design it for beginners

5. Determine marketing strategies

Each segment has a different marketing strategy. Especially if the target market is also different. For this reason, adjust the target with its strategy. Apply the type of marketing strategy that matches market segmentation.

For example, if you refer to demographic segmentation, then what tools are in accordance with the conditions of female sex consumers?

6. Evaluation of market response

If the market strategy has been running. Even, it has produced sales. You need to know about consumer responses about the shortage of products owned. After that, hope you record all input from consumers and start fixing it.

Conclusion

Now you have known market segmentation better. Broadly speaking, the stages determine the market segmentation there are three namely data collection which includes the survey process, discussion, and so on. So, variables on each type of segmentation can be known. After that, there is an analysis where data is processed and analyzed. Third, the preparation is to group the results of the analysis so that it can be filtered where the product is in accordance with the market.

Thus reviews about market segmentation, factors, characteristics, types and stages. By paying attention to this thing, the purpose of your business will be easier to achieve.

In order for Your business is growing and increase the number of customers you don’t forget to advertise through the service Froggy Ads, You can start to advertise Your products, so that later You can increase the visitors on the portal of Your online business. Froggy Ads is an online advertising service that can help You control all campaign Your product.

These are our different traffic types you can buy:

  • Push Ads – 11 billion impressions daily (Minimum CPC $0.003)
  • Native Ads – 2 billion impressions daily (Minimum CPM $0.10)
  • Display Ads – 5 billion impressions daily (Minimum CPM $0.10)
  • Pop Traffic – 750 million impressions daily (Minimum CPV $0.0001)

We use Adscore to exclude bots and low-quality traffic.

Our advertisers getting an average of 74.000 conversions every day from our traffic.

Why Choose Froggy Ads?

Live support 24/7, Dedicated ads experts help to launch, run, and optimize ads according to your KPI, Transparent ad platform, Track your ads’ performance in real-time and scale-up, Very low minimum deposit, Proprietary technology, Enable only high-performing parameters of your ad campaigns automatically, Set up to 16 unique targeting options for the highest ROI.

As you know, is FroggyAds.com a self-serve (DSP) ad network that provides high-quality, high-performing, and brand-safe worldwide traffic for your campaigns. Right now, we have more than 50.000+ active campaigns from 15.000 active advertisers.