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Target Market And Market Segmentation Pdf

target market and market segmentation pdf

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Markets are a group of potential buyers with needs and wants and the purchasing power to satisfy them. A basic definition of a market is a group of potential buyers with needs and wants and the purchasing power to satisfy them. The Market is People: Since exchange involves two or more people, the market can be thought of as people, individuals, or groups.

Using different types of market segmentation allows you to target customers based on unique characteristics, create more effective marketing campaigns, and find opportunities in your market. Market segmentation is the process of dividing a target market into smaller, more defined categories. It segments customers and audiences into groups that share similar characteristics such as demographics, interests, needs, or location. The importance of market segmentation is that it makes it easier to focus marketing efforts and resources on reaching the most valuable audiences and achieving business goals. Market segmentation allows you to get to know your customers, identify what is needed in your market segment, and determine how you can best meet those needs with your product or service.

4 Types of Market Segmentation With Examples

Learn about the 4 most common types of market segmentation, plus some other ones that you may have missed. Market segmentation is an increasingly important part of a strong marketing strategy and can make all the difference for companies in competitive market landscapes, such as e-commerce.

When up against a range of online competitors, effective communication is the best way to differentiate your business. Market segmentation offers an opportunity to pinpoint exactly what messaging will drive your customers to make a purchase.

The 4 basic types of market segmentation are: 1. Demographic Segmentation 2. Psychographic Segmentation 3. Geographic Segmentation 4. Behavioral Segmentation. The purpose of market segmentation is to identify different groups within your target audience so that you can deliver more targeted and valuable messaging for them.

There are four main customer segmentation models that should form the focus of any marketing plan. For example, the four types of segmentation are Demographic, Psychographic Geographic, and Behavioral. These are common examples of how businesses can segment their market by gender, age, lifestyle etc. This is perhaps the most straightforward way of defining customer groups, but it remains powerful.

Demographic segmentation looks at identifiable non-character traits such as:. For example. Luxury goods manufacturer Montblanc worked with Yieldify to present a selection of offers across their website.

Here we might look at customers and define them by their:. Compared to demographic segmentation, this can be a harder set to identify. Good research is vital and, when done well, psychographic segmentation can allow for incredibly effective marketing that consumers will feel speaks to them on a much more personal level. By comparison, geographic segmentation is often one of the easiest to identify, grouping customers with regards to their physical location.

This can be defined in any number of ways:. In large nations like the United States, customers could be presented with options that match with local weather patterns. Geographical identification is an important part of seasonal segmentation , which allows businesses to market season-appropriate products to customers.

Some recent examples of proper geographic segmentation came from the response by e-commerce businesses to the coronavirus pandemic. During lockdown stages, many businesses shifted their focus to local communities to highlight how their services could still be accessed online.

Conversely, as public spaces began to open up again purely e-commerce brands had to shift their marketing plans to maintain the levels of business they had seen over the lockdown period. Behavioral segmentation is possibly the most useful of all for e-commerce businesses. As with psychographic segmentation, it requires a little data to be truly effective — but much of this can be gathered via your website itself. Here we group customers with regards to their:. At Yieldify, we utilize behavioral segmentation to deliver highly relevant and targeted campaigns based on a number of behavioral patterns:.

Based on this behavioral data, we can tailor our messaging accordingly:. First time visitor: Hey, learn about our latest collection! Returning visitor: Join our loyalty program and start saving! Working with online wine club Vinomofo , we used behavioral segmentation to target three distinct audiences: new visitors, returning visitors, and returning clients.

Returning visitors who had already subscribed but have not redeemed their coupon yet were reminded on their first order incentive. This targeted approach focused on purchasing habits reached a Though the most common types of market segmentation are demographic, psychographic, geographic, and behavioral, there are other types that are also worth considering and can offer excellent opportunities in the right context. Technographic segmentation identifies and groups customers with regards to the role technology plays in their lives.

This might mean recognizing groups of early adopters when marketing new technologies. It might also be as simple as recognizing the device users access the site from and presenting deals differently. Consumers accessing an online phone store via the Safari internet browser might be more interested in Apple products — and can be shown these as a result.

Generational and life stage segmentation both expand on aspects of the demographic approach. Identifying customers by generation allows for broad but distinct approaches depending on age. Life stage segmentation, however, works similarly whilst divorcing life experience from age itself.

Instead, it groups customers by factors including marital status, home-ownership, and whether or not they have children and more specific still by considering the ages of their children. Bank of America, for example, has successfully used life stage segmentation in their digital marketing strategy. From there, the customer would land on a custom microsite designed specifically for their segment.

Transactional segmentation is based on previous interactions your customer has had with your brand. Offering free shipping to all their customers would have been too expensive, so Yieldify targeted a specific transactional segment of their userbase — offering free shipping to those with a set value of items already in their carts.

Picking up on information like this is a particularly effective strategy across multiple industries, including top competitors to mass global retailers like Amazon , presenting e-commerce businesses with the best understanding of their customers, and encouraging return visits.

Whilst the above marketing segmentation strategies mainly focus on B2C organizations, Firmographic segmentation can be extremely useful to those in the B2B world. This segmentation strategy allows B2B companies to better understand and target their audience and marketing campaigns.

This process is very similar to the way B2C marketers would use demographic segmentation. This market segmentation process can help form an effective B2B marketing strategy by identifying target customers and tailoring marketing efforts to these specific customer segments.

There are many benefits of market segmentation, our top 10 are below. This is the biggest and most obvious benefit to well-implemented market segmentation. By better recognizing the needs of your customers, you can identify more effective tactics for reaching them and improving their interactions and experience with your business. Making your marketing efforts even more effective. This might even lead to the development of new products that are aimed specifically towards these markets.

By identifying your customers by their needs, you can put out marketing that offers irresistible reasons for a return visit.

This is proven to increase customer retention , customer loyalty and lifetime value. The purpose of market segmentation is not only to help you reach your audience but also to allow your customers to see the true value of your brand via marketing that speaks to them — and in doing so puts you head and shoulders above your competitors.

Ultimately, thoughtful customer segmentation will allow your business to focus every element of its activity to better reach those that it serves. Everything becomes better suited to giving your customers what they need, and as a result, your business becomes exactly the sort of business they want to be buying from.

This can greatly help with the return on investment of all your marketing activity. So, as you can see there are many different types of marketing segmentation you can choose from to find and define your target market and effectively promote your product or service.

Market segmentation allows you to recognize these needs and market directly to them, without any wasted messaging. Market segmentation builds a subset of a market. This can be based on demographics, needs, priorities, common interests, and other psychographic or behavioral criteria. You may unsubscribe from these communications at any time. For information on how to unsubscribe, as well as our privacy practices and commitment to protecting your privacy, please review our Privacy Policy.

View All Clients Case Studies. Free Demo. Search Yieldify. Conclusion The 4 types of market segmentation with examples The purpose of market segmentation is to identify different groups within your target audience so that you can deliver more targeted and valuable messaging for them.

Here we might look at customers and define them by their: Personality traits Hobbies Life goals Values Beliefs Lifestyles Compared to demographic segmentation, this can be a harder set to identify. Geographic segmentation: The where By comparison, geographic segmentation is often one of the easiest to identify, grouping customers with regards to their physical location. Behavioral segmentation: The how Behavioral segmentation is possibly the most useful of all for e-commerce businesses.

At Yieldify, we utilize behavioral segmentation to deliver highly relevant and targeted campaigns based on a number of behavioral patterns: Number of sessions to your website Number of pages visited Time spent on site URLs visited Page types visited Shopping cart value Campaign history Referral source Exit intent Inactivity, and more.

Based on this behavioral data, we can tailor our messaging accordingly: First time visitor: Hey, learn about our latest collection! Other types of market segmentation with examples Though the most common types of market segmentation are demographic, psychographic, geographic, and behavioral, there are other types that are also worth considering and can offer excellent opportunities in the right context.

Technographic segmentation Technographic segmentation identifies and groups customers with regards to the role technology plays in their lives. Generational and life stage segmentation Generational and life stage segmentation both expand on aspects of the demographic approach.

Transactional segmentation Transactional segmentation is based on previous interactions your customer has had with your brand. Firmographic Segmentation Whilst the above marketing segmentation strategies mainly focus on B2C organizations, Firmographic segmentation can be extremely useful to those in the B2B world. This type of market segmentation predominantly uses 7 factors to identify customer segments. Industry Location Company Size Status Number of employees Performance Executive Title Sales Cycles Stage This market segmentation process can help form an effective B2B marketing strategy by identifying target customers and tailoring marketing efforts to these specific customer segments.

More effective marketing This is the biggest and most obvious benefit to well-implemented market segmentation. Improved customer retention By identifying your customers by their needs, you can put out marketing that offers irresistible reasons for a return visit. Differentiating your brand The purpose of market segmentation is not only to help you reach your audience but also to allow your customers to see the true value of your brand via marketing that speaks to them — and in doing so puts you head and shoulders above your competitors.

More focus Ultimately, thoughtful customer segmentation will allow your business to focus every element of its activity to better reach those that it serves. In conclusion So, as you can see there are many different types of marketing segmentation you can choose from to find and define your target market and effectively promote your product or service. Stay Updated Be in the know. Subscribe to our resources.

4 Types of Market Segmentation With Examples

Elaborates on the prerequisites for designing a successful marketing strategy: market segmentation, target market selection, and product positioning. A rewritten version of an earlier note. To introduce market segmentation, target market selection, and product positioning. Sep 9, Revised: Apr 17, Brand management, Market segmentation, Marketing strategy, Product differentiation, Product positioning, Target markets. Industry and Background Note Popular.

Actively scan device characteristics for identification. Use precise geolocation data. Select personalised content. Create a personalised content profile. Measure ad performance. Select basic ads.

target market and market segmentation pdf

This strategy involves dividing the market into segments and developing products or services to these segments. A target marketing strategy is.


Target market

The creation of a target market strategy is integral to developing an effective business strategy. The purpose of this paper is to offer a solution for managers, focusing on customer purchasing behaviour, which evolves from the organisation's existing criteria used for grouping its customers. This process also ensures commitment from the managers responsible for implementing the eventual segmentation scheme.

A target market is a group of customers within a business 's serviceable available market at which a business aims its marketing efforts and resources. A target market is a subset of the total market for a product or service. The target market typically consists of consumers who exhibit similar characteristics such as age, location, income or lifestyle and are considered most likely to buy a business's market offerings or are likely to be the most profitable segments for the business to service. Once the target market s have been identified, the business will normally tailor the marketing mix 4 Ps with the needs and expectations of the target in mind. This may involve carrying out additional consumer research in order to gain deep insights into the typical consumer's motivations, purchasing habits and media usage patterns.

Culture and Positioning as Determinants of Strategy pp Cite as. The three major steps of segmentation, targeting and positioning are widely considered to be central to the decision and planning process of marketing with the purpose of identifying and selecting potential buyers and communicating distinctive product benefits in the market. This chapter considers literature relating to segmentation, targeting and positioning, and finally, the strategic role of positioning in segmentation and targeting. Unable to display preview.

Market segmentation

Learn about the 4 most common types of market segmentation, plus some other ones that you may have missed.

The same rule applies to any product or service: No matter how good it is, the other half of the equation is finding the right target market for it. This is where market segmentation comes into play. This marketing strategy lets you identify the different types of customers that you have and that you want, and it helps you reach them with the right product and the right message. These can be based on demography age, gender, etc.

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