Market Segmentation: The Types and Practices - Business Media Group

Market Segmentation: The Types and Practices

Market segmentation is an important thing that will be focused on dividing the target market into several groups. Then, they will give you the reliable information that you need to leverage the quality of your products, determine the effective plans of how to sell them, and so on. Simply, you will have the bigger chances to improve your business excellently. Well, do you really want to know the market segmentation types and practices? If you do, it will be better for you to figure them out below.

The Demographic Segmentation

The first of the various types and practices of market segmentation is the demographic segmentation. It will be emphasized on sorting the market based on some elements such as family size, age, race, gender, education, occupation, income, nationality, and so on. All of the info will definitely lead you to find out the customers that will buy your products, what products that they buy often, why they want them, and how they use the products. So then, you will be more able to get the best way to meet the needs of your segmented customers well. However, you have to make sure that you can estimate how much your segments will spend on your products in order to make your segmentations more actual.

The Geographic Segmentation

Furthermore, the second type of market segmentation you cannot miss is the geographic segmentation. This specific segmentation, which can be defined as one of the simplest market segmentations, is actually about classifying your customers based on the geographic borders. It will commonly use ZIP code, city, country, or climate to allow you to offer your products to the potential customers. For example, you have to choose a target in the cold countries if you want to offer your winter themed outfits. It means that you can make your marketing platform work optimally on the suitable segment for sure.

The Psychographic Segmentation

Moreover, there is the psychographic segmentation that will categorize the customers based on their characteristics which are interests, attitudes, beliefs, motivations, and etc. It is actually a nice option that can inform you the customers that really care about a certain value of their lives. In the real life, a gym will usually use this kind of segmentation, so that it can sort its customers and then give them the best offers to have healthy lifestyle. Nevertheless, this segmentation can be a little harder to analyze because it is so subjective. Not only that, it might require your time more because you have to do a research to understand your customers nicely.

The Behavioral Segmentation

Next, the behavioral segmentation will show you the actions of the customers while spending on your products (purchasing and spending habits, brand interactions, usage, user status, and so many more). Perhaps, you will find that men spend more on sport stuff meanwhile women mostly spend on beauty products. According to this, you can select the most suitable strategy to approach your audience as well as possible. In the end, you can increase the sales target of your products significantly.

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