Everyone really knows: The 80-year-old pensioner from Bavaria has different needs, preferences and preferences than this 18-year-old student from Spreeathen. Because when viewed in groups, they represent Market segments that have to be addressed differently by advertisers.
In this commodity you firm more about how to be successful Market segmentation functions.
What is market segmentation?
The term “market segmentation” describes the division of an overall market into buyer groups or buyer segments. The segments should be intrinsically similar to this class of people in the form of certain criteria (homogeneity).
In turn, clear differences should be discernible between the individual buyer groups and segments (inconsistency). Basta marketing perspective, market segmentation is a strategic musical instrument.
Criteria of this market segmentation
To find the right market segments for your Marketing strategy To establish it is important to have contact with the differences between consumers.
But how do consumers differ? Four criteria This market segmentation opens up a basis of information to answer this question:
the demographic Subdivision divides the market according to standards such as autumn of life, level of education, income, area of expertise and size of household. For example, a family with three young children falls. B. to a different segment such as a single elderly person.
the geographic Subdivision takes into account the different needs and preferences of these people from different regions. Geographical lines thus create cramped market segments that should be addressed by different marketing measures. Federal states and differences between these residents in urban or rural areas come into play here.
As part of this psychographic These consumers are subdivided according to their attitude to life, habits, values, interests, opinions and personality. Habits can include B. the product use apply - is it a link between "power users" or not virgin of this news or the customer seldom the goods?
the behavioral Subdivision focuses mainly on this buying behavior and decision making patterns of these people. Consumers buy e.g. B. different often and differ in price awareness. Likewise, online and offline buying behavior are distinguishing features that underpin different segments.
Which market segments are there?
Based on the four overarching criteria for market segmentation (demography, geography, psychography and behavior), countless market segments can be derived that can be fanned out and regrouped more and more. That one Lifestyle, needs and demands these different ingredients define market segments in detail.
Why do you do a market segmentation?
A well-conducted market segmentation can make a company tangible Competitive advantage while the preferences, needs and demands of potential target groups are visualized, understood and bundled for each communication measure.
Marketing teams can add accents to your Marketing measures precisely choose the findings of this market segmentation. In this way, wastage, which is the rule between broad-based marketing measures, can be avoided.
The market segmentation also enables you to use the Communication measures To tailor your company to the living environment of your consumers in these individual segments. As a result, such a measure pays in the long term for the benefit of the advertised product or this brand.
Which is a market segment? A prime example
A demographic market segment represent, for example, students. They often have a similar autumn of life, level of education, household size and average income. Because they are equally interesting in the market segment because of their expected above-average income.
A prime example per one psychographic market segment represent, for example, health-conscious people who also want a healthy diet and regular exercise.
tip: The larger this segment, for example “all consumers over 50 years of age”, the less precise are the findings that this marketing can use.
A meaningful subdivision should not be too beautiful, however, because the purpose that this segment promises should always exceed the value of this subdivision. A professional market segmentation takes this into account Tension relationship between costs and income.
What is the goal of market segmentation?
The market segmentation is one of the most important foundations of the Marketing. It allows a company to precisely match the needs, preferences and preferences of these customers.
the individual monologue of these consumers brings with it several competitive advantages. On the one hand, they ascertained the ways in which a new product or a customer buys this product, this fits exactly to his or her living environment; undiscovered sub-markets identified and be careful. Cosmos such sub-goals contribute to the overriding goal of this market segmentation between: more sales volume and the winning price.
Market segmentation using the prime example: the three most important steps
A fictional prime example is intended to illustrate how market segmentation works and works. In this rule it consists of three steps:
the Market survey includes the collection and final consideration of Data on customer needs and demands.
Market sharing (Subdivision) is an active process in which customers are grouped according to certain criteria.
On this basis this market segmentation becomes a Marketing program designed and implemented.
Hairwell GmbH would like to market one hair shampoo per young consumer even better and is creating a professional market segmentation for this purpose. Afterwards customer surveys and one Customer needs analysis an overview also arises of the market structure.
Market research: insight between this target group
Basta of this final analysis of this data collection shows that the choice of shampoo depends in particular on the lifestyle of these consumers. Intrinsically in the “Young” segment there are therefore differences that are shaped by activities, interests and priorities.
In our prime example, it is particularly big that some of these young customers enjoy sporting outdoor activities in this natural environment and are environmentally conscious. Another part, on the other hand, places more emphasis on comfort, aesthetics and status.
Improved customer experience through market segmentation
The heterogeneous lifestyle of these customer segments described in the prime example means that this is marketing for both groups individual brand experience should create that fits in with their living environment.
We recommend two different marketing campaigns with different products: "Outdoor Love" for environmentally conscious outdoor athletes, and "Luxury Hair" for status-conscious aesthetes. Two kinds of segments are addressed, just in time for their priorities, and presumably encouraged in the decision to purchase this product.
Conclusion: market segmentation for individual marketing strategies
The subdivision of the overall market is one central marketing strategy. As a rule, it takes place in three steps, from this recording of the market to its subdivision to the marketing program. the Subdivision and grouping of the market into larger and smaller segments allows it to be dealt with effectively.
But follow: In the context of this subdivision, a sense of proportion is required! Another advantage lies in this possibility of spotting new, promising subsegments through the subdivision. Overall, this market segmentation has a high impact as a strategic marketing tool.
Cover picture: Jirsak / iStock / Getty Images Plus
Originally published May 12, 2021, updated May 12, 2021[ad_2]
Original source Hubspot