3-1 Market Segmentation

Before you can build your campaign for the product or service you are creating, certain aspects can perform better if you have identified your target market or known as market segmentation. There are tools you can use to help identify that but some can just be a simple google search.

The best technique is to identify which type of segmentation that fits best with your product or service. The most common one is demographic, which is based on location, age, education, and gender. There is Psychographic which is another common one, it’s based on attitudes, values, personality traits . Then there is Behavioral and that is based on the collective behavior of the user, the types of products they use, their purchase decision. And finally Firmographic, this one is mainly based on the type of industry and size of the company (What is Market Segmentation? (n.d.)).

Depending on the type of data you have within your company, using cluster analysis is great to understand your overall customer and determine the best segmentation for your campaign (Wagner, N. (2017)). There are different types of software that you can collect this data from, some of the more common data is a CRM that contains all of the activity of your customer’s lifecycle. There is software that can collect customer feedback which tells you more about an unbias look on your customer. From getting that data, you can locate behavioral, psychographic and demographic. You could also gain firmographic from clustering if your customer base is b2b.

Another great tool that can help you in understanding your market segment is using web analytics, more so google analytics (4 Types of Market Segmentation With Examples. (2019)). This lets you again, see into more of the demographics but more specifically with those who interact with your website. This helps you in being specific and making sure that you are creating a campaign that is more specific to the audience that is interacting with your site. Google Analytics also lets you see into the behavior of your customer base. It lets you know what of your website they spend more time on, what got them to your site and what pages they review (4 Types of Market Segmentation With Examples. (2019)).

Web analytics can also be used with social sites related analytics. Facebook allows you to see into the demographic that is interacting with your social posts, the number of clicks that your site can receive, Facebook allows you to track that from its site. Any ad or post that you runs has a way to be tracked since there are demographics on most people’s pages, it helps you gauge the average age and location they are. Then using that you can create specific targeting with social media.

References:
Wagner, N. (2017, November 21). Marketing Tools for Segmentation. Retrieved from https://smallbusiness.chron.com/marketing-tools-segmentation-68244.html.

4 Types of Market Segmentation With Examples. (2019, August 28). Retrieved from https://blog.alexa.com/types-of-market-segmentation/.

What is Market Segmentation? 5 Focus Areas for Max ROI. (n.d.). Retrieved from https://www.qualtrics.com/experience-management/brand/what-is-market-segmentation/.

Author:

I am a marketing student for SNHU, I also work in tech under customer experience. This site will mainly be used for blogs that I write for school projects

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