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Market Segmentation Definition, Benefits

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Market Segmentation Definition, Benefits

Segmentation by price Are you going to apply segmented pricing in your own business? You have already seen that if implemented well, price segmentation can be very profitable for your company . But for this it is necessary that you have enough information to really know. What are the prices that different customers are willing to pay. If after reading this article you still have questions or want. To tell us something, you can do so through the comments. Does the term “market segmentation” sound familiar to you? We already know. That what you want is to sell many products and that you are not going to object to any customer.

But do you really think that the needs. Of a 10-year-old boy are similar. To those of a 52-year-old woman? Do you think that the same product can be useful. To such different people? Do you think it is possible. To sell the same product to everyone? Unless you are selling things as basic and essential as water. Which is necessary for the survival of any human being. It is most likely that the products in your online store do not meet the needs of the entire population. And, therefore, not everyone can buy your product. This is the reason why it is necessary. To target smaller groups of the population, which have common characteristics. And may be more in tune with the products you sell.

Segmenting The Market Is Nothing

More than making more manageable groups of Senegal phone number possible consumers of your product. In addition, by carrying out this market segmentation. It is easier to address your audience with specific messages that are more in line with their needs and interests. If you want to know what market segmentation is and how to execute it properly, you have to read this article. Do you have a business idea? Get started with Shopify free for 14 days, no credit card details required Email address Email address Definition of market segmentation Market segmentation consists of dividing the market into smaller groups based on a series of common and homogeneous characteristics.

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The best definition of market segmentation is one that is based on considering the market, not as a single and indivisible entity, but as a group of individuals with different interests and needs. For this reason, a correct market segmentation must be carried out understanding that it is possible to divide the market into smaller groups, created based on homogeneous characteristics. The key —when you are doing a market segmentation— is to create smaller groups made up of people who have common needs , with the intention of proposing differentiated offers, and adapted to the specific needs of each group.

Start Or Grow Your Business

In this way, you will be able to better optimize your marketing budget and your actions will be more effective and profitable. With a Shopify Expert In Mexico we have an ecosystem of partners that can help you create your store, grow your sales or migrate your business from another platform. Click on the link below and meet them. Plus you have significant discounts! Benefits of market segmentation To understand what market segmentation is, it is essential to consider the objectives pursued with this type of strategy. A market segmentation is done to: Direct marketing messages and actions to a group of people with similar characteristics : market segmentation allows you to differentiate messages and create specific actions for each group.

For example: if you sell high-end smartwatches, you might create one Facebook ad specifically for tech-savvy geeks , and a different one for more mainstream customers who don’t know about the benefits of your product. Optimize the marketing budget : if you have a limited budget, the important thing is to design the correct commercial action —that generates the highest conversion rate—, aimed at the correct audience. That is why it is important to do a good market segmentation, which allows you to correctly identify the different characteristics of each target group. Satisfy your customers : customers better accept messages and actions more related to them, because they feel identified with the proposal.

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