12 FACTORS TO CONSIDER WHEN SEGMENTING YOUR MARKET
12 Factors to
consider when segmenting your market.
Market segmentation is a critical process in marketing
th
1.
Demographics:
·
Age:
Consider the age groups that are most likely to be interested in your products
or services.
·
Gender:
Determine if your offering has gender-specific appeal.
·
Income:
Segment by income level to target different economic groups.
·
Education:
Consider the education level of your potential customers.
·
Family size:
Family dynamics can affect purchasing decisions.
2.
Geography:
·
Location:
Segment by geographic regions, such as countries, states, cities, or rural vs.
urban areas.
·
Climate:
In some cases, climate can influence product preferences or needs.
3.
Psychographics:
·
Lifestyle:
Analyze the values, interests, hobbies, and activities that your customers
engage in. This will
give you an insight on customer preference, which will help you tailor your
marketing message to suite their lifestyle.
·
Personality:
Consider personality traits that may affect buying behaviour. Personality traits plays a vital
role in the consumer buying behavior by
shaping consumer’s preferences and decision making process.
·
Values and beliefs: Identify
shared values and beliefs that can influence purchasing decisions.
4.
Behavioural Factors:
·
Purchase history:
Segment based on the frequency of purchases, average transaction value, and
product categories purchased.
·
Usage patterns:
Consider how often customers use your products or services.Analyze their buying patterns and use the data to guide your marketing activities .
·
Brand loyalty:
Segment customers by their loyalty to your brand or their likelihood to switch
to competitors.
·
Occasions:
Analyze when and why customers make purchases (e.g., special occasions,
holidays, birthdays,
anniversaries or routine needs).
- Technographic
Factors:
- Technology
adoption: Consider the level of technology
adoption among your customers, such as their use of smartphones, social
media, or specific software.
- Online
behavior: Analyze online activities, such as
website visits, social media engagement, and e-commerce behavior.
- Needs
and Benefits:
- Identify
the specific needs, problems, or challenges your product or service
addresses. Segment based on these needs and the benefits customers seek.
- Buying
Behavior:
- Decision-making
process: Analyze whether customers make
quick purchase decisions or engage in extensive research before buying.
- Buying
frequency: Segment based on how often
customers make purchases.
- Channel
preferences: Consider whether customers prefer
to buy in physical stores, online, or through other channels.
- Competitive
Analysis:
- Evaluate
how your competitors segment the market and identify gaps or
opportunities for differentiation.
- Size
and Profitability:
- Assess
the size of each potential segment to determine if it's large enough to
warrant marketing efforts.
- Evaluate
the profitability of each segment by considering factors like the
potential for repeat business and customer lifetime value.
- Accessibility
and Reach:
- Ensure
that you can effectively reach and communicate with each segment through
your marketing channels.
- Legal
and Ethical Considerations:
- Be
mindful of any legal or ethical restrictions that may apply to certain
segments, especially in regulated industries.
- Test
and Refine:
- Use
market research, surveys, and customer feedback to test and refine your
segments over time. Market segments can change, so it's essential to stay
adaptable.
Remember that effective segmentation is not a
one-size-fits-all process. The specific factors you consider will vary
depending on your industry, product or service, and marketing goals. Regularly
review and update your segmentation strategy to stay aligned with changing
customer needs and market dynamics.
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