Segment your Market
All customers are not the same. They have different needs, preferences, and budgets. Segmenting the market into a group of similar customers can help you develop a successful marketing strategy. Similar customers will respond in a similar way to your products, services, prices, and promotion. For example, some customers prefer to purchase online, others like talking in person and some customers like to save on everything they buy. Trying to satisfy every customer with the same approach is not going to be effective and profitable. Because of that you need to segment your market in a few segments which are similar and develop different approaches on how to target these segments, develop offerings for each segment and promote to each segment.
Marketing Strategies
How can you segment your market?
Here are some examples you can use to thnk about the most appropriate way to segment your customers:
- location
- age
- income
- education
- previous buying habits
- how they respond to different advertising promotions
Competition
After you segment your customers next is to make a list of your competitors. Ask yourself the following questions:
January 23rd, 2012
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