What is Market Segment? Market segmentation is a very commonly used marketing term today, simply means: “Dividing the market into many segments and then choosing the part that we are able to serve and exploit well. best”. But why do that? Why not “collect all the Jiang San” to get more profit and market share for yourself?
What is Market Segment?
Market segmentation is the division of its visitors and customers into segments or groups based on common characteristics. There are countless ways to divide your customers into groups. That’s why defining your own market segment may – and probably will – be different from your competitors’.
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Here are a few examples of customer segmentation to create different customer groups:
VIP: customers who shop most often or spend the most money
Long-time active users are recurring customersNew customers are reactivated and make purchases, then inactive for a while and then make another purchaseRecurrent customers are low-end, shop less and spend less moneyNew customers just made their first purchaseNew visitors just signed up for your mailing list without making a purchase
What is the role of Market Segment
?As a result of market segmentation, marketing managers realize how many different groups of customers have different needs and wants in their product market. want. Each market segment is a group of customers with identical needs and wants and equally responsive to the effects of marketing measures.
From there, businesses can choose the target market as a group or a number of customer groups that are most suitable to focus their efforts on serving. Target markets are groups of customers for which the enterprise has a distinct competitive advantage, has the best service conditions and is likely to earn the highest profits.
In fact, even if the enterprise has decided to target the entire market and not just a certain market segment, this decision can only be made after the segmentation has been conducted.
Thus, market segmentation is an indispensable step to ensure the success of a marketing plan as well as of specific marketing decisions. These steps also describe the next marketing management process, after the business has selected the target market.
Benefits of market segmentation
Today’s online shoppers can use high-speed technologies and visit thousands of websites to buy what they want. Over the past decade, quick web access has created a huge demand for personalized shopping experiences. In fact, one study found that 64% of customers want personalized recommendations.
If their experience wasn’t personalized, 52% of customers said they would probably shop at another store. This is working. According to eMarketer, 48% of marketers in the United States claim that, when they personalize their websites and apps, their revenue increases by 10% or more. What is Market Segment?
Here are some of the top results that demonstrate the importance of market segmentation:
It saves you time and money.
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Instead of using a common strategy for all of your customers, market segmentation can help you serve specific groups of people. This means you won’t waste time and money on ineffective campaigns, because your efforts will be targeted and based on customer data.
It builds better relationships with your customers.
The process of market segmentation is the process by which you must constantly learn more about your customers. The more you learn about them, the better you can serve them and create a perfect shopping experience.
It helps you identify strengths, weaknesses, and opportunities for your brand.
Customer segmentation can tell you whether your brand and campaigns are performing. You can see a brand’s performance based on how popular an item is in a customer segment. You’ll find out what parts of your strategy are working well, what parts need improvement, and how you can better compete with your competitors.
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