How to make a market segmentation
Segmenting the market according to the variables that the company considers appropriate, is an essential step to be able to know our clientele and, consequently, develop a successful marketing strategy. However, segmenting the market correctly is not so simple, and there are some basic guidelines that we have to follow if we want to do it correctly. In this article of .com we will teach you those guidelines to make a market segmentation.
Photo source: biz-tec.mxSteps to follow:
The first step would be to segment the potential market under general objective criteria, since this criterion allows us to know the demographic and socioeconomic characteristics of our clients or potential clients, and it is very simple to do. We can do it by sex, age, rent, place of residence, etcetera. They are easy data to obtain and to classify.
Once we have distributed the above data, we will have to choose which is our target market, ie those to whom we want to offer our product and who can buy it. For example, if we want to sell a high-end feminine cosmetic product, our target market will be in those segments of middle-aged women, with a medium-high income.
Subsequently, we will have to know the consumption profile of our target market, that is, how that sector tends to relate to the market, as well as behavioral patterns when it comes to buying a product like ours. Research must be done around variables such as:
- Tastes and preferences
- Habits of consumption (in which circumstances they consume more or less)
The investigation must be carried out, as is logical, within the segment selected in the previous section .
Once the consumption profile of our potential clients is known and researched, we will have to design a marketing strategy that adjusts to the needs of the company and our market, to efficiently connect production with consumption.
For this, we must take into account the marketing mix, that is, the correct disposition of the variables of price, production, promotion and distribution.
Finally, if all our decisions have been successful, our product can be sold in the market segment that we have decided in an ideal way. It is time to look for new markets in which to expand our sales.