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How to do a market segmentation step by step

Posted: Sun Dec 22, 2024 4:03 am
by Abdur11
You've probably heard about market segmentation at some point, especially if you work in the business world.
For example, in organizations, it is common to choose a specific target audience to work with. At times, this makes us think and consider that the company is limiting its actions and, as a consequence, stopping making money.

But if we think about it a little more, we will realize that this definition improves the company's results.

What is market segmentation?
Market segmentation is used by companies to separate the target audience they want to work with. Considered a market phenomenon, the technique consists of defining the marketing strategy by identifying the target market.

Segmenting this market means dividing it so that consumers whatsapp number philippines are grouped according to a series of characteristics, needs or preferences. It is important that a segment includes people with homogeneous factors and these depend on the objective of the segmentation.

This separation into consumer groups allows the company to identify and privilege one or more segments according to a range of objectives or products.

The segmentation process requires identifying the criteria that affect or influence purchasing decisions. There are various segmentation criteria: social, geographic, demographic, economic, lifestyle and many others.

Typically, market segmentation requires addressing several criteria to better guide the marketing actions to be followed. The more aspects are used to characterize an audience, the easier it will be to develop a marketing strategy.

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There is no way to think about segmenting a target audience without knowing what characteristics it needs to have for the strategy to be correctly defined.

A market study or research needs to consider an objective such as creating a product, optimizing a brand concept or another that has strategic relevance.

Since market segmentation is one of the pillars of Marketing, we invite you to read the complete guide we prepared on the subject. Leave your email and receive it for free to read after this article!