What is market segmentation and why is it important?
Market segmentation is used to know what type of customers to approach.
Each segment consists of people who share the same interests or needs.
Identifying your market segmentation will be based on customers’:
- Marital status
How Market Segmentation Helps
The market segmentation process is very important and will make your approach easier and will also save you time and effort.
Imagine calling someone who is 65 and telling him you will make him an investment life insurance plan in this case this is a waste of time.
Above 65 is not applicable, also insurance, investment plans need at least 7 years obviously to start making a profit from it also the maximum life insurance plans are applicable for people with a maximum of 59 years of age in most countries.
That’s why Market segmentation is very important to know who to approach.
You should mention messages in your ads such as how people feel before using and after using your product based on its effect.
such as :
(If it’s a medical product or if it’s a type of energy drink… etc.)
When you know your target segment it will be easier to deliver your message.
You will also know where to make your advertising and what your message will be.
The best thing about marketing segmentation is:
Helps you analyze how your branding should look like.
Defining your target segment will make you avoid wasting time and money on ads that are not directed correctly.
It will help you define your audience so you can direct your marketing efforts correctly.
Don’t worry the right people will come to you, and when you meet customers’ satisfaction and expectations, you are generating word-of-mouth marketing and referrals.
Also defining your target segment will help make it easier concerning where to put your ads.