The concept of market segmentation is really quite simple; it’s about slicing up the market into sections (segments) that can later be targeted with an appropriate message (positioning), which in turn resonates with the people in that specific segment – and encourages them to engage with you and your business.
There are several types of segmentation, ranging from the most obvious to more nuanced forms:
- Geographic - where your target customer is located in relation to your location.
- Demographic - relates to statistical characteristics of the population: age, gender, religion, education, income, and family size all relate to demographic segmentation.
- Psychographic - takes a deeper look into the human psyche with a focus on personality, activities and hobbies, and even lifestyle choice.
- Behavioural - categorises people according to their behavioural patterns and attitudes when interacting with a product, service or brand.
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The most relevant form of segmentation by far, available to the B2B market is Firmographics.
Firmographic Segmentation is the classification of business types - their size, location, financial status, and sectors, to name a few examples.
We use an extensive mix of Firmographic and Demographic Segmentation for our clients running multichannel campaigns.
Utilising the platforms and systems at our disposal allows us to both research and segment B2B markets accurately, which subsequently makes the process of targeting and positioning all the more powerful.
"Market segmentation is the process of dividing the total market for a good or service into several segments. Each of which tends to be homogeneous in all significant aspects with others within the segment, and heterogeneous from those in other segments."
Professor William J Stanton
If you’re looking to get a deeper understanding of Market Segmentation and what it means for your business – call us on 01384 294 444
Once you have good segmentation, it’s time to look at where you want to focus your marketing efforts.