Have you learned the best way to identify and serve customers in your target segments? Market segmentation is one of the most important points facing SMB's today. If you fail to understand your different market segments, you'll fail to attract and convert traffic on your site. Why? Because you're not addressing different customer needs on your website. This is why SEGMENTATION is so vital to your on-line website.
So what is market segmentation and how can you implement an onsite strategy that meets the standards necessary for achieving consistent results?
Segmentation is making sure the right message -> gets to the right buyer -> at the right time. It’s also a great deal more economically efficient than mass marketing or even using
By gaining an understanding of consumer behaviour you have the insights needed to increase conversions. Market Segmentation is the tool that helps you analyse different consumers that have different behaviours and cater to their specific needs.
Before we discuss the elements of a segmentation strategy, it's important to ask some basic questions, like:
Product: Do you have products that meet the specific needs of each, or any segment? Meeting the customer's needs relates to the product's performance, look and feel, ease of purchase, and ease of use.
Place: Do or can you offer your product for sale where the customer wants to buy it?
Promotion: Have you created messages designed to communicate your product's features and target those customers most likely to buy?
Price: Are you in the right price band for your target customers? You don't have to be the least expensive, but you have to be considered competitive.
By targeting the segments which have the highest propensity to engage, you can develop a more effective marketing strategy that better serves consumer needs and ultimately boosts conversions.
Now the 5 elements of the most effective segments you need to bear in mind are:
To segment markets properly, you need to divide them into distinct groups with specific needs, characteristics, or behaviours. Each segment will require separate products or marketing mixes. Start by :