Check out these different marketing segmentation strategies that marketers use to successfully sell their products and services.
Different Marketing Segmentation Strategies
Marketing segmentation is a common term people often use in the marketing field. It is the process of dividing a given homogenous market into subsets. It aggregates buyers with common needs in one category. The reasoning behind this is that different consumers place different values on a given product and this means that they will respond differently to a given marketing strategy. Segmentation, therefore, is about making different marketing strategies to match the expectations of consumers in the different categories or market segments.
As the definition will suggest, there are many strategies that marketers use to divide the market into segments. The strategy a marketer chooses to use depends to a large extent on the product taken to market. It is common to find marketers using more than one strategy in order to meet all consumer expectations. Below are three of the main segmentation strategies.
This is segmentation done depending on where the consumers are located. For multinational companies, this might mean segmenting depending people on the geographical units for example continents. For local companies, they segment according to the different neighborhoods. The secret in this case is to identify the common needs, wants, and demands of the people in each category and work towards fulfilling these needs and demands.
This is very popular way of dividing the market. Segmentation in this case takes into consideration variables such as religion, gender, age, race, social class in the society or the level of income.
Segmenting here focuses on why different consumers buy a given product. The Customers purchasing behavior varies depending on their personalities, values and lifestyles. Marketers study different consumer behaviors including personalities, lifestyles, and other values that different people hold, as these have a direct impact on the purchasing habits of different people.