5 Ways to Do Market Segmentation to Not Miss the Opportunities
A properly running business has a definitive market segmentation so that its marketing can be more comprehensive. This market segmentation is the foundation of marketing because, from that point, marketing methods such as suitable advertisements can be made for the consumers. The question is, what are the ways to do market segmentation to earn all possible opportunities?
Deciding on the market segmentation is no easy feat since we are trying to build a network with people from different needs. Not only are their needs, but their backgrounds are also varied as well, and all of them affect the consumers’ decisions when buying a product or service from our business.
Ways to do Market Segmentation that you Must Remember
There are times when market segmentation becomes a boomerang for our business because of its failure during test drives. To be honest, the ways behind the market segmentation do not contain any faults, however, there could be mistakes during its implementation.
If you are confused to segment the marketing suitably with your business, you can try these five ways.
1. Prioritize our Business Purpose
Regardless of our potential market segmentation, we must stay focused on your business’s primary business purpose. Do not sacrifice business principles and purpose for the sake of only fulfilling the customers’ needs. Despite your success in earning some new customers, there is still a larger goal that you must do.
Try to stay focused on your Return on Investment (ROI) and increase your business’ profit. If you can stay consistent with your business purpose, visitors and leads will come by themselves thanks to the successful marketing attempts.
2. Perform Segmentation Properly
Do not make your market segmentation too wide since it can affect your marketing strategies. If your market segmentation is not properly directed, marketing strategies will be uninteresting since there is no sense of uniqueness within them. On the contrary, too narrow market segmentation will not make any profit at all.
Do a market segmentation with proper size and number, so that the results of the marketing strategies are worth the hard work. Furthermore, make the marketing feel personal by involving the customers to feel and promote the products by themselves.
3. Avoid Bias in Performing Segmentation
A particular mistake in doing market segmentation is the existence of bias to a certain segment. This bias happens because of a particularly specific question in our questionnaire that requires an equally specific answer.
As a result, the gathered data becomes incomplete because you already have this pessimism that people do not want to buy your products. Always remember that there are particular segments that want to buy your products, while at the same time, individuals within certain segments do not wish to buy your products instead.
4. Use High-Quality Questionnaire
Research is the first method in deciding market segmentation. One of the methods for market segmentation is using questionnaires to find out the consumers’ needs.
When making a questionnaire, provide several specific and high-quality questions. As a result, we can receive suitable answers to know more about your consumer targets.
Read Also: The Definition of a Consumer
5. Implement Positioning Strategy
The last tip to do market segmentation is by doing positioning strategy to our products so that the consumers understand the value of your products.
For that reason, as producers, we must be proactive by doing positioning strategy to our products, which can result in consumers understanding the value and uniqueness of our products.
These five ways to do market segmentation can become easier by using Profind service from Advanced Innovations. Since the millennial generation grows significantly in Indonesia, your market target gets larger as well for your products. Profind with its motto, Know Your Customer, will help you in identifying your consumer targets so that your products can satisfy the consumers’ needs.
Are you ready to do these five ways to implement market segmentation with the Profind software from Ad-Ins?