You have spent a lot of time and money developing the perfect marketing strategy for your social media agency in Orange County, and you want your message to resonate with potential customers, right?
Communication is an art, and as the size of the audience increases, the chances of information being lost, confused, or completely avoided are very high. The wider is your audience, the broader will be their preferences, needs, and insights. This may put your social media marketing in Orange County at risk unrelated to a large group of people.
This is why segmenting the target market is essential. In this way, you can focus your marketing efforts on a single customer base and better meet their specific needs.
This approach gives your brand an edge over your competitors because you can prove to potential customers that you know them and what they need most.
What is market segmentation?
Market segmentation is the process that brands use to divide target markets into smaller groups of people with common characteristics to optimize marketing, advertising, and sales efforts.
Four market segments
You can use various approaches to do market segmentation. Let’s explain the four main market segmentation approaches and provide some examples to help you get started.
Whatever approach you choose differences in benefits, values, and preferences vary widely among cities, states, regions, and countries.
Geographical segmentation
Geographical segmentation locates customers based on predefined geographic boundaries. The differences in benefits, values, and preferences vary widely between cities, states, and countries, so marketers need to recognize these differences and advertise accordingly.
Consider products such as coats and swimwear. Winter coats are often sold in the country’s colder northern regions, while southern areas may only find coats in winter specialty stores.
Similarly, in warmer states the bathing suits are sold throughout the year, however, they are sold only during spring and summers in the colder countries.
Use the most powerful intent data to find out the location of current and potential customers who are looking for your product.
Demographic segmentation
Demographic segmentation divides the market into variables such as age, gender, education, family size, occupation, and income, etc. Market segmentation is a widely used strategy because a particular product can satisfy a clear personal need involving at least one demographic element.
Age may be the most obvious of all of these variables, which is essential for marketers, as the fast-paced nature of changing preferences promotes them at all stages of life.
Even media consumption varies significantly between generations, so it’s essential to realize what your target age is and the channels they use to consume information.
Psychological segmentation
Different from geographic segmentation and population segmentation, psychological segmentation focuses on the inherent characteristics of target customers.
Psychological characteristics can include values, personality, interests, attitudes, conscious and subconscious motivations, lifestyles, and perspectives. To understand your target customers at this level, methods such as focus groups, surveys, interviews, and case studies can successfully compile such conclusions.
Think about the lifestyles of people who live off the surf in small towns by the sea and those in big cities where American companies work. Their daily needs and needs are very different, and marketers must recognize these differences to succeed.
Behavioral segmentation
Behavioral segmentation is similar to the measurement of psychological segmentation but focuses on specific responses and how customers make decisions and purchase processes.
Attitude towards your brand, how it is used, and its knowledge base are examples of behavioral segmentation. Collecting such data is similar to how you look for mental data. Review sites may also be a useful tool when searching for this information.
Brand loyalty is a good example of behavioral segmentation. I bet you will think of a brand when reading this article, even if you haven’t read the reviews, you can continue to buy and trust enough to buy new products of that brand.
This type of brand loyalty results in a consistent buying pattern, which is categorized as behavioral characteristics. Marketers work hard to make consumers love and stay loyal to their brands to maintain a constant buying cycle.
Ready to implement your market segmentation strategy?
Here are five simple steps to implement the market segmentation strategy.
Define your market
Find out where does your brand and product fit in the current market environment? How big is the market? These are essential issues to consider when starting this step.
Segment your market
This is an exciting part of segmentation. Decide which of the four segmentation methods you want to use. Remember, you can use multiple! Find the perfect combination for your brand.
Know your market
Ask your customer base questions about the segmentation category you selected. In this step, you should gradually understand the target market. Make sure the questions you ask in the survey will provide measurable solutions.
Build your customer base
Explain the responses you receive to create dynamic segments unique to your brand.
Test your strategy
Make sure your answers are correctly interpreted by testing on your target market. If you have no relationship with the segment you created, you will need to reconsider your survey methodology and analysis.
Take marketing strategy to the next level
For each marketing team, market segmentation is a very effective strategy. Prove that you know them by providing customers with tailored information to understand their lives.
What do you think about market segmentation and which segmentation strategy you are using for your social media in Orange County, tell us in the comment section below!