Understanding Market Segmentation for your analysis
Market segmentation is the process of dividing your target market into approachable groups. Markets can be segmented based on demographics, needs, priorities, common interests, behavioral and geographical criteria which are used to understand the target audience.
By understanding your market segments, you can leverage by targeting the product, sales, and marketing strategies. Market segments can power a company's product development cycles by informing how you create attractive product offerings for different consumers thereby having a competitive advantage.
This method gives proof to potential customers that you understand them and know what they need best.
Market segmentation benefits companies to minimize risk, by figuring out which products are most likely to earn a share of a target market and the best ways to market and deliver those products to the market.
With risk minimized and clarity about the marketing and delivery of a product. A company can then focus its resources on efforts likely to be the most profitable.
Steps of Analysing Market Segmentation
Define your market: In this stage, you should focus on discovering how big the market is, where your brand fits, and if your products can solve what it promises.
Segment your market: This involves choosing the market, and which types best suit your company.
Understand your market: Ask your targetted customers the right questions. You must know your target audience in detail, this can be the use of online surveys to get their answers.
Build your customer segment: After collecting responses, you need to perform data analysis to create dynamic segments unique to your brand.
Test your strategy: Make sure you have correctly interpreted your survey data by testing it with your target audience. This will help you to revisit your market segmentation strategies and make the necessary changes.
 BULB, 'Write to Earn. Read to Earn' (online, 2022) <https://www.bulbapp.io/>