Establishing The Best Segments For Your Business
Customer Targeting and Market Segmentation are the processes of dividing an entire market up into different customer segments.
Targeting or target marketing then entails deciding which customer segments to focus on. Marketing segmentation generally comes first, with targeting then naturally following with specific approaches to reach the agreed upon segments. This helps a company be more selective about who they are marketing their products to. Marketing segmentation and targeting are equally important for ensuring the overall efficacy of marketing programs, products, and sales channels.Marketing segmentation and targeting are
Marketing segmentation and targeting are particularly important for finding customers that are the best match for a business’s products and services.
The important thing is for us to determine how to group your customers in a way that will have the biggest impact on your business.
It is never reasonable to go after all consumers because everyone has different wants, needs, tastes, and resources. Some customers want to be early adopters. They will always buy new products early and usually pay a high price for them. Other customers are late followers and bargain shoppers. They try to find the lowest price. A company would have difficulty targeting both of these market segments simultaneously with one type of product.