Marketing Strategy: 7 Steps To Market Segmentation
Marketing can seem like a huge, scary monster that’s impossible to conquer. Here are seven steps you can take to market segmentation, in order of complexity.
#1 - Ensure your target market is well-defined and measurable - It sounds logical, but it's worth the time investment to ensure that you know who you're targeting before moving on with your marketing campaign.
#2 – Determine which marketing channels provide cost-effective access to potential customers for small budgets - There are many ways to get in contact with customers and build awareness for your business. The first step is to figure out which methods will be the most cost effective for you.
#3– Think about the kind of information you want to provide your customers - It's important to think about how you want your potential customers to feel when they’re being marketed to. Are they going to feel like they were specially chosen or that their needs have been met? What kind of information do you have access to that will help them make a purchase?
#4 – Test and measure what works and what doesn't – You can take advantage of online tools for direct advertising, like social media platforms. You can also experiment with offline marketing channels. Test what works and what doesn't.
#5 - Create an interactive dialogue with your customers and potential customers – This can take a lot of time to develop, but once you have access to a marketing channel, you can use it to inform your target market about new products or ways they can purchase your product.
#6 - Offer coupons or discounts for buying in bulk – You might want to give discounts for buying multiple items at once. If you sell clothing or accessories, you may want to offer two-for-one deals on certain sets of items. You can also offer bonus products to increase the effectiveness of your coupons.
#7 - Build a system that shares the latest news and developments among your current customers and potential customers – You can take advantage of blogging and social media platforms like Facebook to keep people up-to-date with what’s going on in your business.
Marketing is a huge topic, and there are so many different methods for marketing. But as long as you have these seven steps down, you'll be miles ahead of most other small businesses.
Donna Reid, "Marketing Strategy: 7 Steps To Market Segmentation"
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#1 - Focus on the most relevant customers for any given marketing effort - As tempting as it might be to target the majority of all potential customers, this strategy can actually reduce response rates and result in a lower ROI. Be sure to focus on those that most closely match your buyer persona(s).
#2 - Mix digital, direct and offline marketing channels – Use different marketing channels to reach your most relevant customers. You can use digital marketing such as email to build awareness before moving onto other options like social media or direct mail.
#3 - Begin a dialogue with your customers - This can be done through blogging, social media and other online forms of communication.
#4 – Offer bonus products to increase the effectiveness of your coupons – This strategy is often more effective than coupons since it makes the purchase seem like a gift rather than a discount.
#5 - Use social media channels to create a dialogue with your customers and potential customers – Social media can be a great tool for interacting with your customers and potential customers. You can use social media to inform your audience about blog posts, new products, and other developments affecting them.
#6 - Begin an email dialogue with clients – Email is still a dominant marketing channel for many businesses because it lets you build relationships with your clients. You should also follow up on your emails to make sure that they were read or that you are getting the most from each interaction.
Conclusion
As you can see, there are many different steps you can take to segment your market. Some are simple and just require a little bit of time and planning, while others will take months to develop and implement. Use the step that best fits your business needs and budget for maximum effectiveness.