Segmenting your market can radically increase profitability.
Imagine that your organization owns a chain of high-end fitness clubs around the country. Obviously, your market includes anyone who's interested in staying fit and healthy; however, you know that your consumer group is more complex than that.
For example, the people who use your club during the day are often stay-at-home parents who need childcare services while they exercise. There are many retired customers who have their own unique set of fitness needs. And the evening crowd largely consists of professionals who work full time and want a quick but intense workout.
The different members of your consumer group have their own priorities, wants and needs. So, how do you tailor your marketing to address all of them?
The answer lies in "market segmentation": dividing your customer base into groups of people with similar needs. This means that you can meet each segment's requirements in a more focused way.
In this article, we'll take a deeper look at market segmentation, and we'll discuss how you can use it to promote your products or services more effectively.
Market segmentation is the process of dividing your target market into clearly defined subgroups of consumers who have common wants, needs and priorities. When you identify these segments, you can tailor your marketing strategies to meet these wants, needs and priorities in a cost-effective way.
This ensures that you don’t lose your plan.
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