Common Types of Market Segmentation
You can implement a one-size-fits-all strategy in hopes of attracting as many prospects as possible. Or you can categorize your prospective clients into segments, so you can focus on creating maximum impact.
Create a market segmentation strategy based on any of the following:
The most common way to form a market segment is by categorizing them based on demographics such as age, gender, income, and profession.
Psychographic segmentation focuses on the intangible characteristics of your target audience, such as personality, beliefs, values, and lifestyle.
Marketers study consumer behavior to understand their buying decisions, and to tailor a strategy based on specific consumer needs and desires.
Geographic segmentation is arguably the simplest way to categorize consumers. An effective marketing strategy heavily relies on location.
The BASTION db5 Process
Our market segmentation and targeting process is simple and effective.
Step 1: Product/Service Development
We gain a data-driven overview through product/service concept testing and market sizing.
Step 2: Audience Strategy
We customize a business marketing strategy through market segmentation and ethnographies.
Step 3: Strategy Development
We conduct message testing, strategy concept testing, website testing, and rough ad testing.
Step 4: Execution
We monitor the campaign through final ad testing, ad tracking, and brand health tracking.
The Benefits of Market Segmentation
Bastion db5’s market segmentation and targeting services are based on strategic, foundational research that focuses on the needs of your business.
We help you gain higher ROI by funnelling down your audience.
Consider these benefits of our market segmentation strategies:
Maximize Marketing Budget
Ensure that you’re getting the most out of your marketing budget through proven strategies.
Boost Conversion Rate
The more you know about your target market, the more effective your marketing strategy will be.
Increase Customer Retention
Earn customer loyalty by focusing on what works best for the market segment’s buyer’s journey.
Explore New Markets
Segmentation gives you a cleaner view of your target markets as well as new markets to pursue.
Let’s Streamline Your Marketing Strategy
Discover the whys and uncover the hows of marketing with Bastion db5. Gain data-driven insights from our senior level marketers. Call or email us today.