Segmenting your product market
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This document discusses market segmentation and its importance for businesses. It notes that markets are large and diverse, with scattered customers and competition, making it difficult for businesses to effectively target customers with limited budgets. The key is to segment the market into subgroups based on factors like geography, demographics, psychographics, and behavior in order to divide the market and target marketing efforts more precisely at the right customers. Doing so can improve return on investment and lead generation by ensuring marketing reaches those most likely to purchase products or services. The document advocates segmenting B2B and B2C customers to focus marketing where it will be most effective.
Segmenting your product market
- 1. SEGMENTING YOUR PRODUCT MARKET From : Digvijay Thapa Business Strategy Consultant
- 2. WHAT IS IT ABOUT? Segmentation is all about your product and market. And, how you make your product reach in right people's hand. PRODUCT MARKET SEGMENTS STRATEGY CONSUMERS BUT ABOVE ALL SEGMENTATION IS ABOUT CUSTOMERS
- 3. WHY TO WORRY ? B2B and B2C are big markets ● Customers are all scattered around ● Clients/Consumers have choices ● Your marketing budget is limited ● Competition is too high ● Change is going on in the markets AND YOU ARE BANGING YOUR HEAD TO ACCOMPLISH THE TARGET SALES
- 4. HOW IT'S AFFECTING YOU? Your marketing effort is not paying off ● Your ROI is limited or not at all ● Your job is at risk or sales are not growing ● You need to show the results ● You are alone in the long road ● Your competitors are growing ● Overheads are increasing with existing marketing campaigns AND THERE IS NO LEAD GENERATION
- 5. THE QUESTION WHY IT'S HAPPENING? And the answer is SIMPLE BECAUSE YOU HAVEN'T TRIED SEGMENTATION IN YOUR STRATEGY
- 6. WHO IS IT FOR ? This relates to every business Whether you are in service, manufacturing, wholesaler retailer or hospitality YOU HAVE TO SEGMENT YOUR CUSTOMERS IF YOU WANT TO REACH THE RIGHT CUSTOMERS
- 7. HOW YOU DO IT ? ● GEOGRAPHIC ● DEMOGRAPHIC ● PSYCHOGRAPHIC ● BEHAVIOURAL |INDIVIDUAL | TASTE | | PREFERENCES |PRICE | Culture | And Many More... BREAK THE WHOLE MARKET DIVIDE AND RULE
- 8. SMALL PROCESS FOR B2B SEGMENTATION Get all the info of your customers ● Manage your email or database GET ● Analyze the preferences INTO ● Analyse the past buying behaviour ACTION ● Categorize your customers ● Divide them into groups ● Target your marketing efforts ● Analyze your campaign results
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