What's your market segmenting strategy?

Although we need to be as precise as possible and disect our segmentation as much as possible to learn from the micro groups; I encourage people to learn the Macro levels to understand what trends are there within the market and then dig deep into them to understand them. We often just focus on the micro groups and ignore the trends... there is a value to understand them

In B2B, market segmentation is about understanding the unique needs of other businesses. Some key criteria you need to consider: - Industry ( Different sectors have different expectations and require specialized features) - Company size (their needs & budgets vary greatly) - Purchase Volume - Decision-Making Process - Adoption Rate (Some are early adopters of technology, while others prefer traditional methods) - Lifecycle & Support (Startups may require more attention than established companies) - Their Budget Constraints (Create pricing plans that align with their budgets)

The first start unit or segmentation has to be behaviour based. Most segmentation go wrong as they start from regular demographic method. Let’s take an example for a contact lens manufacturer. Starting with behaviour segment ie “ contact lens helps me to become confident and good looking” Now this segment will be found in different demographic like a student 18-25 age group or a professional 25-40 age group and obviously completely different communications and channels Usual demographic segment start would have lead to confused market strategy

Effective market segmentation is key to targeted marketing. When working with clients, I start by identifying clear demographic, geographic, psychographic, and behavioral criteria. Previous cases taught me to use data analytics and customer insights to pinpoint specific segments. In our projects, we often employ personas to represent different segments, allowing us to tailor messaging and campaigns precisely. Regularly reviewing and adjusting these segments ensures we stay aligned with market shifts and customer preferences, driving more personalized and impactful marketing efforts.

The market segmenting strategy begins with identifying precise segmentation criteria. Factors such as demographics, psychographics, geographic location, and behavior are analyzed to categorize the market into distinct groups. By understanding these criteria, it's possible to target specific segments more effectively, customizing products, services, and marketing efforts to align with their unique needs. This targeted approach ensures connection with the right audience, enhancing engagement and driving conversion.

In the real estate market you have a segment called "upsizers". Families looking to move into larger homes. Traditional analysis suggests the main motivation of this segment is space. Yet, they're also very driven by local amenities. In this case you can refocus your marketing message to not only showcase spacious interiors. You can also highlight nearby parks, schools, and community events. These small shifts can boost sales. There’s value in developing a detailed understanding of your segments.

Analyze your segments across your channels. Software for social listening, automation, and analytics include: 1. Zapier 2. Buffer 3. Iconosquare 4. Later 5. Mention 6. Sprout 7. Hootsuite 8. Sprinklr

When analyzing segments, consider: -Size -Growth -Profitability -Accessibility -Compatibility -Competitiveness -Behavior -Needs -Trends -Potential

Analyze your market segments by studying their characteristics, such as age, income, and interests, to understand their needs and preferences better. Use this insight to tailor your products, messaging, and marketing strategies to resonate with each segment, ultimately driving stronger connections and engagement with your target audience.

Surveys and interviews may reveal that larger companies prioritize compliance and scalability. Smaller companies may be very price-sensitive but still need robust features. These insights help tailor messaging accordingly.

When evaluating segments, remember it's not just about the size of the pie, but how tasty it is! ?? Look for segments with a hunger for your brand and a wallet to match. It's like picking your team for dodgeball - you want the players who can dodge, dip, dive, and drive revenue. And don't forget, accessibility is key - if you can't reach them, you can't win them over. So, put on your analytical cap, crunch those numbers, and let's score some segment slam dunks! ???? #MarketingStrategy #SegmentationSuccess #BrandAlignment

In evaluating which segments to target, seek to identity those segments that your competitor is ignoring and/or cannot serve as well as you can. Sometimes great opportunities are found in identifying those viable segments that you can best serve and that no one else is focused on.

In real estate you can segment the market into three groups. First-time buyers, upsizers, and downsizers. On paper, upsizers appear to be the most lucrative with their need for higher-value homes. Using a scoring system, measure competition, marketing costs, and conversion rates. You might find that first-time buyers actually offer better ROI and less competition. Channel your marketing efforts into profitable segments. Don’t only evaluate segments by their appeal. Use a range of factors that influence profitability and feasibility for your business.

Scoring each segment on factors like growth potential and profitability can be illuminating. Mid-market companies may offer high potential despite limited attention. Larger companies may have massive revenue potential despite high competition.

In most cases, figuring out the most attractive segments can be tricky. Culture mapping can simplify this task and help avoid costly mistakes especially when assessing geo-political sentiments that would have direct impact on the brand offering.

For B2B organisations that rely on a few companies for a large percentage of their revenue, it can be wise to develop an account-based, tiered segmentation strategy. This would mean focusing larger amounts of marketing resources on the top tier accounts that drive the highest revenue and/or present high growth potential, and lower resources on those that don't meet that criteria. This helps focus resources on where there is the most opportunity, and helps make marketing teams more involved in direct business growth.

When developing a segmentation strategy: -Define objectives. -Identify variables. -Collect data. -Analyze data. -Create segments. -Validate segments. -Develop profiles. -Select target segments. -Design strategies. -Implement and monitor.

Develop your market segmenting strategy by first conducting thorough market research to understand your audience. Identify key variables such as demographics, psychographics, behaviors, and geographic locations. Use this data to create distinct customer segments that align with your business goals. Prioritize segments based on potential value and relevance to your product or service. Continuously refine your segments through data analysis and customer feedback to ensure they remain accurate and effective in targeting the right audience for your marketing efforts.

For larger companies, the focus may be on security and scalability. For mid-market companies, ease of use and rapid implementation may be highlighted. For smaller companies, discounted pricing on core features can deliver value. Customized strategies for each segment can optimize conversion.

Social Listening as a methodology offers a great way to see where people communicate about topics they care about. Use that data to shape your segmenting strategy

Crushing segmentation challenges with OKRs is the way to go! Start by setting an audacious objective, like boosting engagement in key segments by 15% this quarter. Break it down with key results: launch laser-focused campaigns and hit a 10% click-through rate. Keep a close watch on those metrics, gather feedback, and pivot like a pro when needed. This isn’t just about following a strategy—it’s about smart, adaptable marketing that aligns perfectly with your business goals.

At the end of the day the highest standard of segmentation is to operate with segments of 1 i.e. personalisation. So there's really just a single segmentation strategy - to be able to speak to your users one to one. It's more than just showing "Your past purchases" in a newsletter; it's more than just showing "Recommended for you" in-app. It's all about being able to accurately predict what the user will like in the next purchase and offer a deal to convert; it's all about knowing which loyalty loop excites this user and lure them in to retain them; and it's definitely about retaining overall brand essence yet emotionally connecting with the user in a way that the user appreciates. A lofty North Star but already some brands are ahead.

Life Stage and Milestones: Segmenting based on life stages can be highly effective. Consider where your customers are in their life journey – are they students, young professionals, parents, empty nesters, retirees? Each stage comes with unique needs and priorities that can inform your marketing strategy. Media Consumption Habits: Analyze how your target audience consumes media. Are they avid podcast listeners, YouTube enthusiasts, or do they prefer traditional print media? Tailor your advertising and content distribution to align with their preferred channels.

When creating your segments / audiences, work side by side with your analytics and insights teams. Create customer profiles / personas and hypotheses on how each segment is going to engage and perform. Then evaluate post execution.

1. Market dynamics 2. Customer feedback 3. Internal capabilities 4, Alignment with objectives 5. Scalability 6. Customer lifetime value 7. Responsiveness 8. Ethical considerations 9. Collaboration 10. Continuous improvement