Market Segmentation is the process to target costumers based on unique characteristics like location, demographic, psychographic and behavioural information. By this we can divide costumers into smaller, more defined categories. This method is to be used in the type of brand where the product or service has very low appeal or which is not applicable to any audience.
Location / Geographical segment:
It is very simple type of market segment which is divides the costumers based on geographic border. This segment divides the costumers into the groups like location, city or in wider form it is divided in country level.
Demographic segment:
The divide by this segment is basically depends upon the product or service based on B2B or B2C. if the brand is B2B then it will divide the costumers in Company size, Industry and Job Function. If the brand is B2C then the group is form based on Age, lifecycle, gender, income, generation etc.
Psychographic segment:
This segment divides the costumers in to the by factors like personality, traits, values, interest etc. The differentiation of costumer by this factor is more difficult as compare to others as there is not much data would be available for individual costumers.
Behavioural segment:
This segment is dividing the costumer based on how costumer act not on who the costumer is. This will focus the costumer based in occasions, user status, frequently usage of anything etc.
So, as per the data and some surveys the company like FMCG and others in country like India it will beneficial to divide the market into the segments like behavioural, demographic and geographical only. There is no need of psychological segment.
For the country like India Market segmentation comes with several benefits like:
- By this you can create strong catchy line for your product.
- Best tactics can be used by which you can determine best solution and method for reaching them.
- On digital advertising you can easily target your costumers.
- When marketing message is clear you can more likely to convert leads into buyer.
- As you know your costumers you can differentiate your brand from competitors as per customer needs.
- The attractive offers and messages for specific costumers leads to create solid bond between costumer and brand.
- You can identify underserved costumer group by which you can develop your brand among them which is easy as compare to served costumer group.
- Targeting market keeps your objective and messages focused.
Reference
Author Details
Raj Shah | PGDM (IM) | 2019-21
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Raj has completed B.Tech. (Elec). He is currently pursuing PGDM in Infrastructure Management (2019-21) at AIIM. He has prior work experience in marketing field in prima automation (India) Pvt. Ltd. He has also published two research papers in the field of Power Electronics. He is enthusiastic to explore current affairs and he is a go-getter type of person.
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