Market segmentation was earlier was a classic marketing concept but now it has been adapted by the digital platform also. The strategies of this market phenomenon is to divide the broad market into subsets of consumers who exhibits common needs and priorities for creating strategies to target them.
Here the problem is that you need to decide what kind of segmentation you need to have for your targeted market. If you have 20 business peoples in a room and you have to perform customer segmentation and chances are there that most will have wide range of different segments which can be reached with message.
So what type of segmentation are there and how to have these segmentation into digital platforms. Here are some of the marketing segmentation and what are they and how to implement it on social media platform like Socialyk.
Geographic segmentation is very simple way to segment market on the basis of country, region, state, zip code, neighborhood, or even more general characteristics such as suburban/rural/urban. Here are some of the examples how the firms can segment on the basis of geography.
- Make different parts of different regions of United States, for example such as Northeast, South and west.
- Bicycle sellers will sell one type of bicycle in rural area and another type of bike in urban area.
- When you are marketing the products internationally then companies need to segment their product marketing according to the culture and regions. Marketing strategies includes campaigns which work in United States and can be modified for other countries. For example KFC in United States and KFC in China offers completely differed menus for satisfying their customers.
This segmentation refers to division of market into groups of variables which includes age, income, occupation, family size, education, race, marital status, race etc. Here the example of the list.
Sex: Different types of hygiene products such as Shampoos, deodorants, hairsprays are based on men and women.
Age: Different types of vitamins, games and cereals are based as per the age of the people.
Culture: Cosmetics and hairsprays are based on Asian, African, Americans which is based on the different type of television shows and broadcast.
Income: luxury cars are meant for high income individuals and restaurants cater to high income as well as low income people.
Family size: Cooperative small medium sized and large sized companies make use of large numbers of single who choose not to get married.
Occupation: Marketing calculators are meant for accountants, engineers and stockbrokers.
Education: Newspaper, educational websites, magazines are created on the basis of different levels of education for example such as Wall Street Journal, Forbes etc.
Marital Status: There are many resorts which cater only single people, families and married couples.
Social Class: Wine is meant for social classes and lower social classes.
Lifestyle segmentation is based on the lifestyle of a person, how they live and study on the basis of interest, opinions for customers. If you find the answer to your question that where you will find such as leisure time? What kind of hobbies they have? How important is that? How do they see the world?
This segmentation includes market concept which determines the company’s goals which focuses on the needs of the consumer. In order to seek the benefits of the customers need to buy the product or services. Whenever a consumer purchases anything there is a reason behind it. As a marketer you need to find out what is the reason behind it and then align up your strategies accordingly.
Here are some of the examples how to do so:
For example you need to segment the market for the films? Here are some of the possibilities:
On the basis of Sex: Films which is made on the basis of women are meant to attract the women’s as their targeted audience. Actions which are included in the films are also women friendly means it does not exhibits violence and strong female stars who has major roles. Still this can attract the male audiences as well females also.
On the basis of age: Movies for the children’s and for adults. The example of it is Monsters Inc. and Monsters University films. Both of them attracts the young audiences but after 10 years when the Monster University was produced after 10 years then it attracted the young as well as the young adults who have seen the Monsters Inc. earlier.
How to segment the market for the vacations?
On the basis of family lifecycle: You might market the vacations on the basis of criteria for the middle age couples whose children’s have moved out and for bachelors who are singles.
Performing these Segmentation on Socialyk Insights
If you don’t have Socialyk audiences then, it’s time to sign-in into Socialyk account and start playing with it. On a personal experience I started playing with it and found a lot of data which were unbelievable for me.
This platform make use of guess works and then information you provide while having campaign targeting first time. If you have knowledge in using the platform then you can have overall cost per click, generate higher ROI, reduced CPA.
Now it is time to implement the ad campaign in different market segments with the help of this platform.
Geographic Using Audience Insights
One example of distributing different beers in different parts of U.S. For an option delicious beer like Dogfish Head which is exactly at United States but its demand is increasing day by day in other parts of the world.
Socialyk provides you with the best analytical report of every customer base and what interests them. You can categorize or narrow down the search on the basis of the range of location or according to the range of income.
Demographics using Audience Insights
Socialyk provides an amazing feature of analytics which allows you segment your marketing analysis into different demographics. You can classify all the data into different characteristics such as lifestyle, gender, sex, marital status, job title, educational level etc. Socialyk Analytics provides you with advanced search where you can have choice from different characteristics. You can narrow your searches according to your demographics which may feature categories like home (home type, home ownership, and home value), relationship status, market segments such as household composition (empty nesters, young adults, children in home).
Lifestyles/ Psychographics using Analytics
The analytics provide you a solid idea of exactly what are your targeting groups are and what are your biggest competitors are. So as per the analytics you can throw ads and campaigns in order to influence your targeted audiences.
Segmentation allows benefits for the customers in buying products/services. These insights provides you with the analytics report of people who wants to buy and what is the reason behind it. For example if your family is looking to book a vacation for traveling somewhere if they are receiving a discount for the trip then the family will be going on the vacation, as vacation for families are quite expensive these days.
These demographics provides the data and analytics of what are the likes and dislikes, location, household information and purchase behavior of your targeted audiences.
Socialyk provides you a platform which allows you to perform great market segmentation and ad campaigns. It provides a great feature of generating analytical reports of every products or services on the basis of which you can get the most relevant market segments of your as well as your competitor’s products or services.