What is Market Segmentation?
Market Segmentation is the process of categorising a businesses audience. Identifying different groups of individuals allows you to produce targeted, specific marketing techniques to each of the different groups.
How is a market segmented?
Your market is best segmented into the who, why, where, and how. Demographic, psychographic (hobbies, personality), geographic and behavioural segmentation can all help you make informed decisions on what type of messaging you present to your audience
Correct market segmentation allows businesses to divide a broad consumer base into segments, and identify from these groups ‘high-yield’ categories of customer to target, thereby increasing profit.