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These customers can be individuals, families, businesses, organizations, or a blend of multiple types. Market segments are known to respond somewhat predictably to a marketing strategy , plan, or promotion. This is why marketers use segmentation when deciding on a target market. As its name suggests, market segmentation is the process of separating a market into sub-groups, in which its members share common characteristics.
To meet the most basic criteria of a market segment, three characteristics must be present:. Common characteristics of a market segment include interests, lifestyle, age, gender, etc. Common examples of market segmentation include geographic, demographic, psychographic, and behavioral. Companies that understand market segments can prove themselves to be effective marketers while earning a greater return on their investments. The banking industry provides a very good example of how a company markets to specific market segments.
All commercial banks service a wide range of people, many of whom have relatable life situations and monetary goals. If a bank wants to market to baby boomers , it conducts research and may find that retirement planning is the most important aspect of their financial needs. The bank can then market tax-deferred accounts to this consumer segment.
If the same bank wants to effectively market products and services to millennials, Roth IRAs and k s may not be the best option. Instead, the bank may conduct in-depth market research and discover most millennials are planning to have a family.
The bank uses that data to market college-friendly savings and investment accounts to this consumer segment. Sometimes a company already has a product but may not yet have its target consumer segment.
In this scenario, it is up to the business to define its market and cater its offering to its target group. Restaurants are a good example. If a restaurant is near a college, it can market its food in such a way as to entice college students to enjoy happy hour rather than trying to attract high-value business customers.
Commonly used in marketing strategies, market segments help companies optimize their products and services to suit the needs of a given segment. Market segments are often used to identify a target market. Broadly speaking, identifying a market segment requires the following three criteria.
Mintel Reports The Mintel Reports database is a marketing research database with reports on consumers and consumer industries. Reports include information like consumer trends, brandshare dynamics, market drivers, and more. Published by: Mintel Group Ltd. Passport Information on industries consumer, industrial, service , countries, and consumers lifestyle, expenditures from Euromonitor.
Each handbook includes market forecasts, sector trends, and statistics. Miller and Associates publications Published by: Richard K. Simmons Insights A consumer intelligence and discovery platform that provides access to actionable consumer insights.
Access is limited to 15 concurrent users. It includes hundreds of interactive data maps of the United States, including historical data back to Published by: Oxford University Press. SRDS Databases Contains information and advertising rates on various media properties, including consumer and trade magazines, newspaper, out-of-home, and more.
Statista Statista is a database that contains international statistics, facts, and market data taken from free and proprietary sources. Published by: Statista Inc. Payment Procedures The mode and time of payment adopted by buyers segments them as — cash purchasers, credit purchasers, full-paying purchasers, and installment-paying purchasers. Also read: Industrial Marketing vs. Back Enquire Now. Leave a comment Your comment has been submitted for approval. Related Post. Category : Industrial Marketing.
View Blog Post. Digital marketing for industrial products is a whole other ballgame co Industrial Marketing B2B professionals are rapidly transitioning to The most critical aspect of industrial marketing or B2B marketing is t Tell us how we can reach you! Download It Now!
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