Conducting successful market segmentation involves several steps:
Identify the Market: Understand the overall market you are looking to segment. Segment the Market: Use your selected criteria (demographic, geographic, psychographic, behavioral) to divide the market. Evaluate Segments: Assess the viability of each segment based on factors like size, growth potential, and accessibility. Select Target Segments: Choose the segments that align best with your business objectives. Develop Segment Profiles: Create detailed profiles for each selected segment to guide your marketing efforts. Execute Marketing Strategies: Develop and implement tailored marketing strategies for each segment.