What are the Steps to Effective Market Segmentation?
To effectively segment a market, entrepreneurs should follow these steps:
Research and Data Collection: Gather data on potential customers through surveys, interviews, and market research. Identify Segmentation Criteria: Choose the criteria that will be used to segment the market, such as demographics, geography, or behavior. Segment the Market: Divide the market into distinct groups based on the chosen criteria. Evaluate and Select Target Segments: Assess the attractiveness of each segment and select the ones that align best with your business objectives. Develop a Marketing Strategy: Create tailored marketing strategies for each target segment to effectively reach and engage them.