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What is it? Market segmentation is an important marketing process aimed at increasing sales by enhancing customer loyalty.
How does it work? The company's message to the client must be unique: "Are you going on a hike? Just for you, these trekking boots are super discounted until the end of June!"
What is the result? Such vnpay database personalization has a positive effect on the brand-customer relationship by segmenting the target audience.
The article explains:
What is market segmentation
Advantages of segmenting the consumer market of goods and services
5 More Reasons to Conduct Market Segmentation
Types of Market Segmentation
Market segmentation criteria
Market Segmentation Categories
3 Cool Examples of Market Segmentation
4 Market Segmentation Strategies
Market Segmentation Methods
4 Rules of Market Segmentation
8 stages of market segmentation
Useful Market Segmentation Tools
Verification of the effectiveness of the conducted market segmentation
5 Scenarios for Using Neural Networks to Increase Website Conversion by 40%
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What is market segmentation
Segmentation is the division of the market into sections according to specified criteria and under the influence of a large number of factors. Such segments can be categories of target audiences, products or companies formed according to some common parameters. For example, buyers in each group will have the same needs, desires and opportunities.
Mass-market products cannot satisfy the needs of each customer from their huge total mass. Therefore, in order to simplify interaction with people, as well as to optimize production processes, marketing activities and sales, they are all combined into groups based on similarity of interests and needs. Each such category has certain requirements for the product itself and for the forms of its acquisition.
Another mechanism is used when selling exclusive goods. Here, each client is perceived as a separate market, and, accordingly, work with such persons is carried out individually. A typical example is the production of long-haul aircraft. Marketers call this format the ultimate degree of market segmentation.
In the process, manufacturers or sellers differentiate the market into sections based on product category, geographic location of sales points, target buyer profile, and other social characteristics.
What is market segmentation