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Market segmentation. What is and how to do it?

Did you know that there is a way to identify the different types of people who may come to your SME? Introducing market segmentation.

08 Nov 2023. 09:40
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  • SME maturity
    Initial
    Topic
    1. Marketing digital y redes sociales
    Scope to digitize
    1. Relationship with clients

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Did you know that there is a way to identify the different types of people who may come to your SME? Introducing market segmentation.

Knowing your target audience is essential to adapt your products and services to their specific needs. Market segmentation helps you in this process!

Market segmentation divides a market into smaller, homogeneous groups based on user characteristics and behaviours.

Discover the step-by-step to do this market segmentation:

  1. Market research: conduct an analysis of the market you are in. Examine demographic data, consumer trends, purchasing preferences... among others.
  2. Identification of variables: identify the key variables that will allow you to effectively segment your market. For example: age, gender, geographic location, income...
  3. Segment profiling: create detailed profiles for each segment that describe the demographic characteristics, behaviours, needs and desires of each group.
  4. Feasibility assessment: prioritize those segments that represent a solid commercial opportunity and are aligned with your business objectives.
  5. Adapt your marketing strategy: tailor your marketing strategy to meet the demands of each group.

Remember!  Market segmentation is a continuous and dynamic process, it is important to review and adjust your segments periodically.

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