Small Business Internet Marketing: Market Segmentation Where Do You Start?
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Market segementationis important for any business, not just large corporates. If you ask most small business owners who are their ideal audience many will say everybody!* Though wouldn’t that be nice. In reality to get any market penetration and traction you need to focus on something called a niche. That way it will be much easier to get your first foot hold on a market. Now this niche could be any sector you choose. You could start with demographics, interests, age sex etc. Below are some examples of how you can first start to segment your market. Remember, the clearer you know who your target audience is, the better it is and easier for you to target your marketing. This is relevant no matter if this is concerning your online or offline efforts. 1. Demographic segmentation –
You can segment your audience by age, gender, education level, or socio-economic status. 2. Lifecycle segmentation –
This form of segmentation understands that consumers need different products at different life stages, and you need to target just one of these stages (e.g. pregnancy) 3. Geographic segmentation –
In this form of segmentation, you target specific countries, or even as small as a specific neighborhood. This is particularly important if you are a brick and mortar service shop like a barber or law attorney. 4. Job segmentation –
Segmenting by jobs or occupational roles takes into consideration the roles of the particular person at work. For example, you might be targeting just the purchasing managers of a particular industry. 5. Specialty segmentation –
This identifies a very tightly narrow and niche audience that is facing a common issues or have a common interest. For example, you could be targeting only the people who owns a certain model of motorbikes.
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The power now of online marketing and how we all search online means those even small subsets of any market can form a lucrative business model. You only need to head over to Ebay and see some of the items for sale. Just have a look on the buy it now section and you will see some sellers turning over huge amounts of stock in obscure markets. Market segmentation is particularly important when it comes to start up businesses as it is a way to focus your effort and resources without breaking the bank. Best Wishes Sharon and Denise
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www.fasttrackyoursales.co.uk 08452570073 email: support@fasttrackyoursales.co.uk