Four Benefits of Market Segmentation: Benefit 1 -Improving Products

Market segmentation rewards you with four benefits
These include:

• Improving the marketability of your product or service,

• Improving your marketing strategies,

• Improving your marketing tactics,

• Improving your business’s marketing position.

This post covers the first of these benefits. I’ll be covering one of each of the remaining three benefits over the next three days.

Market Segmentation Improves Marketability of Your Product or Service

Market segmentation benefits you, as a small business owner, by enabling you to determine characteristics that your target market members value most. Market segmentation also enables you to design or select your products or services to match the values of your target market members.

If market segmentation reveals that your target market members most value safety, security and reliability, your product must be very different than if they most valued excitement, innovativeness, and fun. In fact, these values are so different that they actually demand different products.

By using multiple demographic segments and determining shared psychographics across segments, market segmentation enables you to determine similar values and behaviors for your target market.

You can easily determine differences in values by different target markets by using simple demographics and determining from them, personality (psychographic) and behavioral characteristics.

That information can then be used to improve the marketability of your present products and to enhance your new product marketing strategy.

It’s discovering shared characteristics that makes my matrix market segmentation such a simple, yet powerful process.

To learn more about this process, you can get a free report by completing the form below.

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