You may not know your customers by name.. But understand your customer, you MUST! Market segmentation is practised by most businesses in one form or another, as a way of streamlining their marketing strategy by dividing broad-based target markets into specific groups of consumers, and devising marketing methods that will appeal to each group.
Marketers are looking for a means of achieving internal homogeneity (similarity within the segments), and external heterogeneity (differences between segments).
This video is an introduction to the various aspects, however for a better understanding please check out the links from the "Additional Reading" section below and continue on your learning journey.
Note: Videos have been made with international students in mind, as such if your finding the speed of speech slow, please increase playback speed to 1.25 in YouTube.
I hope the video takes you beyond the definition & helps to make the learning process a little more tangible. Please subscribe & feel free to share.
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Video Content
0:00 - Introduction Segmenting the Market
0:06 - Why Segment the Market?
0:51 - What is Identifiable, Substantial, Responsive, Actionable, Measurable, Accessible & Stable when Segmenting the Market?
2:53 - Step 1 - How to Conduct Preliminary Research?
3:44 - Step 1.5 - Determine How To Segment our Market?
4:22 - Step 2 - What is Customer Segments & Buyer Persona?
5:15 - Step 3 - How to Identify Market Segment Opportunities?
6:06 - Step 4 - How to Research our Potential Segment?
6:54 - Step 5 - How to Test & Iterate?
7:35 - Step 6 – Should we Invest or Divest?
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Additional Reading:
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School of Learning
Arnav Dutta
https://www.linkedin.com/in/arnav-dutta-a2020a44