Market segmentation is a strategy of classifying larger group of target audience (current and potential customers) into smaller and objective-driven groups sharing similar characteristics such as age, income, values, behavioural & personality traits, consumption habits, benefits sought and so on. Segmenting your target market provides you with a deeper understanding of your target audience. This distilled knowledge, in turn, is helpful in product development; product positioning; packaging design; pricing strategy; sales & marketing strategy; advertising communication; customer engagement; and smart targeting on social media. Effective segmentation can help you in reaching out to the defined audience with remarkably higher accuracy, that too in a lesser budget.
Let’s understand this with an example. A popular snack brand Soulfull recently launched a new product Millet Smoothix – a multi-nutrient powder in which you just add milk or water and drink.
Which deportment gives more profit & which one is not good, How to solve this problem? This blog talks about: How to Segment Your Target Market to Maximize Reach and Results. Get the best result with less price, keep touch with Branding Agency in Ahmedabad – Purple Phase, Click here to read more....