4 Key Steps To Find Your Market Segment

Market Segment

Market Segment: Would you be excited to start your own business? Do you have an idea that you trust? If so, the next step for your project to be successful is to carry out a good market segmentation.

Finding your ideal market segment will help you save a lot of time and money, increasing the chances of success in marketing actions.

This is one of the first steps, as it will help you clarify the path you are going to follow. Once you have the market segment you can easily find the channels and the message you should broadcast.

In order to help you, we are going to tell you 4 basic steps to find the market segment.

Think About Needs And Benefits

The first question you have to answer is: what need does my product or service cover? To thoroughly analyze these types of issues, I recommend that you make a list of all the characteristics and benefits of each one.

Then ask yourself the following question: who is the public that has a problem in that area? You can probably think of one or more groups in which your idea would be wonderfully accepted. Who has the greatest need to solve it? Which ones do you think would be willing to pay more to find a solution?

Research The Competition

It is important that you know your competition thoroughly from the beginning in order to save yourself a lot of headaches. Discover which are the most prominent companies, those that offer products or services similar to yours, and thoroughly analyze their web pages and marketing materials. What audience or audiences do you think they are aimed at?

Once you have managed to establish who the target audience of these companies is, you will have to find out where your own niche is. It is important that you find a personalized niche, even though the audience is very similar. You can always revisit the features and benefits your product offers to think about how you can reach a slightly different audience than your competitors already have.

Analyze Your Target Audience

When you already know more or less the audience you are targeting, you should try to define it as much as possible so that your segmentation is very specific. Therefore, you must, from the beginning, consider the demographic characteristics: location, age, income, gender, level of education, profession, marital status…

You will also have to think about psychographic characteristics in order to go a step further, such as values, interests, behaviors and lifestyle. How does the product you offer fit into their daily life?

Evaluate Your Decision

If you have already defined the market you are going to need, how can you find out if you have made a good decision? Before you jump in without a parachute, establish a marketing plan. To do this, we recommend that you ask yourself the following questions:

Is my target too broad? Be clear that it is important that it is defined, but that the audience must still have an interesting number of people for your company to be successful.

Do you perfectly understand their needs, behavior and also their attitudes? If not, you will need to continue researching.

Do those people really need your product or service?

Can they afford the price of my product or service? A good marketing strategy is to demonstrate that the cost of doing nothing is greater than the cost of acquiring the product or service you offer.

Can I contact my target audience? It will be useless to have established your ideal goal if in the end you cannot communicate with it. What means would you need to be able to obtain them?

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