Market Segmentation Strategy Lagos Nigeria
by Samson Itoje
Market Segmentation Strategy Lagos Nigeria
Market segmentation strategy, also called audience segmentation strategy, is the process of dividing the target market of your products or services into categories. And then marketing to each category based on the unique needs of that category.
What is the importance of market segmentation?
Establishing a market segmentation strategy enables your business to prepare sales messages for each category of people in your target market. And, hence, more easily convert these prospects to customers because your marketing message resonates with them.
Remember . . . people do not buy from your business because they love you. They buy from your business because your products or services meet their needs.
Therefore, target audience segmentation should be a priority for your business whether you're doing business in Lagos Nigeria (or anywhere else in the country).
Target Audience Segmentation Strategies
You can segment (or categorise) your product target audience by . . .
1) Location, which is called geographical segmentation
2) Age, which is called demographic segmentation
3) Behaviour, which is called behavioural segmentation
4) Budget, which is called budgetary segmentation
. . . or by whatever other categorisation fits the unique products or services you sell.
Do not forget the importance of market segmentation strategy, which is to help you categorise your target market so you can market to them based on the unique needs of each category.
Effective market segmentation strategy ultimately results in sales increase.
So, are you a business owner in Lagos Nigeria (or anywhere else in the country?)
Want to talk to potential customers using in a message that will reach their hearts and make them want to buy from you?
Then you must have a target audience strategy.
Customer segmentation is the process of categorising customers based on certain criteria. And then relating with those customers based on the category they belong.
Advanced Market Segmentation Strategy
As mentioned above, the purpose of segmenting the target market of your products (or services) is to enable you increase sales by delivering the sales message that resonates with each category to prospects in each category.
The traditional market segmentation process works like this:
1) The marketing team establishes the different segments of the market their products cater to
2) Determine what sales message will resonate with each category of potential customers
3) Engage marketing agencies to produce the radio, TV or billboard ads required to reach the target audience the company wishes to reach
4) Hope that the message reaches the different categories of people they plan to reach
That is the old-school market segmentation strategy.
The above target audience segmentation strategy stills works to some extent. And you can continue with it as a company.
However, your business must embrace the new technology-driven market segmentation process otherwise your business will eventually be left behind.
I call this the advanced target audience segmentation strategy. And this strategy is powered by a conversational lead generation software we call market segmentation software.
Increase Sales With Market Segmentation Software
How does this technology driven market segmentation process work?
How does a market segmentation software help you increase sales?
Software powered market segmentation process works like this:
1) The marketing team agrees the different types of problems their product solves
2) The marketing team prepares a sales message for each problem type
3) The marketing team buys a lead generation software that incorporates lead segmentation process
4) User segmentation happens in the software with each user responding to questions (or choosing product options they prefer)
5) The conversational marketing software presents each user marketing messages based on their choices
6) Prospects are stored in the software's lead database system for analysis by the company's marketing experts
7) Lead to customer conversion rate can be calculated and marketing messages can be modified to increase conversion rate
8) The existence of a customer database created by the market segmentation software opens up opportunities for the business / company to re-market to prospects in their database over and over again to increase sales
Can you see the opportunities opened up by using a market segmentation software?
Using a market segmentation software allows you to . . .
1) Collect (and store) personal data of potential customers (something that is not possible with radio, TV or billboard ads)
2) See what percentage of your leads are interested in different categories of products you offer
3) Get direct feedback from people in your target market
4) Measure sales generated by your marketing spend
5) Refine your sales message where necessary to get even more sales
6) Get data you need to improve your marketing message and sales
7) Optimise your marketing system to get for more sales
The truth is . . . most businesses market blindly because they do not have access to data on customer behaviour.
Using a market segmentation strategy powered with a market segmentation software is exactly what you need to increase sales.Click HERE for a FREE DEMO of our market segmentation software