How To Create Formula In Excel For Entire Column Marketing Strategy: 7 Steps to Market Segmentation

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Marketing Strategy: 7 Steps to Market Segmentation

Market segmentation is generally described as a complex process that involves two main stages:

– identification of broad, large markets

– Segmentation of these markets in order to select the best target markets and develop Marketing mixes accordingly.

Everyone in the Marketing world knows and talks about segmentation but many don’t really understand the mechanics of it, so failure is just around the corner. What causes this? It has been written that many marketers fail the segmentation test and start with a narrow mind and a bunch of misconceptions such as “all teenagers are rebels”, “all grown women buy the same cosmetic brands” and so on. There are many dimensions to consider, and uncovering them is certainly a creative task.

A widely used model of market segmentation consists of 7 steps, each designed to encourage the marketer to come up with a creative approach.

STEP 1: Identify and name a broad market

You need to understand by now what broad market your business is targeting. If your company is already on the market, this can be a start; Many options are available for a new business but the benefits are often limited.

The biggest challenge is to find the right balance in your business: use your experience, knowledge and common sense to estimate that the market you have just identified is not too narrow or too broad for you.

STEP 2: Identify and list the needs of potential customers

This step pushes the creative challenge even further, because it can be compared to a brainstorming session.

What you need to consider is what customers from a previously identified broad market are looking for. The more needs you can bring, the better.

Are you stuck in this segmentation phase? Try to put yourself in the shoes of your potential customers: why would they buy your product, what could lead to a purchase decision? Answering these questions can help you identify many of the needs of potential customers in your given product market.

STEP 3: Design shrink markets

McCarthy and Perreault suggest that they make a low market about what you can call the “typical customer”, then combine the same people in this segment, in the case of being able to satisfy their needs using the same Marketing mix.

Start building a column with the dimensions of the main need you are trying to cover: this will make it easier for you to decide whether the given person should be included in the first section or you should create a new section. Make a list of attributes related to people, demographics included, for each narrow market you’re targeting – the next step will ask you to name them.

There is no correct formula for how to narrow markets: use your best judgment and experience. Don’t avoid asking non-trade experts for opinions, as different people may have different opinions and you can always rely on what most people agree on.

STEP 4: Identify the setting criteria

Carefully review the list that results from the previous step. You should now have a list of demand factors for each market segment: try to identify those that carry the finishing power.

Examining the needs and attitudes of those included in each market segment can help you to predict values.

STEP 5: Identify potential sector markets

You’ve identified the criteria for your market segments, now examine them one by one and give them the right name.

A good way to call these markets is depending on the most important setting.

STEP 6: Assess the behavior of market segments

Once you have finished naming each market segment, allow time to think about what other aspects you know about. It is important for a trader to understand market behavior and what makes it work. You may notice that, while most of the sections have it the same needs, still different requirements: understanding the difference and working on it is the key to finding success using competitive offerings.

STEP 7: Estimate the size of each market segment

Each component identified, named and studied during the previous stages must finally be given a size estimate, even if, due to the lack of data, it is only a rough estimate.

Forecasting market segments will come in handy later, by providing support for sales forecasts and helping to plan the Marketing mix: the more data we can collect at the moment, the planning and the easier the plan will be.

These were the steps to segment the market, presented briefly. If done correctly and thoroughly, you should now have an idea of ​​how to build Marketing mixes for each market segment.

This 7 step market segmentation method is very simple and effective and works for most marketers. However, if you are curious about other methods and want to experiment, you should look into computer-aided techniques, such as assembly and positioning.

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