Building customer segments After the preliminary analyses

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Profit maximization and cost reduction : sales strategies will become more efficient and focus on the products/services most desired by the market and on the means that offer the highest conversion rate of a possible customer; costs will be reduced, as unprofitable products/services or distribution channels that are too expensive compared to the results obtained will be eliminated. Limitations of market segmentation High costs for research and development High marketing expenses, especially at the beginning, when there is a need to test different strategies and interpret the responses from the market; Constantly and excessively improving the products/services to continuously satisfy the target audience and their needs; Giving a high level of confidence to statistical data and information, collected from the market, without being actually tested directly in the market.



The possibility of misinterpreting how consumer problems can be solved and how their  needs can be met; Inability to develop and grow the company when the marketing department does not know its products/services, and communication about them does not accurately reflect their characteristics and specifications. The step-by-step segmentation process Regardless of the size of the company, the market segmentation process is essential; for the process to be carried out correctly, 5 steps must be followed: 1. Defining the market Companies must know exactly which is the market they are addressing, how big it is and what are the specific needs of consumers; one can start with a local analysis, then follow a national and even international approach, depending on the size of the company.







2. Market segmentation Establishing the type of segmentation that is desired - demographic, psychographic, geographic, firmographic or behavioral segmentation; a mix of segmentation types will provide a clear and accurate picture of the customer profile. 3. Understanding the market Analysis that is based only on statistical information is not worth that much, that is why it is important to test the information collected directly in the market, by conducting surveys, focus groups, questionnaires, etc. Such an approach allows companies a direct interaction with potential consumers. 4. Building customer segments After the preliminary analyses, the next step is to identify the profile of the ideal customer and the products/services that suit him; once this process is completed, it will be established which are the most profitable consumer segments, on which the company will focus.

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