How To Identify The Segment And Market Targets To Run Business Strategies

Illustration of identifying segments and target markets (Unsplash/Kelly Sikkema)

YOGYAKARTA - The segmentation and target market are terms that are quite familiar with business people. Both have an important role in formulating and implementing business strategies. However, there are still many novice businessmen who do not understand about the segment and target market.

Segmentation and target markets are often considered the same thing. Although both are elements of business strategy, both have differences. Entrepreneurs and prospective entrepreneurs must understand the understanding and differences between the two.

The segmentation, according to marketing experts Kotler and Amstrong, is the division of the market into different groups. This step aims to find out the right way of marketing based on the characteristics and needs of consumers. Market segmentation is also adapted to their respective business objectives.

Market segmentation is carried out by grouping consumer targets based on certain categories. The division of consumer groups is based on several things, namely age, gender, demographics, behavior or nature, priorities, needs, and interests or hobbies from consumers. By conducting market segmentation, business people can carry out business strategies accurately.

Market targets are large-scale markets or consumers that a business wants to target. In scope, the target market is wider than market segmentation. However, both are interrelated and needed in business marketing. Business owners need to know how to identify market segments and targets.

Segmentation and target markets should not be ignored by business people. Because without knowing the segments and target market, your business will run without direction and your sales will not be effective and even failed.

There are several ways to identify segments and target market that business owners must know.

The earliest step in identifying market segments and targets is to recognize your own business. Before analyzing consumer targets, you must determine your business character. Business characteristics are formed from your business types, brands, products, and business goals.

Make sure you understand the details of your business character. After knowing what your business character is like, then you can identify your market segments and targets. Both things must match your business character, so that the business strategy can be right.

Next you need to determine the target of consumers by referring to the character of your business. You can estimate consumers who are targets of your business, so they can sell products accurately.

In determining consumer targets, you can divide them into three groups. Determine which consumers are new, the main consumers, and other consumers. Next, you can divide them into several categories, including age, gender, interest, location, and so on.

The next step is to conduct research or market surveys. Market surveys are conducted to obtain data on competitors and consumers who are the material for business strategies. You can do research online or offline.

You can do online surveys using social media or other digital platforms. You can conduct surveys by yourself, such as viewing consumer behavior on social media, product engagement, and business trends. In addition, you can also conduct a survey by making a qualifier.

Next, you can analyze problems and solutions in business using research results. From research data, you can see what consumer needs and desires are. Next you can find opportunities and innovations for your business.

Make sure your business offers solutions to consumer needs and problems. The solutions offered are not only focused on products, but also accompanied by optimal branding, marketing, and service. In addition, also present uniqueness or innovation in your business, so that consumers prefer your products over competitors.

Those are some ways to identify market segments and targets to implement a business strategy. After the steps above have been taken, then just carry out the business strategy professionally and optimally.

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