The best option for your business on marketing segmentations

As a small business the marketing budget is often very scarce, so the usage of social media and the efforts for increasing sales has to be thought through. As an entrepreneur it’s wise to learn from various topics on business management, so today let’s look through the marketing segmentations and which ones could be useful for your industry and business.

• Mass Marketing

It refers to marketing strategies directed to everybody, not segmented by age ranges, cities or shopping tendencies. 

On social media this may generate a lot of visualizations and interactions of your content but few of them may be really interested in acquiring your product or service. 

Pros: The advertising efforts get seen by more people. Useful for future brand recognition.

Cons: This strategy requires more budget and may give fewer sales results.

Example This strategy may apply for some products such as water and essential goods but may not be the best strategy for more specialized services. 

• Multisegment Marketing

This is where you segment your possible buyers, it could be by the city, or even thinking from their perspective what they seek for in the product or service. The reason they are interested in your business may vary from segments.   

Pro: Increases chances of getting the attention of someone interested in buying

Cons: Requires knowing the attributes your most royal clients have to look out for more like them.

Example: This segmentation works with companies that have various products directed to different clients, such as retail stores or insurances that have bundles for families, cars, houses or travelers. 

• Single-segment Approach

Most of the businesses have more than one segment of consumers that usually shops with them but decide to focus on one segment, it could be the biggest percentage of buyers, or budget or time reasons.

Pro: Good option for small business, as it is more time and money efficient. Requires knowing the profile of your clients. 

Cons: If the segment is very small (niche), it could be difficult to attract enough potential sales. 

Example: A photographer decides to focus just on Quinceaneras or a restaurant that just serves vegan food. Anyone can contact them, but only a few are interested on what they offer

• BONUS: Some parameters for segmentation
  • Range of age: Different ages have different interests
  • City or state: Think outside the box, a client could be on another state
  • Ticket average: how much they usually buy per visit
  • Marital status: Dating, Married or Single
  • Language: Consider it for your store and social media
  • Interests: What hobbies or brands they like
  • Repeat customer or First time client

AND REMEMBER:

If you know who is buying and following your business, you can create content and promos attractive to them and according to what they appreciate the most from your brand. Focus on all the creative side of your business while ATS Consulting helps you with the tax solutions and business strategies that you need to take your project to the next level.