Market Segmentation

November 10, 2016
One of the most prominent characteristics of well-performing business is that they know their customers better than their competitors. Well, knowing your customers can yield a wide range of benefits, from designing a better product to optimizing your sales and marketing campaigns. Another opportunity firms with greater knowledge about the customers can enjoy is market segmentation of their target audience with more efficiency and precision.  An organization which properly segment their target audience can not only provide better services to their clients, but can also reduce the wastage of resources significantly. What is Market Segmentation? It is a technique which allows business firms to target the customer with appropriate products and services. This process involves gathering deep insights regarding what customers need and wants and then design your product accordingly. Today I will tell you about some of the commonly used approaches for making segments of the target market. It