Market segmentation, also known as customer segmentation, is a strategy that separates an immense target market into consumer subsets who all share similar priorities and needs. It allows companies to pinpoint their advertising towards specific groups of people, which in turn, allows for the sensible allocation of marketing resources. There are an array of factors surrounding customer segmentation. Google Analytics and Facebook Audience Insights are amazing tools that allow you to better use these factors by understanding the interests, demographics, and geography of your target markets.
In 2013 much to the delight of marketers across the world, Google Analytics was created. The data that Alphabet, Googles parent company, provides is advertising gold and a great beginning point for customer segmentation. The platform includes many helpful metrics, such as:
- Bounce Rate: helps you identify which group of people continues leaving your site in herds.
- Pages/Session: similar to Bounce Rate, this metric allows you to identify which pages are causing customers to leave.
- Percent New Sessions: determine whether youve successfully targeted a new demographic.
- Avg. Session Duration: uncover which demographic of customers spend the largest amount of time on your website.
Understanding your clients interests beyond your own niche is a crucial part of market segmentation. Through Google Analytics Interests section, three primary categories are provided help you group users:
- In-Market Segment: allows you to see what other items your customers are likely to buy, such as cutlery.
- Affinity Category: categorizes users based on an array of activities.
- Other Category: visualizes which categories users are additionally interested in.
Facebook Audience Insights
Often called the next Google, social search is considered to be the next technological money maker and is the reason behind Facebooks disproportionate price-to-sales ratio and high market valuation. Perfecting a Facebook targeting strategy places your company in front of specific and motivated clientele. Facebook Audience Insights takes a large portion of the guess-work out of audience targeting for your first advertising campaign. With a solid knowledge of how to use the platform, Facebook Insights should result in a higher return on investment versus other marketing platforms. Through the following couple of features, you can implement your marketing campaigns into unique customer segments. The Facebook Audience Insights platform is an effective tool for segmenting a specific market into target demographics. You can examine information about a plethora of characteristics, including marital status, lifestyle, education level, age, gender, job titles, and more. This platform provides an advanced search function, allowing you to pick and choose from these various characteristics. Successful benefit segmentation revolves around determining the benefits a client receives from purchasing your product or service. With Insights, you are able to identify people who may be willing to buy a product, but need to feel as if they are getting a deal. A great example of this is a family who wants to book a vacation, yet will hold off until they receive a discount.