Market Segmentation is the systematic, data-driven classification of potential customers into different segments having similar interests, wants, and needs. This classification allows Web Design and Development companies to create targeted content to attract the most viable customer pool. There are four major types of Market Segmentation, as follows,
The target customers or audience is categorized by their age, gender, profession, annual income class, education, nationality, and ethnicity.
This is the basic classification used by B2C businesses. In B2B business models, the consumers are classified based on the Industry they belong to, the size of the company, and the nature of work. This is termed as Firmographic segmentation. Data for demographic segmentation is easily gathered through basic data collection from marketing sites.
A luxury couture brand like Prada targets high-income customers, from the creamy layer of industrialists and celebrities to sell their clothing line.
The customers are classified by their personal attributes like personality traits, value and belief systems, professional and personal attitudes, lifestyle, priorities, and motivations.
These are purely subjective qualities, gleaned from extensive research on each individual. The Psychographic segmentation data is analysed from browsing and previous purchase history.
Tjori is a high-profile handicraft brand from India, dealing in authentic handcrafted Indian metal jewelry, fabrics, and ethnic wear. Each piece is individually handmade and thus is expensive. The Web Design and Development Company they employ identifies customers who can afford their products, and have a penchant for preserving Indian heritage, through supporting artisans.
The customers are classified by their behavioural patterns like spending habits and interactions with brands.
Businesses take advantage of these habits to create targeted marketing for individual customers. The Web Design and Development Companies create very specific Call to Actions for these customers that will have guaranteed conversions.
A high-end vehicle manufacturer like Jaguar will urge their high profile customers to upgrade their vehicles to a newer model after a certain period.
There are several sub-classifications like Value Segmentation, Seasonal Segmentation, Lifestage Segmentation, Generational segmentation, etc… which allow in-depth insight into the customer preferences.
Benefits of Market Segmentation:
Improved Campaign Performance:
Market segmentation definitely improves the performance of your campaign through targeted marketing. A general audience campaign may reach more number of people but has very little conversion. It is a fruitless, but expensive affair.
Even with evergreen products, Web design and development companies create personalised marketing to different segments results in high conversions.
Market segmentation creates a better understanding of the different types of customers that engage with your business. It is important to have a product range that appeals to all classes of society to improve the volume of business.
A car manufacturer releases different classes of cars from luxury two-seaters to large but affordable station wagons to cater to mid-income families. Keeping the needs of the various customers builds a good reputation for your business and a healthy relationship with your customers.
Opens new market areas:
Market segmentation helps in identifying new market locations to expand the business. The data from segmentation can reveal interesting aspects of your customers and cross overs between different segments that can be exploited to mutual advantage.
A Manufacturer of Indian spice powders may start with a localised business model. However, by analysing market segments, they can expand their business to cater to the Indian communities across the world. It opens the way for both physical and E-Commerce expansion.
Identify your Niche:
Market segmentation identifies niche areas with customers having very specific needs. Instead of generic products and services, niche product businesses definitely have better appeal.
A handcrafted ethnic wear business with a narrow high-end customer base can equal the revenue of a business that sells generic clothing to a broad customer base.
Market segmentation creates healthy competition, especially in niche businesses. Through a competitive advantage, businesses can become the preferred brand of choice for customers and distributors.
Open Designs is a Web Development Company in Chennai that caters to high profile clients, to ease their Digital Marketing journey. We are the best SEO services company when it comes to creating custom content for the different customer groups from detailed Market segmentation.
Return on Investment is a measurement that is used to evaluate the efficiency or profitability of your investment. To put it in simpler words, it is used to directly measure the amount of return on a particular investment. It is one of the most popular metrics used by businesses worldwide to measure the performance of an investment. More people prefer Return on Investment as a reliable metric because of its simplicity and versatility. The calculation will not be complicated and it can also be an efficient rudimentary gauge of an investment’s profitability. It can be used to calculate returns from other investments, thereby allowing on to measure all types of investments involved in business and transactions involved in it.
Digital marketing is one of the ways in which you can boost the business sales like never before. Having said that, considering how reliant everyone has become on digital marketing, it is all set to rule the future. Here is why –
- The extent to which people these days are using the internet throws light on how increased internet usage would be in the days to come.
- Digital marketing is an excellent way of building brand awareness among people.
- All the digital marketing strategies put forth by the companies can be monitored as well. The expectation vs. reality picture becomes way clearer now. This further helps in opening up doors for improvement, if any.
No. Digital Marketing and Digital Branding are different from each other. Digital Marketing focusses on promoting a particular product or service, highlighting its benefits and how useful it would be to the consumers. Digital branding on the other hand is much more subtle and highlights the personality of the company or brand as a whole. Products and services will come and go. Digital marketing strategies will change to suit the seasonal needs or are tailor made for the product in question. However Digital branding is like a long tern digital marketing strategy to bolster the reputation of the company. It communicates what are the core values of the company and what they do to upkeep those values to give the best customer experience.
By now a lot of businesses have realised the importance of good web design. However there are some important principles that need to be followed to ensure that your website turns out perfect.
- Ensure the website loads fast, as this reduces website abandonment.
- Show your intent on every page so customers landing on any page are aware of what your business does.
- Keep it simple so you don’t distract visitors from their purpose, with too many elements.
- Make the navigation as easy as possible, with any part of the website accessible in 3 clicks.
- Maintain the hierarchy in the layout. You don’t want your customers to keep scrolling back up each time they want to refer something.
- Use simple, attractive and value adding content that can convince visitors into becoming customers.
- The site must be mobile friendly for customers to access it on the go.
Your website is the first impression that an online customer gets of your business. It is important to make a positive impact on your clients. The website design has the potential to convert a random visitor to a customer and boost organic sales. A great web design will keep customers loyal to your brand as they find the platform comfortable and convenient to use. It provides a good UI/UX to your clients and nurtures your leads. Better the website design, more the engagement with it, bringing in more traffic. It improves the accessibility of your website to a wider audience. It has a significant influence on the brand image and it is important that you get professionals to design your website.
It has come to a point that a business is only considered successful if they have a strong online presence. This is evidently done by creating a dedicated website to the brand. The benefits of owning a website for your business are,
- A credible repository of information on your business
- 24 x 7 customer access to your business
- Boosts interaction with the brand
- It helps expand your market reach
- It improve brand awareness to a global scale
- Provides you with valuable consumer insights
- Helps you beat other competitors with online presence
- Access to all digital modes of advertising
- Makes information exchange easier
Digital Marketing has become an essential part of today’s business world. It has become so competitive that traditional marketing methods are no longer as effective as before. Digital marketing can improve your conversion rate, boost traffic to the site, keep your customers engaged, helps you understand the market and customers with valuable insights, increases your reputation, and is generally cost effective. Most of your online customers are using their mobile phones to access your site. Digital marketing helps make your business more accessible to mobile users, who make up nearly 60% of the clientele. It makes the entire customer journey more interactive and memorable, bringing you loyal customers, who come just for a good user experience. Digital marketing can also be automated, freeing you from the hassle of keeping track of the campaigns.