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<\/a>I have discussed and shared on several occasions the importance of target-marketing and its impact on a successful marketing strategy.\u00a0 Market segmentation can help you achieve even stronger results.\u00a0 What is market segmentation?\u00a0 Well, the more you understand who your target market is, the more successful your marketing strategy will be.\u00a0 To do this, sometimes you will need to divide or segment your target-market; this is called market segmentation.<\/p>\nEssentially, market segmentation is grouping together similar characteristics or attributes of your clients.\u00a0 Understanding these attributes allows you to identify patterns of behaviour, attitudes and preferences, and therefore, devise targeted products and services based on these characteristics.<\/p>\n
If you do this right, you can more effectively market and communicate to your prospective clients using marketing channels that they respond to; in the end, increasing sales.<\/p>\n
Market Segmentation – Popular Age Segmentation Strategies<\/h2>\n
A popular market segmentation strategy is by age-cohort or generation; we commonly know them as:
\n1.\u00a0\u00a0 \u00a0Silent Generation \u2013 Born before 1946
\n2.\u00a0\u00a0 \u00a0Baby Boomers \u2013 \u201cMe Generation\u201d; born between 1946-64
\n3.\u00a0\u00a0 \u00a0Gen X –\u00a0 \u201cBaby Busters\u201d; born between 1965-1980
\n4.\u00a0\u00a0 \u00a0Gen Y \u2013 \u201cMillennials\u201d; born between 1981-2000<\/p>\n
Each of these market segments responds different to marketing messages depending on several factors.<\/p>\n
If your business is selling a product or service to the \u201cMillenials\u201d, understanding their \u201cYOLA\u201d mantra is key.\u00a0 Marketing Magazine explains how to do this best in their April 22,2 013 issue: \u201cUnderstanding the YOLO Generation\u201d; marketing to the Millenial market segment.<\/a><\/p>\n For a more visual understanding of the Millenial market segement, here\u2019s a successful TV ad that is targeted to the Millenials.<\/p>\nCorona \u2013 \u201cLive Mas Fina\u201d – Market Segmentation – Marketing to the Millenials<\/h2>\n