Getting to know your consumers becomes much easier using various market segmentation types. In fact, it practically acts as a blueprint when coming up with effective marketing campaigns. In this guide, we’ll be about discussing market segmentation types in detail along with a number of examples to help you gain a better understanding of the subject. Let’s begin! What is Market Segmentation? As the name indicates, market segmentation is the process of classifying potential buyers into a number of segments or groups based on certain characteristics. Needless to say, each group comprises of members with similar characteristics. Importance of Market Segmentation Now you’re probably wondering why marketers should put in all this effort in the first place. Well, the fact is, classifying different groups’ makes it easier for marketing professionals to create personalized campaigns. By breaking down the company’s target market into segmented groups, marketers don’t have to waste time…

In simple terms, market positioning strategies dictate where consumers’ position companies based on their pricing, brand and of course, product. Effective market positioning places your brand exactly where you want it to in the target market. Companies typically use perceptual or positioning maps to create market positioning strategies. What is a Positioning Map? A positioning map is used to create a marketing positioning strategy for products and services. Since most of this is based on the perception of the consumer, it is often referred to as a perceptual map. With the help of this map, companies are able to determine what position existing products and services currently hold in the market. This information is then used to help companies decide where they’d like to position new products and services. Once a firm has a mapped out a positioning map, they typically have two options to choose from. They can either…