Common Types of Market Segmentation
Market-segmentation strategies are not a one-size-fits all service. At Bastion Insights, we have a deep understanding of what it means to develop marketing strategies that align products with consumers.
Having worked with clients in nearly every industry, we use a comprehensive approach to developing the right tactics and market-segmentation strategy to get your brand in front of the right people.
The most common way to form a market segment is by categorizing individuals based on demographics such as age, gender, income and profession.
Psychographic segmentation focuses on the intangible characteristics of your target audience such as personality, beliefs, values and lifestyle.
Consumer behavior can communicate a lot about purchase intent and interests – segmenting individuals based on behavior can help to further narrow targeting.
Geographic segmentation is arguably the simplest way to categorize consumers. An effective marketing strategy is targeting specific locations with intent, rather than relaying a message aimlessly into the world.
The Bastion Insights Process
Our market segmentation and targeting process is simple and effective.
Step 1: Product/Service Development
We gain a data-driven overview through product/service concept testing and market sizing.
Step 2: Audience Strategy
We customize a business marketing strategy through market segmentation and ethnographies.
Step 3: Strategy Development
We conduct message testing, strategy concept testing, website testing, and rough ad testing.
Step 4: Execution
We monitor the campaign through final ad testing, ad tracking, and brand health tracking.
The Benefits of Market Segmentation
Bastion db5’s market segmentation and targeting services are based on strategic, foundational research that focuses on the needs of your business.
We help you gain higher ROI by funnelling down your audience.
Consider these benefits of our market segmentation strategies:
Maximize Marketing Budget
Ensure that you’re getting the most out of your marketing budget through proven strategies.
Boost Conversion Rate
The more you know about your target market, the more effective your marketing strategy will be.
Increase Customer Retention
Earn customer loyalty by focusing on what works best for the market segment’s buyer journey.
Explore New Markets
Segmentation gives you a cleaner view of your target markets as well as new markets to pursue.
Let’s Streamline Your Marketing Strategy
Discover the whys and uncover the hows of marketing with Bastion db5. Gain data-driven insights from our senior level marketers. Call or email us today.