MARKET SEGMENTATION
Market segmentation is the process of dividing a market of potential customers into groups, or segments, based on different characteristics. The segments created are composed of consumers who will respond similarly to marketing strategies and who share traits such as similar interests, needs, or locations.
Today’s enterprise resource planning (ERP) solutions are agile, secure, and data-driven systems that play a critical role in cloud-based, digital businesses. Businesses of all sizes use ERP systems to manage day-to-day business activities, such as procurement, project management, operations, financials, and sales.
At Kunzite IT, our expert team studies your organization needs and helps you recognize the right project type for ERP implementation using methodology and tools we have established in our continuously evolving solution Framework. It is designed to guide our Partner organizations through the various project types and emphasize that not every project should be treated the same due to their dynamic nature.
6 types of market segmentation:
Demographic
Demographic segmentation separates your audience by who they are, depending on whether you are in a B2B or a B2C context.
Geographic
Geographic segmentation splits your audience depending on where they are located.
Psychographic
Psychographic market segmentation is one of the most effective segmentation methods other than demographic segmentation.
Behavioral
Behavioural segmentation divides your audience by their previous behaviour in relation to your brand.
Needs-based
Need-based customers are driven by a specific need. In other words, they enter the store quickly, purchase what they need, and leave.
Transactional
Transactional segmentation, or RFM modeling, looks at the spending patterns of your customers to identify who your most valuable customers.