How to use market segmentation: Developing a target market
Market segmentation is one of the most important steps a business can take to increase its profits. By refining marketing messages for their target market, companies can create a stronger relationship with customers and increase sales and product demand.
Market segmentation helps your business set goals and make better decisions about who you should be selling to, and it lets you decide where to advertise and how best to reach each market segment or group. An excellent way to develop a target market is to look for your competitors’ weaknesses. How can you take advantage of their mistakes? How can you exploit their weaknesses?