The market segmentation data is the cornerstone of the market segmentation process. Therefore, if this data is correct and accurate, then the market segmentation process is successful and effective, and vice versa.
Market segmentation data refers to the information needed to understand the overall market to segment it. This information is essential for your business to select the most profitable segment in your market. Also, to find the perfect buyer.
Market segmentation data is important to the success of a company’s marketing strategy. Therefore, this article will show you everything related to this topic simply and sequentially. Let’s get started.
Table of Contents
Market segmentation Data meaning
Moreover, market segmentation data means all the information and statistics about the target customers. This information allows you to determine the profitable segment of the customers and focus on and get the best return on investment.
You cannot do everything for everyone because your resources will not help you. Therefore, you should focus on something specific. Consequently, you need to segment the market to focus on a suitable market segment according to your resources.
For more information about market segmentation, you can read this article Market Segmentation Definition – Great Info.
Market segmentation primary data
Market segmentation primary data refers to the essential data that you need to gather about your potential customers. So that by analyzing it, it can direct you to a specific sector of the market
List of market segmentation data
The following sections will show you the market segmentation data types and components:
1- Geographic data
Geographical data represents the geographic locations of your target customers. This data enables you to know the geographical area your customers are located and their population density.
This data is crucial because you can focus on a specific geographical area and provide them with particular services through it.
Then, you can focus on the high density of the population rather than less densely populated. This is known as geographic market segmentation.
2- Demographic data
Demographic data represents your customers’ demographic factors information, such as age, gender, and income. Here are the main demographic factors which you can collect data about
- Age
- Gender
- Religion
- Income
- Social class
ِAs an example of demographics segmentation refers to this article:
Market Segmentation by Income – The Best Guide
3- Psychographic data
Psychographic data represents your customers’ Psychological and emotional factors influencing buying behaviors, such as beliefs, lifestyle, and activities.
Considering that buying decisions are 20% logical and 80% emotional. This means the customers’ psychographic affects their buying behaviors more than other factors.
4- Technographic data:
Technographic data represents your customer technology-related data. It can be what devices they use, such as mobile phones, tabs or personal computers, operating systems, browsers, etc.
5- Needs-Based data
This type of data contains the factors related to your customers’ needs and what they are looking for.
Mainly, this type of data focuses on customers’ pain points first, then the needs.
These are the most important types of data you should collect about your customers. So that after analyzing them, you can reach the correct decision about your market segment.
Market segmentation data analysis
After collecting the data and information about the expected customers, now comes the role of analyzing it. To reach the required results and goals.
Analysis Market segmentation data refers to studying data and information about a customer. To discover patterns and behavior that can divide customers into specific groups.
Due to the importance of this process, it has witnessed significant development during the previous decades. The analysis process has become heavily dependent on artificial intelligence and algorithms to determine consumer patterns and behavior. Also, these algorithms can analyze the primary data of the consumers during the process of purchasing various products and services.
Through the results obtained from the analysis process, it is possible to identify your consumers. Then, you can define the market segment according to your company’s resources and other market factors.
Market segmentation data related topics
The subject of market data is complex and large and has relevance to many other topics. In the following paragraphs: We will show you some information that is relevant to this topic.
Market segmentation factors
Market segmentation factors refer to the elements on which the market segmentation process depends when divided into groups of customers.
Based on these factors, information is gathered to be studied and analyzed. Examples of these factors are Age, Gender, Religion, Income, Social class, lifestyle, social status, opinions, and activities.
market segmentation data mining
In a simpler term, data mining refers to the processing and studying data within large databases to obtain specific information.
Market segmentation data mining refers to the process of researching and analyzing customer data to find helpful information. This helpful information help in the process of market segmentation.
This information usually brings specific numbers of customers together into one homogeneous group. So it can be selected as a market segment.
Marketing research
Market research refers to the process of gathering information about everything related to or affecting your business field.
As a result, The information obtained provides an insight into the entire field of your business. To develop the plans and strategies of your business.
As examples of this information: Customers’ location, customers buying patterns, competitors, and market trends, etc.
Marketing segmentation process
The marketing segmentation process refers to the company’s stages to select an appropriate market segment.
For more information about the market segmentation process, you can refer to this article: Market Segmentation Activities – Definition – Steps
additional, the basic information about market segmentation found in the Market segmentation article from Wikipedia
Conclusion
Market segmentation data is the cornerstone of the market segmentation process. The degree of success of the market segmentation process depends on the accuracy of this data, whether positive or negative
Market segmentation data refers to the information needed to understand the overall market to segment it. This information is essential for your business to select the most profitable segment of your market. Also, to find the perfect buyer.
Market segmentation factors refer to the elements used to divide the market into groups of customers. Such as Age, Gender, Religion, Income, Social class, lifestyle,
In the analysis stage, the data gathered are studied and analyzed to discover specific patterns for each group of customers.
