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This is why it’s so important to get the basics of marketsegmentation down. From identifying targetsegments with demographic data to pricing strategy to marketing automation, your marketsegmentation process will be the back bone of your entire marketing strategy.
I once heard a new business owner define their targetmarket as … wait for it … “everyone”. While it’s nice to believe that everyone would be interested in purchasing your product or service, it’s not wise to define your targetmarket as such. Examples of Great MarketSegmentation and Positioning.
Your company is launching a new product, eyeing a new marketsegment or contemplating a strategic pivot—as a seasoned marketer, your first move would be to conduct a competitive analysis. This exercise is elementary to uncover critical insights about the new market and gain visibility into the competitive landscape.
For example, Cummins, a global leader in power solutions, uses Sprout’s social listening tools to monitor their brand health and reputation across major social networks in real time. An endorsement from an influencer within your targetmarket can have the same impact as positive media coverage, if not more.
Businesses can effectively use niche marketing by conducting thorough market research to identify niche opportunities, positioning themselves as authorities within the niche, and creating specialized products or services that address the unique needs of the targetmarket.
ICP is more of a big-picture strategic direction or targetmarket and high-potential accounts, while buyer persona is more of the people behind it and closing deals with specific individuals. Sectors like software development and IT services, fintech, ads and marketing, hardware manufacturing, construction and health care.
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