Types of Market Segmentation: Behavioral and Psychographic | Udacity

Here are a few common types of
market segmentation practices. Behavioral, psychographic, demographic, geographic, occasional,
and cultural segmentation. Let’s start by talking about behavioral
and psychographic segmentation. Behavioral segmentation
considers a few things, such as the knowledge of your product. Their attitude towards your product. How or how often they use your product
or how they respond to your product. Their loyalty to your product. And you can also think about creating a
segment based on what your customer will benefit from your product. Behavioral segmentation
is a great place to start when you think about
segmenting your market. Let’s take an energy bar, for example. What’s important to you? Do you look at the price? Do you look at the calories? Do you want something that has
less calories or more calories? Do you look at the protein? Or maybe you don’t care,
and you’re just hungry? Our messaging for
each of these segments, so the people who are just hungry,
the people who want more protein or less calories, or
the people who care about the price. The message is going to be different. And it’s going to be affected by
the different benefits that these customers seek. We also need to think about the places,
online or offline, where our customers may
find each of these segments. So, say it’s offline. We may consider to put a poster in
a gym, marketing our energy bar. And online, we might want to add an add
to a page that sells workout clothes. Now let’s talk about
psychographic segmentation. This segmentation is achieved by
studying activities, interests, and the opinions of your customers. You’re thinking about
the lifestyle of your customer. How do they spend their downtime? What are they influenced by? What image are they trying to project? What are the needs and wants of people
in this common lifestyle group? For example, usually people who buy
a luxury car can not only afford it, thus defining their economic status, but it also shows a preference to spend
money on more luxury lifestyle products. So we can extrapolate that they may
travel to high class destinations, wear specific brands, or
visit certain establishments. So, say we’re trying to sell a luxury
car, if we want to market to people who can afford it, we’re going to consider
doing that in other high-end places. Such as a luxury magazine found in the
first class section of an airline, or sponsoring the valet outside
of an expensive restaurant.

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