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The Perks of Market Segmentation

One of the most important business lessons I learned this year is, Market Segmentation. Segmentation simply means, to divide the marketplace into parts, segments, which are definable, accessible, actionable, and profitable.

It is knowing what will work for your audience. But first, you need to identify your Market Audience. 

Who do you want to sell to? 

It is assumed that the above question is one of the first questions, everyone, with a goal must answer before venturing into the business road. 

But because I am fully aware that, assumption is the worst form of knowledge, I decided to spell it out.

What is your target audience? 

Is your focus High end or Critical Mass? 

High-end clients are those who want quality products, know their value, and are willing to pay adequate money for them. (My favorite kind). 

Critical Mass clients are Almost as the name implies, “critical mass”. They are the size, number, or amount, large enough to produce a particular result. 

Which is great too. You will need them. Trust me. Take for instance, if you are in the Clean energy sector, and you have a 10KVA 180Volts Solar package of 5,700,000 naira, and a 1.0KVA Solar package of 420,000 naira. Savor that. 

If you are focused on selling to clients that can buy the 1KVA solar system, instead of clients that can buy the 10KVA 180Volts, then you are focused on critical mass. 

If the reverse is the case for you, then you understand the “High-end” market.No matter the sort of clients you want to sell to, learn Market Segmentation. 

What works for Paul might not work for Peter. 

You might need more than discounts and promotional sales to get high-end clients.Knowing your onions is one major tool that will keep you in business. 

A lot of time, Critical mass will save you. But if you barely get to high-end clients, then you either play small, don't speak their language, or don't know your onions as much as you think you do. 

In any case, if you fail at something, it doesn't make you a Fraudster, it only makes you a Learner. Learn! 

©️Destiny Nsabasi


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