What is Market Segmentation?by Anvil on November 22, 2019Uncategorized
Blanket advertising is over, and we no longer have to guess which messaging will resonate with an audience.
By comparing hundreds, or even thousands of different data points against an audience, we start to understand exactly which messages are going to appeal to a target audience before the creative process starts.
What is a data point?
Data points are used in the process of analyzing big data. The first step is aggregating as much information about an audience or a region, in order to identify patterns or trends. Typically, this will start with Digital Marketing traffic. Data is aggregated in a singular Dashboard from 4 main points; SEO, Paid, Geographics, and 3rd party data.
By bringing this data together, we can then match it with other data sources to generate insights.
What is behavioral market segmentation?
By dividing the total market into smaller groups, we can then see patterns and relationships with user interactions. Engagement knowledge is typically gained at this part of the process.
What are psychographics?
Beyond classifying an audience by demographics, we can study consumers based on: activities, interests and opinions. The data source for this type of information is generated from social media, where users publicly display their interests and values. By utilizing Psychographic data, we gain insight into what customers really care about.
What is geodemographic segmentation?
Dividing a population into regions on a geographical basis, allows us to study the market and its characteristics. This involves clustering techniques to group statistically similar neighbourhood and areas. The main source of data for this study is US Census Data. The below example shows districts with the highest density of Generation Z, Millenials, GenX, and Boomers.
What is Competitor Analysis?
By analyzing strategies and developments in your industry, we can pull a complete report of benchmarking data across any market. Data tracked includes: Keywords, Ad Traffic, Organic Traffic, and Channels by month.
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