Three Tips Why Your Business Needs Market Segmentation

To business owners, entrepreneurs and internet marketers..

Are you segmenting your market in your business? If you aren’t, you may be leaving profits on the table..

As you should know, marketing your business in this new age, be it a big corporation or a small to medium enterprise, is a great challenge. Everyone has a method to marketing that they believe will work for them, but in this current age, no one knows for sure if it will work until they try it.

Personally for myself, segmenting my customers is one such marketing technique that I believe is very important to any business.

The traditional methods of Mass Marketing is truly not working anymore. With increased number of competitors in every niche and industry, obtaining traffic is simply not enough – you must have targeted traffic to your business in order for your business to survive. This is where Market Segmentation comes in.

Here are three great reasons why you should segment your market.

Reason 1: Increase Your Business Revenue

Market Segmentation allows you to carry out targeted marketing to a targeted customer group.

Not everyone who comes into your business nowadays wants the exact same thing you have to offer. People have different preferences and tastes, and along with higher buying power (more people are getting richer), they demand things more catered for them.

This is where segmenting comes into play. With segmentation, you can differentiate your customers into various ‘groups’ with similar ‘characteristics’, ‘preferences’, etc. Basically, anything based on your psychographics or demographics requirements.

And with that, you can then carry out a targeted marketing and/or promotional effort to these various segments of customers. You are able to match your business’ strengths and offerings to the customer segments most likely to respond positively to them.

This improves your conversion rates of your products, in contrast with traditional mass marketing methods. Increased conversion rates equals increased revenue. And with all things constant, increased revenue means increased profits.

Reason 2: Reduce Costs

Market segmentation reduces costs.

Wait- what? Reduces costs? How is that possible! I mean, with more segments to market to, marketing costs should increase ain’t it?

Well, that’s true. However, here’s the tip: with segmentation, you can choose and select which customer segment to market to! No one said that you need to market to ALL your customer segments. Sit down, think it through, do some research, and find out which of the customer segments are the most profitable to market!

As such, with better selection of market segments (more profitable), your costs should decrease.

Reason 3: Build Better Customer Relationships

Market Segmentation also allows you to build better quality customer relationships.

With a more targeted marketing and promotional approach to specific customer segments, your customers will feel more understood and appreciated as you give more targeted and hopefully, more in-depth information or promotions to your customers.

In contrast with traditional mass marketing, the quality of contact and the more targeted approach to these customers will increase your customer relationships.

There you have it, three reasons to segment your market.

There are many methods and tools to carry this out, but personally, using quizzes are a great way to do so.

Internet Business And Personal Life – How To Effectively Run A Work At Home Internet Business

In our times of economic hardship, working from home is a quickly rising trend. Every 11 seconds, statistics show, that a home based business is established and if you are looking at a work at home internet business, the opportunities are incredible.

But, how do you effectively build a work at home internet business? Remembering, there needs to be a clear boundary between work and personal life. Here are some tips to make it work without sacrificing your personal life:

Schedule your tasks. Time is often the worst enemy of the busy person. When you decide to work at home, your own internet business will likely occupy many hours of your work day. Schedule your tasks and stick to the plan religiously. Determine your most productive time both for working and for quality moments with your family. Time is gold. But, give yourself a rest and realize that there are things that can wait.

Get some technical background. The computer is your most important tool. When it crashes, your work will have to stop. While in a company you can simply turn to the IT person in charge, the continuity and success of your own internet business, lies in your hands. So, learn how to fix simple IT issues so you can carry on with minor technical problems.

Facebook and Twitter are invaluable tools for internet marketers. But, do not mix them with your own social interaction with friends and family. Set up separate accounts for your work. It is easy to get burnt out when you are trying to run a work at home internet business. but your personal social life should at least provide a diversion.

Have realistic goals. Many times, people who work at home, tend to set very high goals, as a measure to compensate for the convenience of being able to run a work at home internet business. Home based work is subject to the same challenges of every normal business. So, your expectations must always conform to reality, set realistic small goals, that are achievable in the short term, then have an overall goal list, for the long term.

Your Own Internet Business And 3 Things to Avoid When Optimizing Your Website

The greatest lie one can tell you about search engine optimization is that it can give you your desired results instantly. Achieving a successful internet business is a venture that requires patience, perseverance, and time.

Very few SEO method are capable of giving you overnight results and the ones that do, should be approached with extreme caution. This said, there are methods that can give fast search engine optimization results for your work at home internet business, but beware, many of these short cut services will do more harm than good, especially those aimed at giving you results focused on quantity instead of quality. What are these?

1. Keyword Stuffing. More keywords, better rank? Not really. It’s not about the number of keywords alone. more importantly, it is about balance. Too few keywords and you cannot expect a good ranking. Too many and you will be accused of spamming and this does not sit well with the search engines. The key element here, is to get the right balance between the length of your content and the number of keywords present. working with a two percent keyword density is a good guide.

2. Automation. When you hear this word in SEO, beware – it can ruin the whole dream of having a successful internet business. Whether it is automated article submission or automated site commenting, it still is considered a black hat method. Why? Because the search engines know you are trying to manipulate your rankings. And when the search engines notice, expect your site to be punished in a way that is almost impossible to recover from.

3. Exaggerated Marketing Pitch. Having a good marketing pitch is essential to your own internet business. It invites clients to try your product or service. But, remember, do not overdo it! Exaggeration might work at first, but it can have a damaging effect to the reputation of your website and your work at home internet business could soon become a nightmare.

A successful internet business is very achievable and almost anyone can do this, but you must have patience. Don’t rush into getting results and don’t resort to black hat SEO methods, that may give you short term benefits, but many headaches later on.