If you operate in a large market that has larger brands within it, you might need to re-evaluate where you see your brand within this market, and consider narrowing down who you’re targeting.
Market segmentation involves dividing a broader market into small groups based on demographic information or buying habits. By marketing to just one of these segments as your target audience, you can be more specific in your targeting, which is a lot easier than trying to be everything to everyone.
This strategy is also useful to businesses that offer more than one product, as the segmentation process helps you to advertise different items to different consumers. While the research process is time-consuming, the targeted activity per item that comes, as a result, can be a real game-changer.