Market Segmentation Matrix Template
Target the right consumers with the Market Segmentation Matrix template. Discover the best opportunities for growth.
About the Market Segmentation Matrix Template
Market segmentation helps you to better understand your market. This practice divides your target market into subsets based on demographics, geography, needs, interests, psychographics, and behavior. With this information on hand, it’s easier to leverage these divisions of your target market so you can build better product, sales, and marketing strategies.
Keep reading to learn more about market segmentation.
What is the market segmentation matrix?
The market segmentation matrix is an analytical business tool that allows your team to see how various segments have performed with a set of products. Market segmentation divides a market into different parts and helps your business offer the right products to the target market's customers.
The four market segments
The Market Segmentation Matrix template is divided into four quadrants, each of them representing one market segment: geographic, psychographic, behavioral, and demographic.
Because market segmentation analyzes consumers’ traits, behaviors, and overall characteristics, the template is an effective way to build demographic profiles of your customers. This template contains the most commonly-used segments, but you can easily add additional characteristics based on your needs and industry.
How to use the Market Segmentation Template
As mentioned previously, the Market Segmentation Matrix template is made up of four quadrants:
Quadrant 1: Geographic
Add any information regarding the location of your consumers. Zip codes, regions, and countries go into this quadrant. Think about economic zones and entire continents if you target a larger audience.
Quadrant 2: Psychographic
Add your consumer’s personality traits and interests. What are their emotions? What do they need? What are their beliefs?
Build a psychological profile of your consumer, identifying their lifestyles and preferences.
Quadrant 3: Behavioral
Like the psychographic quadrant, analyze how your consumers feel and behave with your product or service. Do they use your product? Are they loyal to your brand? How do they shop online? Map out any behavior they have when in contact with your business.
Quadrant 4: Demographic
Here, you can add demographic details such as age, occupation, education level, and gender identity. These characteristics should be quantifiable, allowing you to collect the primary data behind your consumers.
When creating or building your Market Segmentation template in Miro, invite your teammates to join the board and collaborate with you. Add ideas with sticky notes and upload photos, videos, or any other file type as needed. You may also want to color-code the sticky notes according to segment size or feasibility of pursuing a segmentation strategy with that particular group.
Benefits of using a market segmentation matrix
With the market segmentation matrix, it’s easier to market to customers and prospects. Because the barrier to entry is so low, it’s important to act with precision and avoid wasting resources.
Customers and prospects have high expectations for how, when, where, and why they buy and use products and services—and they have transferred those expectations onto marketing and advertising. These expectations are also constantly in flux, so your organization must stay aware of customer needs, behaviors, and desires.
Your market segmentation matrix lets you keep track of customer and prospect behavior, create marketing experiences that resonate, and boost your bottom line.
Without segmentation, you risk wasting resources by creating a marketing campaign that is too broad or targets the wrong population. By targeting the right people and double-checking to ensure that that population hasn’t shifted, your business will be better off in the long run and gain a competitive advantage.
When to use a market segmentation matrix
Your team should use a market segmentation matrix anytime you work on a new, existing, or planned marketing campaign. It allows you to track customer and prospect behavior and expectations easily, create more targeted marketing experiences, and improve your growth potential.
How do you write a market segmentation plan?
First, set your ultimate marketing objective when creating your market segmentation plan. Are you trying to launch a new product or campaign? Better target your ads? Define your goals, and afterward, run user and market research to know your consumer’s characteristics and behaviors. Add this data to your Market Segmentation template and use this information to tailor your ads and target the right audience or build your product with the right consumer in mind.
How do you identify market segments and targets?
You can identify market segments and targets by conducting market and user research. Analyzing their behavior and patterns is a good starting point. If you need complementary information, some analytics tools are also helpful in identifying consumer profiles and how they interact with your product, service, or brand.
Get started with this template right now.
Idea Funnel Backlog
Works best for:
Design, Brainstorming, Agile Workflows
An Idea Funnel Backlog enables you to visualize your backlog and restrict the number of backlogged items at the top. In doing sos, you can prioritize items on your list without having to engage in unnecessary meetings or create too much operational overhead. To use the Idea Funnel Backlog, break up the funnel into different phases or treat it like a roadmap. Use the Idea Funnel Backlog as a hybrid model that combines your roadmap and backlog into one easily digestible format.
Product Positioning Template
Works best for:
Marketing, Product Management, Desk Research
For better or for worse, your company’s chances for success hinge partially on your market. As such, before you start building products and planning strategies, it’s a good idea to conduct a product positioning exercise. A product positioning exercise is designed to situate your company and your offering within a market. The product positioning template guides you to consider key topics such as defining your product and market category, identifying your target segment and competitors, and understanding your key benefits and differentiation.
Team Meeting Agenda Template
Works best for:
Documentation, Team Meetings, Workshops
Making the time for your team is important to help you to make decisions, align on priorities, and move in the same direction together. Team meeting agendas help add a schedule and structure to your allocated time slot when you need to share information and collaborate with your team. They also allow your team to agree on goals, talking points, action items, and who will lead the next steps. Uninterrupted team meeting time with an agenda can help your team review progress against OKRs, share updates, discuss roadblocks, and brainstorm ideas.
Balanced Scorecard Template
Works best for:
Operations, Strategic Planning, Project Planning
Balanced scorecards are useful tools for understanding business performance at a glance with regard to customers, employees, business processes, and financial progress. Learn more about BSCs and create your own using Miro’s Balanced Scorecard template.
Mental Model Template
Works best for:
Business Management, Mind Mapping, Diagrams
Smart solutions and strong, strategic decisions. The best organizations make both, and a mental model is designed to help them do it. We give you a fast and easy way to try it out — just fill out our ready-made, flexible template and add sticky notes, shapes, and arrows to create a powerful map.
Event Brief Template
Works best for:
Meetings, Workshops, Project Planning
For most any organization, throwing a big deal event is…a big deal. An event can bring in publicity, new clients, and revenue. And planning it can require a substantial chunk of your overall resources. That’s why you’ll want to approach it like a high-stakes project, with clearly outlined goals, stakeholders, timelines, and budget. An event brief combines all of that information in a single source of truth that guides the events team, coordinator, or agency—and ensures the event is well-planned and well-executed.