Market Segmentation Matrix Template
Identify the best opportunities for your company’s growth.
About the Market Segmentation Matrix Template
What is market segmentation?
Market segmentation allows you to better understand your market. This practice divides your target market into subsets based on demographics, geography, needs, interests, psychographics, or behavioral characteristics. You can then leverage these segmented divisions of your target market to build better product, sales, and marketing strategies.
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. The market segmentation strategy divides a market into different parts and can help your business better target products to the appropriate customers. Read on to find out how.
Benefits of using a market segmentation matrix
Now it’s easier than ever to market to customers and prospects. But because the entry barrier 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 it’s crucial that your organization stays abreast of customer needs, behaviors, and desires.
Your market segmentation matrix allows you to 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 population, and double checking to ensure that that population hasn’t shifted, your business will be better off in the long run.
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 will allow you to easily track customer and prospect behavior and expectations, create more targeted marketing experiences, and improve your potential for growth.
Create your own market segmentation matrix
The market segmentation matrix is divided into four quadrants: geographic, psychographic, demographic, and behavioral. For each quadrant, your team considers different ways of segmenting your customers or potential customers.
Miro’s whiteboard tool is the perfect canvas to create and share your market segmentation matrix. Here’s how:
Step 1: Start by selecting this fully customizable, premade Market Segmentation Matrix template.
Step 2: Invite your teammates to join the board and collaborate with you. Add ideas with sticky notes and upload photos, videos, or other file types as necessary. 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.
Bull's Eye Diagram
When you’re a growing organization, every decision can feel like it has make-or-break consequences—which can lead to decision paralysis, an inability to prioritize, inefficient meetings, and even low morale. If that sounds like you, put a Bull’s Eye Diagram to work. True to its name, a Bull’s Eye Diagram uses a model of concentric circles to help companies establish priorities, make critical decisions, or discuss how to remove or overcome obstacles.
Prune the Product Tree
Prune the Product Tree (also known as the product tree game or the product tree prioritization framework) is a visual tool that helps product managers organize and prioritize product feature requests. The tree represents a product roadmap and helps your team think about how to grow and shape your product or service by gamifying feedback-gathering from customers and stakeholders. A typical product tree has four symbolic features: the trunk, which represents the existing product features your team is building; the branches, each of which represents a product or system function; roots, which are technical requirements or infrastructure; and leaves, which are new ideas for product features.
Social Media Calendar
Most businesses have a social media presence, but many of them aren’t using social media as a competitive differentiator. The Social Media Calendar template allows you to plan, schedule, and craft posts for LinkedIn, Twitter, Facebook, Instagram, and Pinterest, so you can leverage social media as a strategic tool to promote your brand. Use the Social Media Calendar template to plan out your social content a week, month, or quarter in advance. Collaborate with the marketing team, prepare for product launches and major initiatives, and share draft social posts.
Whatever kind of business you are or product you create, it’s a smart idea to keep in touch with your current and potential customers and keep them up to speed — by spreading news, promoting events, and sharing custom content. Newsletters give you an effective way to do it. And this template is a fast, easy way to get started. Just choose the content you want to highlight, write the copy, and add any pictures or images you want to include. Then write your subject line and click send.
To update your product in valuable ways—to recognize problem areas, add features, and make needed improvements—you have to walk in your users’ shoes. Example mapping (or user story mapping) can give you that perspective by helping cross-functional teams identify how users behave in different situations. These user stories are ideal for helping organizations form a development plan for Sprint planning or define the minimum amount of features needed to be valuable to customers.
Communicate your team’s goals clearly and measure your progress accurately. Nothing to it, right? Actually, it’s a fundamental challenge for many companies. A Balanced Scorecard is here to help. It puts a series of Strategy Maps on one screen—in one source of truth—which lays out team member tasks and sets them up to succeed. If you put your Balanced Scorecard to work the right way (and Miro makes that easy), you’ll improve in three key areas: strategic planning, strategic communication, and performance reporting.