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.
Market Segmentation Matrix Template
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Save time by using our premade Market Segmentation Matrix template instead of creating your own from scratch. Get started by signing up for free to update it with your own information.
Invite your team members to collaborate on your new market segmentation matrix template. Miro enables you to engage co-located and remote teams on a virtual whiteboard, without constraints.
Need to share your Market Segmentation Matrix template with others? Miro has multiple exporting options, like saving to PDF.
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