Merely casting a wide net and delivering a generic message to every audience group will not suffice. But, if you've landed on this blog post, you already know that.
To truly make an impact, you must tailor your brand's positioning to distinct audience groups with unique needs. Well-crafted Inbound Marketing strategies include market segmentation strategies and are the key to achieving your objectives while simultaneously helping your customers reach theirs.
An effective marketing strategy works synergistically to drive brand awareness, reduce sales friction, and delight customers with exceptional experiences. Market segmentation strategies play a crucial role in this process, allowing you to target specific segments, such as consumer market segmentation or ideal customers demographic segmentation.
The mass marketing phenomenon is ill-suited for this task. Attempting to connect with all segments on a large scale often results in connecting with none.
In their quest to target an audience, many companies rely on assumptions regarding whom they should target and position themselves toward. While these assumptions may have provided initial momentum, growth inevitably plateaus, leaving businesses puzzled as to why. The answer lies in the foundation of any successful marketing strategy: research. Segmentation, targeting, and positioning must be grounded in solid research.
We recognise that obtaining quality market data for segmentation can be costly, tempting businesses to cut corners. However, by using LinkedIn's advertising tool and embracing market segmentation upfront, you can develop your own market segmentation strategy without breaking the bank.
Acquiring high-quality data for market segmentation can be a costly endeavour, often leaving businesses with limited budgets at a disadvantage.
While LinkedIn itself is free to use, it is far from being devoid of value. The platform collects an enormous amount of data on its users, which it then repurposes within its advertising tool to drive revenue.
Those familiar with paid social media advertising may have noticed that LinkedIn's advertising costs can be notably higher than other platforms. This premium price tag stems from the unparalleled quality of its underlying B2B data, a treasure trove of information that can significantly impact your market research efforts.
The best part? This valuable data can be accessed without spending a single penny, allowing you to gather crucial market insights without straining your budget. By tapping into LinkedIn's rich repository of B2B data, you can make informed decisions and craft targeted marketing strategies that will resonate with your audience.
Begin your market segmentation journey by clearly identifying the categories that will form the foundation of your campaigns, such as industry, company size, or job function.
Next, create a campaign within LinkedIn's advertising platform. This is where you'll lay the groundwork for understanding your targeted marketing efforts.
Choose the criteria that best align with your defined segments. This will ensure that LinkedIn is pulling the data that is best suited to your segments.
Leverage the power of LinkedIn's audience builder to refine your segment audience. This tool allows you to add or exclude specific criteria, resulting in a tailored and effective audience for your campaign.
Utilise LinkedIn's rich data environment to estimate the number of companies within each segment. This information will help you gauge the potential reach of your marketing efforts.Break down each option and divide by the size - so 500+ companies = audience size/500, this will give you a rough estimate of the number of companies.
For an even more accurate estimate, consider overlaying different criteria. This approach will fine-tune your market segmentation, leading to better-targeted campaigns and improved results.
By following these steps, you'll be well on your way to mastering market segmentation using LinkedIn's advertising tool.
When it comes to market segmentation, nailing it on the first try isn't the goal. Instead, focus on learning and iterating, getting less wrong with each step, and building momentum as you go. Just like an artist refining their craft, you'll perfect your masterpiece over time by embracing the process of continuous improvement.
Ready to take your marketing strategy up a notch? Get your free guide to the RevOps metrics you should be tracking! Learn how to use these reports to monitor the success of your segmentation, positioning, and targeting strategies, all while leveraging the power of LinkedIn Market Research. It's time to optimise your marketing strategy and unlock your full potential!