I have been having conversations with my clients recently about market segmentation. This is a crucial part of social media. That is why I believe a market segmentation definition is needed. The fact is that no matter what your business does, you need to discover how to market to the correct audience. In order to do that effectively for social media we need to do a market segmentation definition.
Market Segmentation Definition
The market segmentation definition we will use today is the ability to differentiate between different groups of people by various characteristics to determine whether they will purchase your services or not. We need to discover who would be interested in using what we sell before we start marketing or selling. Helps to know who you want to talk with before opening your mouth.
For example, do you offer life insurance? Then do not start selling life insurance to high school students. Not exactly your target market. When you have a great market segmentation definition you can see how finding the correct group of people can really help you grow your business.
As a social networking schmoozer I want to speak with small businesses and entrepreneurs who could use my services. In order to do that I seek out entrepreneurs. My Facebook, LinkedIn, and Twitter pages are full of business owners who could use my article marketing, LinkedIn lead generation, and other services that I offer. I go to business networking events, because I know that my target market will be there.
A good market segmentation definition also saves you time and makes you money in the long run, because you are marketing to the correct demographic for your business.
Market Segmentation Definition For Social Media
There are a few businesses that can go onto all of the social media sites to gain business. For the remainder of businesses you must find the correct mix of social networks where your clients reside. It is easy to just say go to Facebook, LinkedIn, and Twitter to do business, because there are so many people on these sites. At the same time, you might have challenges wading through all the useless information if you do not know where to look (or have help searching in the right places).
You definitely want to do a little research before you jump into the big three to find out what sites would be most useful to you. Generally here is what I have found to be true for businesses using the following social networks. Using the market segmentation above here is how to best use the social networks below.
Facebook-If you are B2B you might be able to get away with not having an account on Facebook as long as you have a very strong presence on LinkedIn. Everyone else, use Facebook. It also might not hurt to at least set up a basic fan page for branding purposes.
Twitter- I think Twitter should be called the great funnel. Most businesses can use Twitter, but you have to understand that the majority of businesses will not make money directly from Twitter. Instead, this is a great place to make your initial contact and then funnel that contact to your blog, Facebook, or LinkedIn.
LinkedIn- This is great for those looking to connect with other professionals or B2B businesses. Everyone who is on the site understands that this is a site for business to be conducted. The key is build relationships first.
Youtube-If you have a visual product you need to post a comment thanking me for writing this, and then go out to Best Buy to get a flip or another camera. You need to have a presence on Youtube with a visual product. That is the entire idea of using Youtube. Be creative with your use of Youtube.
Myspace- Yes they are still around with only 160 million users. MySpace has turned into a place for entertainers and musicians. Other than that, go elsewhere.
ActiveRain-Great site for real estate professionals to network.
MLMSocial- A social network for network marketers. Quick note: They are updating the site right now, and should be done soon. The site currently has a coming soon sign that has been there for a few weeks, but David Track has done an amazing job with this network over the past year.
Bloggers- This is a social network for bloggers. The bloggers are in all different categories, but all share the same love of blogging.
Finance3.0 or LinkedFA-These are social networks for financial professionals to share information on the economy around the world.
TSA Mastery- This is half social network/half tribe. It is based on Seth Godin’s Tribes, and is an excellent place to connect with other internet marketers and bloggers.
There is a social network for every conceivable group available through social media. You need to have your own market segmentation definition of who you want to connect with, before you jump into social media.