Market segmentation involves dividing a market into smaller groups of consumers with similar needs or characteristics. By combining market segmentation with geospatial data, businesses can more effectively target their marketing efforts, increase personalization, and gain a deeper understanding of their customers.
The three steps to segment your market via geospatial data are:
- Identifying target market segments
- Gathering and analyzing geospatial data
- Using the insights to make informed decisions about marketing and business strategy
This can lead to improved targeting, personalization, and ROI for businesses.
