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5 Ways Market Segmentation Can Help B2B Businesses in 2022

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Ways Market Segmentation Can Help B2B Businesses

Introduction

POV: You’ve just developed a new application to help companies with task management. You’re eager to sell this to different companies, so dive headfirst into marketing your product. But despite all your efforts, you aren’t attracting business as you wanted. What are you doing wrong?

A common mistake could be the failure to understand the audience. Unlike B2C businesses, B2B businesses cater to more personalized audiences. Therefore identifying your target market to the T can help you undertake better practices and attract better business. But how do you go about this effectively? Well, market segmentation could be your answer.

What is Market Segmentation? 

Market segmentation is a marketing strategy that helps businesses identify the core audience for their products or services. It helps understand audience needs, their actions, characteristics and more. With the information collected, businesses can cater their products or services in a manner that catches the attention of the audience and turn them into possible customers.

Types of Market Segmentation 

There are four types of market segmentations that businesses can consider. 

  1. Geographic segmentation: Here, businesses study groups within certain geographical boundaries. The needs and demands of customers can vary based on where they are located geographically. With this study, they can better understand how to tailor their products or services to a specific audience. Geographic segmentation also opens doors for businesses to expand their business in new locations.
  1. Demographic segmentation:  Groups of people are studied based on certain demographics such as age, family size, occupation, income levels, etc. It is one of the most common forms of market segmentation and helps businesses to develop products and services for different segments of their target audience.
  1. Psychographic segmentation: It consists of studying a target group’s behavior, interests, decision-making processes, etc. To carry out this form of segmentation, businesses can carry out surveys, interviews, field case studies and compile information to help further their operations.
  1. Behavioral segmentation: Here, consumer purchasing habits are the subject of study to understand the target audience. The attitudes towards a brand, how consumers react, and their awareness, all form components of data for behavioral segmentation. The study then allows businesses to take a focused approach with their products and services.

5 Ways Market Segmentation Can Help B2B Businesses

Market segmentation is studying consumer audiences to understand their patterns. But in a B2B environment, audience behavior is much different than in a B2C environment. Targeting B2B audiences requires a personalized approach with a better understanding of the specifics. Undertaking market segmentation practices can help B2B businesses market their products well in an ever-evolving industry. Through all the changes that have taken place this year, here are five ways market segmentation can help B2B sales and business in 2022.

1. Improve Marketing Practices: Market segmentation allows businesses to understand their target audience better. When the audience’s needs and demands are better understood, it becomes easier to take up marketing practices that are most effective in relaying the message at hand to the target customer group. 

2. Better Customer Retention:  To have customers keep returning for your products or services is an elementary goal that businesses strive to achieve. With market segmentation, businesses can develop more effective products and also provide services to improve a customer’s overall experience, thus making it more likely for them to trust and return in the future.

3. Increases Cost Effectiveness: The inflow of focused information about the target audience can help curtail excessive spending. A good market segmentation strategy allows for the creation of more personalized and intentional campaigns, rather than taking a trial and error approach to see what might fit best.

4. Helps Boost Revenue: Market segmentation helps create focused and personalized marketing campaigns that improve the chances of attracting customers to a business. When more and better customers come in, an organization can grow at a better pace allowing for better prospects and an increase in overall revenue.

5. Effective Product Development: With market segmentation, understanding customer needs becomes easier for businesses. Through information collected from the segmentation process, it becomes easier to develop products and services that are more effective and tailored to exact consumer needs.

Endnote

While market segmentation may not be a mandatory practice for any business to take up in their operations, it opens doors for better prospects. There are more chances and opportunities for businesses to grow to new levels, expand their services, as well as in new locations. It also helps foster better client/customer relationships which further helps in building customer loyalty in the long run. 

So while it’s not a mandatory practice, it has benefits that may not come to a business otherwise. When businesses understand their target audience, they are more likely to provide products and services that satisfy the target group. Along with building relationships, businesses can improve their goodwill and their standing in the market. In summary, market segmentation is a valuable practice that can help B2B businesses grow and retain their target customers.

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Mozilla report found more than a dozen TikTok influencers who had undisclosed paid relationships to post political messages; TikTok banned political ads in 2019 (Mozilla Tiktokzakrzewski Washingtonpost)

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Mozilla Tiktokzakrzewski Washingtonpost

Mozilla Tiktokzakrzewski Washingtonpost: A recent report conducted by Mozilla found that more than a dozen TikTok influencers had undisclosed paid relationships to post political messages on their videos, the company banned political ads in 2019. This decision has been applauded by various activist groups and has been seen as a “victory for free speech”.

Not everyone is happy about this. As of now, it’s not known whether the TikTok app will still be able to use third-party content from content creators with undisclosed paid relationships. It’s also not clear what the ban on political ads means for the app.

The report was released by Mozilla, a major free web browser provider and anti-privacy organization. The report argued that political messages were being spread through the video platform without users knowing that they were paid promotion of propaganda. Specifically, 7 Indian political parties allegedly used TikTok to influence voters ahead of the 2019 Lok Sabha election. TikTok has been widely used in India because it is unable to detect political content and is mostly used by young people in India. TikTok is an app that allows users to post and share videos with one another.

The CEO of Mozilla, Mark Surman, claimed that the platform had been used for “political propaganda” for a long time. He claimed this was not only a problem in India, but globally as well. He also claimed that such incidents are not unique to India and are happening all over the world. The report also stated that many of these political influencers have more than 100,000 followers on the app. Allegedly, these users were able to get their political messages across without anyone knowing that they were paid promotions.

At the same time as the report was released, Mozilla CEO Mark Surman said that TikTok has removed all of these videos from its platform and banned political advertising on its app. He said, “It shows a clear desire from TikTok to address this problem, so we’ve decided to temporarily suspend our work with them. We will resume engagement with TikTok when we know they’ve solved this problem.”

Mozilla has decided to stop working with TikTok for an undisclosed amount of time. Mozilla also announced that it would work with other companies to make sure that political messages would not be able to be spread on their platforms for the next 4 months. The company also announced that it would work with Google, a major search engine, YouTube, a popular video streaming platform, and Facebook in order to address the issue.

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Facebook will announce a suite of audio products on Monday, including a Clubhouse-like app, a podcast discovery product connected to Spotify, and more (Sources Monday Clubhouselike Spotifykafkavox)

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Sources Monday Clubhouselike Spotifykafkavox

Sources Monday Clubhouselike Spotifykafkavox: Facebook will announce a suite of audio products on Monday, including a Clubhouse-like app, a podcast discovery product connected to Spotify, and more.

The announcements are part of Facebook’s efforts to stay competitive in an increasingly crowded social media space dominated by other companies who have fleshed out their audio offerings.

It might seem like Facebook is moving too fast in the media realm, but those who know around here know that it’s just following the rest of tech. A few years ago, the company’s advertising executives were inventing and experimenting with a range of new ad formats. From that came the creation of Timeline, its news feed, and the addition of paid ads to the social network.

On Monday at its F8 developer conference, Facebook will announce a trio of audio products — an updated version of Clubhouse which will be known as “Timeline Chats”, a podcast app called “Podcasts”, and “high quality audio” as part of Instagram.

Clubhouse first launched in 2016 as a private community where Facebook employees post 10-minute audios. It’s sort of like a Facebook-focused version of The Moth, the live storytelling event and podcast. The feature will be open to the public starting Monday (for those willing to signup for one of this thing).

Facebook is also launching a new podcast app called “Podcasts” that will be available on iOS and Android and connected to Spotify — a first for Facebook. The feature could be a competitor to the likes of Apple’s Podcasts app. Facebook is also integrating podcast listening with its main app. So people will be able to listen via their news feed, of course.

The third product is high-quality audio, which is said to be “a new format optimized for sound quality and created with the latest in audio technology”. I’m just going to say that it’s probably a way for Facebook to easily differentiate its audio products from rivals.

Facebook already has a lot of tools for recording and editing audio, especially video. With standalone products, the company can increase user engagement and promote vertical video content over horizontal videos.

Facebook has been investing in several other audio products as well.

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Wejo, which collects and analyzes real-time vehicle data, is going public via a SPAC merger to raise $330M, which will value Wejo at $800M including debt (Wejo Spac 330m 800m)

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Wejo Spac 330m 800m

Wejo Spac 330m 800m: Wejo is a predictive analytics company that specializes in collecting, analyzing, and interpreting real-time vehicle data. They operate out of the globe’s largest traffic network and have built the world’s largest connected vehicle telematics database.

The company has been privately held since 2006. Wejo plans to enter public markets via an SPAC merger with Criora Health, which will be renamed Wejo Inc with a publicly traded ticker symbol of WJHO. The merger is expected to close in Q3.

The SPAC is a new form of hybrid private/public company that has been gaining popularity in certain industries including healthcare, IT, and cloud-based security services.

Wejo’s real-time software enables consumers to monitor driving patterns and behavior via an on-board telematics device, or log into their account online to review the data. The company has been providing these solutions for more than a decade to consumers, dealers, and auto manufacturers in the U.S. and Europe.

The data that Wejo gathers from its network of connected vehicles is available to a wide range of businesses, including auto insurers, dealerships, finance companies, and auto OEMs. The company also collects data from non-automotive sectors such as delivery fleets and shuttle buses among others.

Wejo has operational headquarters in the U.S., and is listed on the OTC Markets under the ticker symbol WJHO. The company also maintains a research, development, and engineering center in Palo Alto, California. Wejo’s operating headquarters are located on the campus of Lehigh University in Bethlehem, Pennsylvania.

Wejo operates its largest connected vehicle telematics database, which consists of more than eight billion connected miles of driving data gathered from over three million vehicles. The company currently analyzes data from over seven hundred thousand vehicles in the U.S., fifteen thousand fleets outside the U.S., and twelve thousand transit buses around the world.

The company currently operates five technology platforms. Wejo’s Real-Time platform is a web and mobile portal that allows users to analyze, visualize, and share driving patterns and behaviors. The company’s fleet management platform includes features such as fleet routing optimization and real-time fleet analytics. The Mobilize platform offers a unified user interface for device management systems and connected vehicles.

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