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Behind every business that is launched, product or service, an extensive research & strategy exercise is undertaken to understand the viability, sustainability and future of the business. This intensive exercise can be termed as the development of a ‘Business Strategy’. Business strategy encompasses a wide variety of components which are deduced from exhaustive research and analysis of the market in lieu with the product or service which is being planned. The main component of any business strategy is to lay down a detailed go-to market strategy which outlines how a product or service is delivered to the end customer. Myk Pono, an expert in SaaS Marketing and Product Growth, defines Go-To Market Strategy as, ‘Go-to-market strategy (GTM) is an action plan that describes repeatable and scalable processes for how a company acquires, retains, and grows customers’ The first step in creating a go-to market strategy is finding a suitable market-fit…

Psychographic segmentation is the one of the key pillars to formulating successful strategies and plans which aim to achieve business objectives. The core of any strategy is knowing your audience. Who are you going to talk to? What do they do? Where do they live? How do they interact? Grouping your current, prospective or past customers into segments based on their behavior, attitude, belief, lifestyle, interests et cetera is called psychographic segmentation.  Difference Between Psychographic and Demographic Segmentation Knowing what the size of your audience is, what gender they are, where they live (and the likes) is as important as knowing what they think, how they behave and how they interact with their surroundings. This is the basic difference of psychographics and demographics. Demographics tell you the age, gender, location of your audience while psychographics give you a picture of their life. Demographics can yield insightful quantitative data while psychographics…