Segmentation is an integral part of marketing strategy of any organization for any product. It is important to know the different segments that exist in the possible target customers to ensure that a product is positioned to the right segment of people. It actually means dividing a market into sub-segments and each segment have something in common.
It helps in identifying a different set of people who are interested in different products and look for specific featured or prices in a product. This segmentation can further be understood and segregated on the basis of various dividing identifiers like geographic, demographics, and many more.
Among the various types of segmentation, lifestyle segmentation holds its value in a unique way. As the word suggests, lifestyle means the way of living a consumer is pursuing and then based on these ways of living they are grouped to form the lifestyle segment. The importance of lifestyle segmentation comes at two very important phases of the lifecycle of a product.
The study of the lifestyle of consumers helps the marketers understand the right need of customers so making a decision about what product should be targeted to which customer set becomes easy. And another significant phase is the product communication as it tells what communication message needs to be portrayed in front of the target audience to ensure they can relate to it.
Lifestyle segmentation helps in understanding the customer requirements better and based on which marketers can take appropriate decisions of rightly placing the products in the right market segments.