The first step is to identify your total market. Why? Because before segmenting the market into small groups, you must collect data that will allow you to identify your market. Based on this initial cut, you can then “drill down” further.
Focusing on this broad market will allow you to identify common criteria that help establish subgroups. So, it's about knowing the customers in your sector and what their characteristics are.
For this segmentation, apply demographic criteria (where does your sri lanka business email list audience live?), geographic criteria (what type of city do they live in?), behavioral criteria (what is their preferred way of paying for their purchases?) and psychographic criteria (what products are they interested in buying based on their profession?).
This first identification will allow you to know the market niche for your product or service.
Choose the Target Market
Knowing the total market, you are in a position to apply variables to identify some of these subgroups we have talked about. It may be that this is a launch and you prefer to use an undifferentiated strategy; or you prefer to target a sector of the target market.
In any case, the important thing is to align the strategy with the objectives and to be able to identify the audience you are targeting with precise characteristics.