Market segmentation for target marketing is critical components for the brand, product and service go-to-market strategy. Before you can craft your messages or plan your channel delivery, you must identify who you will sell to, and what their specific needs and preferences are.
Extensive research and analysis inform market segmentation as the starting point for efficient, effective marketing planning and prioritization. We help our clients with activities like:
Consumer research facilitates a deeper understanding of market demands, allowing you to identify market segments that are more and/or less likely to need or want what you’re offering and estimate likely value based on geographic, demographic and behavioral information.
Target Market Selection
Now that you’ve got the total market segmented, research can also help prioritize your investments and activities. Which segments will be the most receptive, most valuable, and highest priority? Which segments might need further research or development?
Once you know your total pool of prospective customers, where they are and what they’re like, it’s time to group them into defined segments. Market segmentation is necessary for both prioritization and for tailored target marketing.
After selecting the priority target markets based on your market segmentation, research insights can further shape the development of Personas, which should help you articulate and communicate with the consumers you need to engage and convert.
Layering in Sales Data and Internal Reporting
Market segmentation can incorporate internal reporting and insights as well as external research. This is especially helpful when your initiative is focused on market expansion or cross-selling/up-selling versus market entry.
Market segmentation often involves mapping of various factors, from geography to existing customers to unique characteristics that are specific to your product offering. This can make your next move easier to spot and help build your business case for investment and prioritization.
What’s Next After Completing Your Market Segmentation?
When you’ve completed your Branding Strategy and Market Segmentation, you’re ready to develop your Value Proposition & Positioning, which will serve as the foundation for your ultimate Marketing Strategy. As your brand consultant, we can integrate all of these mission-critical elements and keep them tied tightly to insights and on point for optimal success.