Market Segmentation and Targeting
Tips & Advice to help you make your decision on Market Segmentation and Targeting
Market segmentation is an economics and marketing concept that involves sub-sets of a specific market which are made up of people and organizations that demand similar products or services based on qualities related to those products. Market segmentation and targeting is a technique that's employed by many discerning businesses to more successfully tap into these potentially lucrative sub-sets.
There are market segmentation and targeting resources available across the country that can enable you to successfully gear your marketing efforts towards these sub-sets. There are different approaches companies can take in regard to targeting a segmented market. Some companies employ very broad approaches while others take a more specified approach. Market segmentation consultants can help you to determine the most plausible course of action.
Different people have different requirements. Different markets cater to those differing requirements and satisfy them in unique and different ways. Employing a marketing segmentation approach to your targeted marketing efforts enables you to divide broad markets into smaller ones that group customers together by using shared characteristics. The Internet can be a useful resource when looking for information and resources related to targeting a segmented market. You can visit the links on the left to get started.
Target Marketing
Streamline your sales effort by pitching to nichesBy Toni Klym McLellan, Freelance Writer & Editor Toni Writes Target marketing streamlines your strategies by determining a product or service's ideal market and pitching that market in a way that's more likely to appeal to those customers.
Targeting a specific type of customer allows your company to:
- Plan marketing initiatives more effectively.
- Allocate marketing dollars more efficiently.
- Hone in on and eliminate sales tactics that aren't working.
- Learn more about your customers' preferences and habits for use in future promotions.
Understand the basics
The key to target marketing is identifying the market groups most likely to buy your product or service and focusing a laser beam of marketing mojo in their direction. Breaking that target market into sub-specialties is known as "segmentation," which allows for even more efficient direct marketing.
Try:
Apply market segmentation to your business with this checklist from the Center for Business Planning.
Use technology for DIY target marketing
Small companies and entrepreneurs can target-market to customers themselves. It takes a willingness to learn the basics of targeting customers and develop a solid plan for learning more about and addressing customer needs and preferences.
Try:
MapInfo offers "location intelligence" software and data to allow you to target customers yourself using geographic information. Claritas also offers ConsumerPoint software for segmenting and targeting markets.
Hire professionals
Save time and stay focused on your core business by outsourcing your target marketing.
Try:
Agencyfinder.com allows you to search for a marketing firm based on size, location, and/or need. Professional organization The New York American Marketing Association publishes its GreenBook directory of marketing research firms is available online and via CD-ROM.
- Pay attention to what similar firms are doing in terms of direct marketing and advertising to their customers.
- Customer surveys – even brief ones – can tell you a great deal about their preferences. Asking "How did you hear about us?" with every online or telephone order could help you hone in on ways to market in the future.
- Examining your best selling product or service is a good way to "back door" target market research. Study the people who buy your most popular products and determine how to more effectively sell to them.
- Consider a test run campaign to a smaller market segment before doing a complete overhaul of your marketing initiatives.
- Targeting via segmentation holds nearly endless possibilities: age, gender, income, geography, etc.
- Utilize local chambers of commerce and marketing or other industry trade associations to find market data in core customers' communities.
Use IBM Smarter Commerce to Create Stronger Market Segments. Get Paper
Benchmark your pharma company's market segmentation staffing.
Target the Right People and Get Quality Leads - Let Us Help You!
View Answers to Everyday Questions; Get Answers Now on Ask.com!
