The purpose of market segmentation is to allow your marketing plan to focus on the sub segments that are “most likely” to purchase your goods or services, thus delivering the highest return on your investment. It divides up a market to identify trends in it; the analysis is used to create a profile of the target market/s:
- industry segments and sub segments are identified using SIC codes, company size, employment codes, etc.
- which segments to address and how best to address them may be determined and could include recommendations on optimum offering for each area
- using advanced statistical analysis, profiles of customer clusters may be developed by grouping together individuals with similar needs/differences by geographical region, country or industry type.
An overview Continue reading Market Segmentation
Firstly write down and agree the ultimate objectives of your target market plan. For example they could be any or all of the following or something else:
- increasing your sales
- increasing your market share
- increasing your brand awareness
- raising your company profile
- achieving competitive advantage.
With the focus on your marketing objectives then ensure you understand the needs of the target market. Identify Continue reading Identify your Target Market
In this 9 part series of blog posts titled, “Your Guide to Market Analysis for B2B Business Growth” we’ll present an up-to-date overview of how to use Market Analysis to prioritize and validate business growth ideas that make the most sense financially, rationally, emotionally and the best way to implement them for success while also minimizing business risk.
The 9 parts of this blog post series are:
- Introduction and What Do You Need to Analyse
- Identify your Target Market
- Market Sizing
- Market Segmentation
- Market Opportunity Studies
- Competitor Analysis
- Voice of the Customer
- Conclusions and Case Study
Enjoy! And let us know what you think… Continue reading Your Guide to Market Analysis for B2B Business Growth – What Do You Need to Analyse (9 Part Series)