Market segmentation is the identification of groups of potential customers with similar needs, wants and behaviours.
Market segmentation is arguably the most powerful tool available for generating strategic marketing advantage.
Market segmentation activities focus around identifying different groups within the market that share similar needs, wants, behaviours or demand characteristics - targeting & positioning them to create better customer satisfaction.
Market Segmentation should insightfully identify groups of customers and potential customers by their Attitudes, Usage & Behaviour. Market Segmentation is the key to making better marketing decisions, building better marketing strategy and real competitive advantage... exactly why management should insist upon the best segmentation study possible!
Market Segmentation is the most powerful weapon in the arsenal of the Marketing Strategist. - Leigh Cowan
SME's often fall victim to believing their market is significantly effected by demographics - limiting their opportunities. Segmentation makes business decision-making easy!
Too many untrained marketers fall into the demographic trap, and never truly identify segments in their market. Almost every market has only 2 to 5 segments.
Don't be wooed by psychological theory which can be dangerous for larger businesses needing to secure sustainable competitive advantage.
Market segmentation identifies consistencies in buyer behaviour...it is logical to prefer to know what a buyer does, rather than what that say they will do.
A "market" is only a corral of market segments... IF you segments well, you WILL own a every segment you want to, within a market. Let us show you how!
Market Segmentation by Launch Engineering can help discover profitable paths to marketing advantage. Call us for market segmentation and market research advice.
Call 02 8011 4355 NOW. Request a Call by email
Market segmentation is the corner-stone of customer-oriented business strategy & planning, leading to sustainable competitive advantage, successful marketing management and control.
The purpose for segmenting a market is to ensure your marketing advertising, targeting & positioning focuses on the subset of the market that are most likely prospects. Market segmentation, done properly, generates the highest return for your marketing/sales expenditures. Depending on whether you are selling your offering to individual consumers or a business, there are definite differences in what you will consider when defining market segments.
1. Segment Identification - Identification and assessment of heterogeneous groups.
2. Segment Selection - Choosing attractive segments that are appropriate for the organisation to pursue.
3. Segment Targeting - Allocating marketing resources THE RIGHT WAY to fulfil the needs and wants of the prime target audience/s you have selected.
4. Positioning - Using your insight and understanding to manage the elements of the marketing mix so as to optimally meet the needs and wants of that segment.
If you are less than100% satisfied with your marketing results, ask for a Launch Engineering segmentation study now. help me segment
Using our proprietary Customer Value Management process, Launch Engineering identifies meaningful and usable market segments using insight and extensive experience COMBINED with advanced academic knowledge: One client generated 22% growth in profits, AND identified better products to deliver to customers. This process is better for your Company AND better for your customers!
A decent Segmentation Study delivers RELEVANT and SIGNIFICANT insights and knowledge for Management to make appropriate decisions on:
Segmentation studies let you identify:
The 5-Star Segmentation Process
1. Identifying the key problems, Issues, and Aspirations Relevant to You
2. Conducting Qualitative research to “anchor” your needs and wants with that of the market, and identifying the nature of the segments, the best perspective for identifying them (Frame of reference) and sketching out broad profiles for analysis by quantitative methods
3. Conducting the quantitative Analysis to determine size, strength, potency, significance, and customer value to you of each segment as well as the presence and competitive strength of your competitors.
4. Integrating proven strategic marketing models developed by leading business schools and FMCG corporations around the world, to create proposed strategic actions for your Management team to consider.
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