Identify and Understand Your Target Market
Market segmentation creates marketing efficiency.
By identifying the right target markets, marketers can put their resources to best use. When conducting primary market research, analytical techniques can be used to identify groups based upon attitudinal or socioeconomic variables.
Data mining, an analysis of your existing customer data, also helps to identify your best customers and purchase patterns (when customers buy your services).
Potential market segmentation variables:
- Strong attitudes toward your brand
- Education level and income
- High level of need for a product/service
- Role in the decision making process
Once you have defined your target market segments, you can match them to databases to generate maps for site location or mailing lists for direct response mailings. Market segmentation also provides a means to identify and prioritize marketing opportunities.
For information on market segmentation, please view this article: Segmentation: The Foundation of Marketing Strategy.
