Segmentation: Identify Your Target Markets
Who will buy your product or service? Which market segments will give the most profit?
Key to successful marketing is identifying the demographics of the different market segments that will be willing to put money or time into your product or service.
Gilleard Market Research approaches market segmentation through studying various factors:
The demographics of your current publics. Through an examination of records and/or a survey of your clients, a study is done to find out who is currently buying or using your product or service
As needed, competition is studied to see who they are successfully marketing to
A broad survey of potential markets might need to be done to isolate the most likely markets
The result is a comprehensive outline of the target markets, their demographics and approximate size. Different segments might need to be approached differently, in terms of communications, imagery and packaging as well marketing media and methods of distribution.
Once target markets are fully identified, research can be done into the exact attitudes, motivations and needs of those publics.