Segmentation
The mass market is broken into segments, each with its own
special interests, lifestyles and affinity for particular goods and
services. Identifying and targeting your product's key segments
will typically offer greater profit potential for your product than
the general market.
That's why defining and specifically targeting unique market
segments are a necessity in today's competitive marketplace.
Segmentation research helps you define and understand these
segments, but making the best decisions during this process usually
requires both qualitative and quantitative research methods, and
keen marketing insight.
Successful segmentation helps you understand:
- Specific needs, wants, values of consumers in your market
- Major groups of needs in the market
- What market segments exist
- How segments can be described in terms of behavior and
lifestyle characteristics
- How your product/brand is currently positioned in consumers'
minds
MRSI has the expertise to carefully craft and execute a market
segmentation study that identifies unique ways of slicing your
total market into segments to maximize the marketing opportunity
for your product.
We have been conducting segmentation studies for over 20 years
in categories including:
- Books/publications
- Electric utilities
- Entertainment
- Foods including baby/toddler, canned foods, meat products, and
condiments/sauces
- Farm/lawn tractors
- Insurance
- Medical conditions including asthma, diabetes and
osteoporosis
- Nutritional beverages
- OTC medications and pain relief
- Personal care
- Quick service restaurants
- Sports utility vehicles
- Weight loss
Our segmentation research will provide answers that help
you:
- Focus marketing efforts for the greatest impact
- Evaluate the cost/benefit of new products
- Aggressively market where the greatest opportunity exists
- Best target your marketing messages
- Evaluate potential marketing strategies
For market segments to be viable, consumers in each segment must
be similar in some key aspects, and yet respond differently to
variations in the marketing mix than other segments. The segment
must also be large enough to be worthwhile and efficiently
reachable through targeted marketing efforts.
An in-depth understanding of the market, including what
consumers want and need, is critical to designing an effective
segmentation study. Qualitative research helps identify the right
consumer language and is often a crucial building block for the
best quantitative interviewing tool.
Once quantitative research data is collected, MRSI uses a range
of analytical techniques to organize consumers into groups with
similar attitudes, needs and desires. The size, demographics and
market potential of each segment can then be determined, along with
product positioning that could appeal to each one.
Contact
MRSI for more information on Segmentation today!
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