At infoAnalytica, market segmentation is performed through a range of sophisticated methodologies.infoAnalytica's approach to market segmentation reveals key findings which can be used to identify key prospect and customer characteristics that break down the customers in the market to distinct target segments. This is a critical component in ensuring the success of a company's sales and marketing strategies.
In order to perform a thorough and valid market segmentation, infoAnalytica collects and analyzes data regarding prospective buyers and existing customers across several categories.These categories include:
- Customer Demographics
- Socioeconomic criteria
- Brand Loyalty and Awareness (How well is the brand performing based on the unique features of a customer's attributes)
- Extent of Product Use
Successful market segmentation also requires the creation of individual use cases for every person identified within the categories above.
The purpose of market segmentation is to divide large, unstructured market data into subsets of buyers with similar needs, and then design and implement strategies to target their needs and desires using marketing channels that are applicable to these subsets. Ideally, a market segmentation should be performed during early product development research or service definition.A market segment should ideally fulfill the following characteristics:
- It should be measurable
- It should be profitable after the product or service is launched
- It should continue to exist over the product life cycle, as far as possible
- It should be addressable or reachable
Each segment should reflect similar attributes for the customers within it e.g. a preference for certain product features, budgets and so forth
Conversely, potential customers from different market segments should have distinct preferences, with some overlap as applicable.
infoAnalytica helps companies develop accurate market segmentation that lead to the best possible marketing approach for a product or service.