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Segmentation
Market segmentation is a process of taking the total, heterogeneous market for a product or service and dividing it into several sub segments, each of which tends to be homogeneous in all significant aspects. Forum Research Inc. has significant background in market segmentation, conducting programs that isolate actionable segments based on:
- Demographics and socioeconomic characteristics
- Behavior and usage patterns
- Psychographics
- Attitudes and opinions
- Life-style and family situations
- Product or service benefits
- Wants and needs
And we don’t just isolate the segments for our clients; we provide actionable strategic and tactical recommendations for capitalizing on the market opportunities inherent in each segment. Some of our recent segmentation work has answered the following questions for our clients:
- What are our most profitable segments that we should channel our finite resources toward?
- What should our service portfolio look like for our various market segments?
- What promotional appeals will appeal to our market and are they the same across our entire market?
- Do we need to modify our advertising strategy to accommodate different market characteristics?
- In what ways do our most loyal customers differ from those who only buy from us sporadically?
There are numerous ways by which a company can segment its market. The methods will vary from one product or service to the next. With Forum’s depth in market segmentation research, you can be confident that the solutions and direction we recommend will be sound. They’ll also be a basis upon which you’ll be able to build success. |
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