Long-term success begins with knowing your customer.
Your market is not a single homogeneous entity; rather, it’s made up of people with unique perspectives and diverse backgrounds.
Using market segmentation, Market Street offers you a clearer picture of your market by grouping people with similar characteristics together. When you can see the types of people you serve and the size of each market segment, you can target your communications and services to them more accurately.
Through a market segmentation analysis, we can identify the segments of the market for your product or service, and describe for each segment:
- The size of the segment
- Their demographic and psychographic characteristics
- What’s important to them in making buying decisions for your product or service
- How they perceive you and your competitors
- The extent to which they are already using you vs. competitors and your opportunities for growth
When you gain a better understanding of the segments of your market, you’re better positioned to create specific products and services that meet the needs of key market segments and craft marketing messages that really resonate with your target audience.
There is no single correct way to segment a market. To determine how best to conduct a market segmentation analysis for a client, Market Street Research considers a number of approaches. For example, a segmentation strategy can be based upon frequency of use of a product or service, occasions of use, and/or the benefits consumers derive from a specific product or service. Once the best method is identified, we use the most appropriate marketing research tools to define the segments.
Market Street’s Primary Market Segmentation Research Tools
- Factor and Cluster Analysis Using Rating Scales
- Conjoint, Choice or MaxDiff Analysis
- Logistic Regression for behavioral modeling
- Message Testing
- Simple, easy-to-interpret supporting techniques, such as crosstabs
Market Street’s analysts have Ph.D.s and are trained and experienced in conducting state-of-the-art, highly technical, yet decision-oriented market segmentation analyses that allow companies to make decisions effectively and act on the information we provide.
Our approach is flexible, customized, and designed to deliver highly actionable market segmentation based on:
- Market Street’s depth of experience in a variety of market segmentation research methods
- Multi-tiered market segmentation methods designed to support an array of strategic, marketing, and sales applications