Market Segmentation Research
Your market is not a single homogeneous entity–your market is made up of people, and is therefore as diverse and unique as they are. Market Segmentation allows us to give 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.
Market segmentation can tell you not only where your customers and potential customers live and what their demographic characteristics are, but what they value, what they prefer to do with their leisure time, where they fall on the political spectrum, whether they are fast food junkies or organics-only foodies, whether they are technophobes or social media addicts–and so on.
Having a better understanding of who you serve can open up ideas for creating specific products and services to meet the needs of a key market segment, as well as help you refine marketing messages so that they will best resonate with what matters most to the people you are trying to reach.
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 Latent Class Modeling using consumer trade-offs
- Logistic Regression and Neural Network Modeling for behavioral modeling
- Simple, easy-to-interpret supporting techniques, such as crosstabs
Market Street’s maintains ongoing working relationships with Ph.D. level statisticians affiliated with the Pioneer Valley colleges and the University of Massachusetts. Our collaboration with these specialists enables us to offer 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
Market Street Research has considerable experience and expertise in utilizing market segmentation research tools and methods in the research we conduct for clients in many industries, including for organizations in the healthcare field. In fact, conducting healthcare marketing research is one of Market Street Research’s greatest strengths. Since 1978, Market Street has designed and conducted many hundreds of healthcare marketing research studies for healthcare providers ranging from internationally respected academic medical centers such as Massachusetts General Hospital, Cleveland Clinic and Johns Hopkins, health systems such as Partners Healthcare and Memorial Hermann, as well as for many regional and community-based hospitals, specialized clinics, and physicians’ practices serving urban, suburban and rural markets across the United States. Learn more about our expertise in the field of healthcare marketing research.
Please contact us to discuss how Market Street Research can help you achieve your goals.
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