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Marketing Quick Tips
Target Market Segmentation
Effective Marketing Depends On Knowing who your target market is. Before you can begin the discovery process of learning about your prospects and their hot buttons, and then develop your marketing strategy - you must first identify who your prospects even are. Seems obvious right? So, do you know with absolute clarity who your target market is? If not, now might be a good time to find out.
Segmentation Is The Process Of Grouping your customers and prospects according to their common characteristics. You can group prospects by Demographics - these are the objective, directly observable characteristics that describe people and organizations. Or you can group by Geographics - this describes where people or businesses are physically located. Or you can group by Financial information - how much income is made, by credit score, etc. For both consumer and business segmentation, most of this information can be easily obtained from census data, the news media, trade associations and financial reporting services. Use the variables we've listed below to identify more precisely your target market.
Segmentation Variables
Consumer Markets | Segmentation Variables
Business Markets |
Demographics
- Age Group
(e.g., teens, 30's, retirees)
- Gender
- Education Level
- Ethnicity
- Income
- Occupation
- Social Class
- Marital Status
Geographics
- Location
(e.g., national, regional, urban/suburban/rural, intn'l)
- Climate
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Demographics
- Industry
- Type
(e.g., retail, wholesale, manufacturer)
- Size
(e.g., sales volume; number of retail outlets)
- Age
(e.g., new; young growth, established growth, mature)
Geographics
- Location
(e.g., national, regional, urban/suburban/rural, intn'l)
- Climate
Business Arrangement
- Ownership
(e.g,. private vs. public, independent vs. chain)
- Financial Condition
(e.g., credit rating, income growth, stock price, cash flow)
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