Segmenting your market

Gone are the days of mass communicated marketing messages. Advances in technology and media channels means that marketers are more able to have their message communicated to the relevant people at the appropriate time, all in their preferred media channel. First step is to identify your customer. Once you have identified what your customer looks like your next move is to find out more about the market segment they belong to. For example, after conducting a survey for your fashion brand you identify that your customer is male, aged 18-30, and works in a trade. You now need to discover more about this market segment. Conducting a detailed segmentation analysis of your market becomes critical to developing your marketing strategy and allows for:

  • A greater insight and understanding of your market
  • Identify opportunities in the market
  • Help in selecting the most relevant media
  • This should also drive your content strategy

Usually there are huge costs involved in conducting market research and gathering useful data. Luckily, there are some great tools ‘free’ for anyone to use. Moasic Segmentation guides by Experian This program allows you to search for a segment or by postcode in Australia and find an infinite amount of information relating to the groups demographic profile, their preferred activities, and even their favourite food! The value in this information is limitless and it’s really up to how you use this knowledge to your brand’s advantage. Screen Shot 2014-05-16 at 8.45.05 am eBay ‘geotribes’ profiles  This is a great source that defines particular segments of the market and details their attitudes towards advertising , buying behaviour and lifestyle. Screen Shot 2014-05-16 at 8.40.10 amConclusion Why should brands use these platforms? The identification of distinct segments of consumers within an existing market allows for targeted communication and more effective marketing of your brand. Here’s an example of 3 different market segments and some of the basic information you can discover using these tools. Screen Shot 2014-05-20 at 8.52.00 am Screen Shot 2014-05-20 at 8.53.08 am Screen Shot 2014-05-20 at 9.02.44 am

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