Market Segmentation Business Plan

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Market segmentation, or audience segmentation, is the practice of dividing potential customers into meaningful subgroups based on their characteristics and preferences.

Marketing content can then be tailored to these segments, helping to create a more efficient and cost effective marketing strategy.

This will tell you exactly what your product or service is up against, and what tactics you need to take on to compete.

Ask questions like: You may find that one group of people is very well served by competitors while another group has yet to be tapped into.

Look at previous customer data, whether specific groups have different needs, or how their attitudes or lifestyles differ.

This will help you understand their specific behaviors, alongside demographic and life stage information of your target market segments, enabling you to craft the right marketing messages and identify the best channels and tactics to use for a high value campaign. Say you own a brand selling healthy packaged sandwiches through retailers.This will enable you to make predictions about who will buy your new product, in what quantities and how often, as well as identifying any possible peaks or troughs in demand.Understanding the data set and variables that differentiate one group of people from another is key to knowing your market.Incrementally and methodically combining data in this way will help you establish what types of content will resonate with your separate audiences and where’s best to place it.In 2006, Visit Scotland conducted a large-scale consumer research programme that led them to the discovery of five core audience segments: adventure seekers, curious travellers, engaged sightseers, food loving culturalists and natural advocates.Each segment was defined by factors including personality, interests, age, what they look for in a holiday, accommodation preferences, the activities they enjoy and how they use technology.For example, curious travellers generally ‘dislike returning to the same place more than once’.But in order to reach them effectively, you need to understand their behaviors and attitudes – namely how, where and why they consume content.Using third party data, it’s possible to reveal the answers to these questions to build a detailed picture of their media usage and online behaviors.Audiences are traditionally divided using 4 main criteria.Within each of those, further divisions can be made for a more granular understanding of a market.

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