Benefits of Market Segmentation

Become a market leader through finding, understanding and focusing on the needs of your best customers.

• Understand your customers
  • Identify behaviors and buying motives for your products. Identify your most and least profitable customers and avoid unprofitable markets.
  • Tailor your marketing mix to the customers most likely to want your products or services
  • Customer satisfaction benchmarking: increase loyalty and decrease brand switching by offering products and services they want.
  
  
• Gain competitive advantage in your market
  • Differentiate your products and services to meet your customer needs and desires.
  • Design products and services to meet the needs of your market
  • Find hidden needs and make improvements to your existing products.
  
  
• Improve revenues and profits
  • Refine your pricing to maximize revenue.
  • Find markets where you can increase your price.
  • Reduce marketing costs.
  • Optimize your marketing resources; get the most for your spend
  • Focus and match your activities to things you can do effectively and profitably
  
  
• Become a market leader and grow your market share
  • Evaluate emerging and potential markets.
  • Learn more about your competitors.
  • Improve your competitive positioning to be more accurate and better differentiate you from the competition.
  • Reduce competition by competing in a more narrowly defined market; establish your niche.

Why Segment your Market?

Companies must work harder than ever, today, to ensure that marketing dollars spent have the greatest impact possible. Competition in markets has meant that companies are finding it increasingly difficult to practice mass marketing.

Consumer diversity is rapidly increasing and firms are seeking to differentiate their products relative to competitors. When the focus is specifically on the desires and needs of a niche group, there is a greater probability that the company's marketing can match the needs of that group. Target marketing and market segmentation allows firms to focus their resources more effectively, and with a greater chance of success.

Market and brand managers are continuously being asked to increase their ROI. They are constantly searching for new information about their markets, and new ways to approach them.

This is where market segmentation comes in. When market segmentation segmentation is done correctly, it helps you to to focus on the subset of prospects that have the greatest potential of becoming customers, and to realize the highest return for your marketing expenditures.

Market segmentation is a proven way of improving profitability without the need for direct sales. By focusing the offer to different groups, you are better able to more precisely meet their needs and gain higher market share and profits.

• Good market segment research explores a broad range of demographic and psychographic factors.
• The process involves separating a market into groups whose benefit requirements are similar. The better you can group your customers into market segments the better your chances are of winning and keeping them.
• This allows marketing plans to be developed for each of the groups.

Companies who segment their markets match their strengths and offerings to the groups of customers most likely to respond to them, By selecting and focusing on some segments to the exclusion of others, marketing can be specifically created to fit those customers.

What Our Market Segmentation Skills Can Do For You

• We help you respond to competitive challenges in the marketplace
• We have resources to implement segmentation studies to learn more about your consumers
• We partner with marketing managers, brand managers and agencies to help you facilitate/learn more/respond to challenges
• We have resources and expertise in quantitative and qualitative research design, data collection and analysis
• We conduct segmentation studies that will help you profit from conducting such studies by developing effective positioning for your target market

Who We Are

Market Segmentation Group is led by our senior consultant, Joel Goldberg, Ph.D. Dr. Goldberg has over fifteen years experience in marketing research and market segmentation, including his role as a Sr. Management Consultant with Price Waterhouse Coopers. In addition to his industry experience, Dr. Goldberg holds advanced degrees from Harvard and Cornell.

To find out more, please phone or e-mail us using the information below.

Joel Goldberg & Associates
716-836-8683
90 Keswick Road
Amherst, New York 14226
jg@marketsegmentation.com

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