Market Segmentation Research
Recognising customers’ differences is the key to successful marketing. It is crucial for offering products and services to meet customer needs, or identifying new markets. Both consumer market segmentation and business market segmentation allows the maketeer to identify specific groups or niches of customers with common interests or needs. Shaping new products, identifying resonant messages, or understanding unqiue needs within those groups underpins market segmentation strategy.
Traditionally, marketeers in industrial (or business to business markets) have tended to define customers or markets through simple categorical descriptions, such as product, industry or geographical location. But this approach offers little in terms of recognising the diverse requirements or motivations of customers even within common product or industry sectors.