Market Segmentation Business Plan

Market Segmentation Business Plan-15
But knowing what data you need to gather is a familiar challenge.

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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.

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.

This will help you identify the most profitable group to target in your marketing plans, as well as identify what types of marketing communications may or may not have worked prior.

Once you’ve completed your market analysis and identified the audiences with the most potential, it’s essential to incorporate these different target market segments into your wider business plan.

With a platform like Global Web Index that’s updated quarterly, you can ensure the data you’re looking at is up-to-date, fresh, and highly relevant.

People who are attracted to your product or service often share certain characteristics, and identifying these will help you create your target market segments and refine your messaging for each.

Demographic – Criteria includes gender, age, income, education, social class, religion and nationality. This can be subdivided by nation, state, town and so on.

Psychographic – This can include personality variables such as introvertedness and extrovertedness, lifestyles and attitudes to life.

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