Those making marketing decisions must know their target clientele and, most importantly, they must be aware of the trade-offs that a consumer faces when making a purchase. In order to do that, one must resort to market segmentation and conjoint analysis. Which ones among your competition’s clients you can win over? How to formulate your marketing message?

How confident are you about maintaining your market share and about your long-term strategy?

The segmentation can be described as the art and science of dividing the population or objects into distinctive groups. The challenge of marketing is in conducting market segmentation in the most relevant way. Consequently, the factors that should be considered when carrying out segmentation are: usage and purchase of the product; consumer’s needs; attitude towards the product and its consumption; desired advantages; behavior and feelings linked to marketing efforts; reaction to marketing variables; personality and life style; demographic and socio-economic characteristics.

Do not forget to think about the sections of the market that you would like to target before starting an advertising campaign in any media. Satisfactory results can only be achieved through detailed understanding of your audience.

Have a great week!

Manon