Target Market Segmentation
Your market is like an archer’s target. At its red center are the “sweet spot” buyers your marketing and sales efforts easily reach and engage. As you get further from the bulls eye, you find buyers who are less motivated and less enabled to buy your product. Though there may be more potential buyers in these outside rings, your marketing and sales efforts require more resources to reach them.
Target Market Segmentation Defined
Target market segmentation is the process of identifying one or more groups of potential customers that each share a set of common characteristics. Once you understand these different market segments and their characteristics, you target those market segments you would like to pursue.
Businesses use target market segmentation to help them focus their marketing promotion and prospect acquisition efforts on the prospects most likely to take action and purchase their product.
Applied Product Marketing LLC's target market segmentation is designed to help uncover the segments where your marketing activities and dollars can have the greatest effect.
- We will identify key characteristics of prospects most likely to purchase your offering.
- We will recommend market penetration strategies that will help you leverage your “market sweet spot” to grow your business.
- When we perform target market segmentation for more than one product offering, we also evaluate overlap and cross sell qualities of the individual target market segments. This appraisal helps you understand how to use success in one market segment to access a related market segment.
Learn more about the services we offer for market segmentation:
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