There are many different ways and means to segment a market, each of varying levels of sophistication. Choosing the right approach requires an in-depth understanding of the market, the business objectives behind the initiative and the specific needs and expectations of key stakeholders.
Solutions can range from a relatively simple piece of additional analysis conducted using existing data, to a full-blown, fresh and comprehensive market segmentation study.
They make sense to stakeholders, so they can easily buy-in and see how they can use this to help meet their needs and objectives. A balance must be met between a solution that is both statistically sound and intuitive/workable for the client.
People within segments must share a range of very similar needs, behaviours and characteristics, which are sufficiently different from those in other segments.
In addition to the above, it must be possible to prioritise, target and reach segments via effective and efficient channels, tools and processes available to the client.
They should be based on inputs and drivers that are likely to be enduring, at least to the degree realistic or required given the category in question and the client’s objectives. Segmentation should be an iterative and highly immersive process at all stages, which balances statistical and business drivers, meaning that no two approaches are exactly the same.
Typically, a rich mix of inputs and dimensions covering attitudes, needs, behaviours and demographics are usually incorporated to help ensure an effective solution.
We often adopt Harris Interactive predictive approach to segmentations, when we include many different range of themes within the questionnaire such as attitude, life style, subject specific issues, behaviour, and demographics and so on.
Creating the segmentation is just the start. Once in place we provide an in-depth analysis and overviews of the segments, helping to embed the understanding and bring them to life – including detailed profiling analysis, pen portraits and orientation/action planning workshops.
To help our clients to understand even the slightest differences between the key segments, we incorporate our Segment footprint approach which helps to clients truly explain different behaviour and needs of each segment.
We also provide the means to embed the segmentation into other studies and initiatives with a sub-set of questions and tools that help to predict and replicate segment membership and allocation.
On-going support and advice comes as part of the service!