This conducting market segmentation template has 5 pages and is a MS Word file type listed under our finance & accounting documents.
Sample of our conducting market segmentation template:
CONDUCTING MARKET SEGMENTATION Segmenting a market involves examining your target audience so you can break it down into groups based on key sales criteria. For example, you may segment your market based on factors such as demographics, problems, experience, needs, common interests, or any other criteria that are relevant to both your product and market. Successful market segmentation allows you to create more powerful product offerings that appeal to your audience, based on specific criteria that influence the audience's buying decisions. As such, the purpose of this document is to provide guidance on how to segment your market. Procedure: Define Your Target Market Before segmenting your target market, you must first define it through market research. This may involve digging into both your competitors' and your own data. By examining your data, you may see patterns emerge in terms of who buys your products and what they have in common. Your competitors' data may reveal similar information about their products. It can also show you the segmentation strategies they're following, which you may eventually merge into your own. Hone in on a Segment Decide on who you're going to include in the segment that you will focus on. This begins by separating a group of people in your target audience based on a certain criterion, such as geographic location, demographical information, or behavior. You then segment further, differentiating the people inside that group based on more detailed criteria. For example, you may initially divide your target market based on gender, which is a demographical criterion. From there, you then break that group down further, based on other criteria, such as age, parental status, relationship status, or location. This eventually provides you with a specific segment to focus on. You will likely identify several potential segments during this step. Honing in on a segment also means figuring out which of the identified segments is most attractive to your business from a marketing and sales perspective. Select the segment that you believe presents the greatest opportunity for revenue generation. Determine the Needs of Your Segment Define the needs of the people within your segment. What are their specific problems? What do they want to achieve through the purchase of your product? This information forms the foundation of the offer you eventually make to the segment. This is also a step you'll repeat several times, depending on how many segments you identify within your target market. Create a Buyer Persona A buyer persona is a representation of the type of person who will buy your product. Take the needs and challenges you've identified and use them to form an image of a specific person. Some companies name their buyer personas, even going as far as to give them specific backstories. Your goal here is to create a tangible idea of the sort of person within your chosen market segment so you can speak to that person directly in your marketing. Evaluate the Segment
