Market Segmentation
Market segmentation is very similar in method to customer segmentation. The base of reference in this case is the entire market you deal with, not just your customers. Market segmentation is especially important to understand when launching new products. Market segmentation allows you to predict which groups of customers are most likely to buy your products or services and then lets you target them more effectively. AccuraCast offers comprehensive market segmentation services as well as market segmentation for business intelligence processes for companies in UK.
Market segmentation Vs customer segmentation
One must understand the difference between market segmentation and customer segmentation. The difference does not lie only in the fact that the former analyses the entire market, while the latter analyses only your customer base. The characteristics that differentiate market segments can also be very different from the characteristics that differentiate your customers. A very simple way to understand this is to consider the case where you target only one market segment e.g. single white males aged 31-40 living in London. Your customer segmentation would then divide these customers based on disosable income, geographic location within London etc. The market however, does not consist of just the one market segment you chose to target. The market segmentation would therefore more likely be single white males aged 21-30, 31-40 and 41-50, married white males, single black males etc.
AccuraCast can help you understand your market better. Click here to contact us to learn more about market segmentation.
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