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Fishin’ For Cod in the Columbia: The Importance of Market Segments Have your efforts to ‘land the big one’ ended with disappointing results? If so, you may be fishing in the wrong place, with the wrong bait. Casting an effective marketing message requires a clear understanding of your target market. The more statistics you have about your target, the more precisely you can cast your line. Approaching your marketing via market segments is an excellent way to hone in on a niche market.
Overview of Market Segments
Demographic Segment - Measurable statistics such as age, income, occupation, etc.
Psychographic Segment - Lifestyle preferences such as music lovers, city or urban dwellers, etc.
Use-based Segment - Frequency of usage such as recreational drinking, traveling, etc.
Benefit Segment- Desire to obtain the same product benefits such as luxury, thriftiness, comfort from food, etc.
Geographic Segment - Location such as home address, business address, etc.
Below are examples of how you can use market segments to define targets that are relatively broad, or extremely precise: Women between the ages of 20 and 40 (demographic segment) Women music lovers between the ages of 20 and 40 (demographic and psychographic segments) Women music lovers between the ages of 20 and 40 living in the Portland metro area (demographic, psychographic, and geographic segments) Women music lovers between the ages of 20 and 40 living in the Portland metro area who attend at least one concert a year (demographic, psychographic, geographic, and benefit segments)
Once you clearly understand your target market you can cast with confidence. However if you want to catch your limit you can’t stop there. Youre next step will be to create the market strategy and tools to best lure ‘em in. You can either try to navigate the marketing waters yourself, or you can hire professionals, such as the team at DivaDesignWorld.
About the Author: Monique Danielle owns Portland Marketing Agency, DivaDesignWorld.com, a full service firm that offers web development, graphic design, consulting, and a wide variety of creative services. She is also the founder of divadirectories.com,a free online resource designed to promote the growth and development of female business owners throughout Oregon, Washington, and the Northwest.
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