Market Segmentation Business Plan

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Incrementally and methodically combining data in this way will help you establish what types of content will resonate with your separate audiences and where’s best to place it.

In 2006, Visit Scotland conducted a large-scale consumer research programme that led them to the discovery of five core audience segments: adventure seekers, curious travellers, engaged sightseers, food loving culturalists and natural advocates.

Demographic – Criteria includes gender, age, income, education, social class, religion and nationality. This can be subdivided by nation, state, town and so on.

Psychographic – This can include personality variables such as introvertedness and extrovertedness, lifestyles and attitudes to life.

Equipped with a better understanding your target audience, and being able to divide this knowledge into meaningful and distinct groups, different audiences based on individual preferences means you know what they want, when and where they want it.

This website is using a security service to protect itself from online attacks.With a platform like Global Web Index that’s updated quarterly, you can ensure the data you’re looking at is up-to-date, fresh, and highly relevant.People who are attracted to your product or service often share certain characteristics, and identifying these will help you create your target market segments and refine your messaging for each.Audiences are traditionally divided using 4 main criteria.Within each of those, further divisions can be made for a more granular understanding of a market.From your demographic and geographic research, you’ve segmented your audience into two key markets: students and young professionals.Now you want to increase brand awareness amongst the student market so they pick your sandwich off the shelf.Market segmentation, or audience segmentation, is the practice of dividing potential customers into meaningful subgroups based on their characteristics and preferences.Marketing content can then be tailored to these segments, helping to create a more efficient and cost effective marketing strategy.This will help you identify the most profitable group to target in your marketing plans, as well as identify what types of marketing communications may or may not have worked prior.Once you’ve completed your market analysis and identified the audiences with the most potential, it’s essential to incorporate these different target market segments into your wider business plan.

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