Know your Audience(s)
Market segmentation is a combination of three distinct, but equally critical, processes:
- Segmentation – Using sophisticated proprietary methods, Evolution analyzes different groups, or “segments,” depending on factors like your company’s size, goals, and what types of upcoming projects are in your development pipeline. There are four parts to segmentation, and each tries to answer different questions about the market:
- Accessibility – What’s the best way to communicate with the segment?
- Measurability – What does the segment value in a product or service? How much buying power does it have?
- Sustainability – How profitable could the segment be for your company? What sets it apart from other segments in the long-term?
- Actionability – What specific actions should your company take to reach the segment and maintain an edge over competitors?
- Targeting – Based on our analytical data, we identify the most financially promising groups to court through targeted long-term or short-term advertising campaigns. During the targeting stage of the segmentation-targeting-positioning (STP) process, we’ll walk you through different marketing choices to help you determine which is right to meet your objectives:
- Undifferentiated – Ideal for reaching broad target segments with a single service or product
- Differentiated – Ideal for targeting mixed segments with different services or products
- Niche (Concentrated) – Ideal for narrow specialty targets or smaller companies with tighter budgets
- Positioning – Your business strikes while the iron is hot, establishing yourself as the best and most appealing option for the segment. To find what buyers want and how you can provide it, we combine three tested positioning strategies:
- functional positioning (customer’s need fulfillment)
- experiential positioning (customer’s emotional experience)
- symbolic positioning (customer’s self-image)
Armed with our research and recommendations, you can optimize or develop your product’s positioning more effectively.
Evolution Consulting’s nimble service model emphasizes cutting-edge analytics, niche expertise, and most importantly, actionable recommendations that take your business from Point A to Point B (and beyond).
Evolution provides market segmentation and positioning research for pharmaceutical, financial, and consumer businesses. By giving your business clear and detailed data on patients, clients, or consumers, market segmentation research can help you target and reach underserved geographies and demographics. The result? Increased opportunities to expand strategically into the most promising markets and ultimately generate more revenue.
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