Marketers segment their markets so that they can better target the customer groups that offer the greatest sales potential. This also helps them refine brand messages for each group. Markets can be segmented on product usage, purchase behavior, benefits, price, life stage, cohort group, psychographics, geographics or geodemographics. In many product categories, there are price sensitive, convenience driven, brand loyal and category enthusiast groups.
One way to segment markets is based on specific attitudes, values, beliefs, lifestyles and self-perceptions. The market researcher uses qualitative research to uncover hypothesized attitudes, values, beliefs, lifestyles and self-perceptions associated with heavy or loyal brand or product usage. These attitudes, values, beliefs, lifestyles and self-perceptions are translated into statements that can be tested against product/brand usage in a quantitative brand segmentation study. Once these statements are validated, they can be used in all subsequent research.
We have worked with many clients to help them determine their most lucrative segments based on attitude, value, belief, lifestyle or self-perception statements. Here are some of the statements that we have found identify different customer segments:
- I am a fun mom
- A good education is critical to my child's success
- One person can make a difference in the world
- I love to entertain in my outdoor space
- The world is changing so fast that it is hard to keep up
- Our country needs a strong leader who can take control of things
- Climate change is one of the world's most pressing problems
- I don't worry too much about anything
- I am always one of the most stylish people in the room
- Ending the cycle of poverty starts with children
- A good Christian always seeks to help those who are less fortunate
- It's ok to indulge once in awhile
- I love to drive
- I love to shop
I wish you great success in finding and appealing to your most promising customers.
For more information on market segmentation, refer to the "Understanding the Consumer" chapter in Brand Aid, second edition.