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Productive FlourishingStrategies, tools, and insights to help you start finishing your best workNew Here? Building and growing your business depends on you understanding what your market is wanting and needing.
A business that only focuses on what the market is currently demanding, though, will lose to entrepreneurs who have the foresight to both see what people think they need and what they actually need now and in the future. This is an age-old problem, though, and it comes down to selling them what they want so you can deliver what they need, all without it being a true bait-and-switch. Obviously, since this is a discussion on strategy, I can’t tell you in a post what you should do in your business. Do you have any business activities that don’t address what your market is demanding? How does your vision for where you’re taking your market relate to their current demands? But usually something way more awesome shakes out when you have some idea of where things will end up. I think i have a bit of that syndrome in me as i do tend to try everything that catches my fancy at the moment, but i’m trying to keep my focus this year. Anyway – I love this post because you are so on the mark about discerning where your market is heading. The market is growing every day and I think your market projection idea is something we should follow. I believe that in order to be successful in your market, you must have a clear idea of what you want your business to look like. The Guided Business Review is a series of carefully crafted questions that come from my years of working with business owners and leaders that’ll help you assess what’s working in your business and what’s not.
This is where most companies are most comfortable, because it is the most inward-looking question: Do we solve the problem?
Many companies think about the problem they solve without worrying about whether they can actually reach a decision maker. Commit to focus: solve the pain of a specific market and speak to decision makers in their language. Align all your functions (Marketing, Sales, financing terms, product or service design, etc.) with your target markets. I agree with market growth modeling and would add that it needs to be tied back to point-4. Choosing your target marketing and target audience is an important first step to any marketing strategy.
Over time, I have to keep revisiting steps one and two, and tweak, tweak, tweak according to the market and the competition. Ken, this an excellent post, and if people try what you outline here, they will see it works.
Learn the 8-steps to understanding the demographics and psychographics of your ideal customer. The lesbian, gay, bisexual and transgender (LGBT) community represents over $830 billion dollars in market potential for a business who understands who they are marketing to. Since I became involved in the LGBT business movement back in 2006 my primary mission has been to educate those around me on how to best communicate with the LGBT community. Curious on what your home is worth since your neighbor just sold or because their home is currently on the market? Thinking of selling your place and then buying a new place but want to determine the fair market value of your home? Market segmentation is about understanding who your specific customers are within a market. The approach I present in this section will allow you to quickly cut through the guff of market segmentation theory so that you can tailor your sales and marketing efforts for success. Basic Market SegmentationWhether or not you map out a detailed blueprint of exactly who your customers are you nevertheless need to have some basic assumptions about your customer base in order to do business.
Peoplea€™s needs start with basic Physiological and Safety needs such as food, clothing and shelter. Do you have insights, advice or a story about strategic marketing to share with other readers? Market Segmentation Not rated yetMarket Segmentation is where the market is split up into groups based on Demographic, Geographic, behavioural and psychographic activities.

Market Segmentation for women's custom clothing? Not rated yetwhat variables can be used to draw questionnaire for survey on "women motives for buying custom made clothing" for segmentation purpose? Most of the advice is about syncing your business offers and marketing around what people are demanding.
Those latter entrepreneurs become the industry leaders, where the businesses who just focus on market demand are always a step behind where their market is and several steps behind where the leaders are. Whereas market demand is about the past and present of your business, market projection is about the future of your business and industry. A prospect with that particular psychography has a bit of the Shiny Bauble Syndrome, for he’ll spend a lot of time pursuing attractive opportunities without actually committing to any of them.
If your desire to take them somewhere is predominantly based upon where you want your business to go, you need to reassess. What competencies, capabilities, and solutions are you wanting to deliver to your market in the future?
It’s an interesting time to scramble to meet current demand, yet envision where your business and market demand will be in the future. Listening to your clients and your work and your mojo and seeing how they all dance together. Because, when you do, you not only know what instruments you need, but what to play now and what to play next.
By being able to forecast changes in your market you can be there for the new demand as it arises, and in marketing the first in time wins big. However, a market might be unpredictable some times and making a projection that could be wrong is something we should keep in mind. If you foresee the market direction wrong it will do you more damage than good as you will loose valuable time for things that will not bring you back your investment. Be the first to get new tips, resources, and articles, as well as access to our free library of resources. Remember, this is not a strategy to stay small within a niche; it is usually the fastest path to scale. I find that a lot of people are doing social media marketing blindly, and then complaining that it’s not working for them (no conversions). I think the most credible marketer is the one who IS the audience: A person who feels the same pain or have been suffered from the same problems over and over again. I try to make my message not only attractive to my target audience, and REPULSIVE to everyone else. This is simply not true of marketing to the LGBT (lesbian, gay, bisexual and transgender) community. You must treat each individual person within the LGBT community as a separate Target Market.
We will be happy to determine the fair market value of the home you are interested in evaluating.
Segmentation is just as important for small business as large organization because you cannot serve a customer you have not identified.
I will simplify key terms and illustrate how you can establish this process for your target market.
Geographic: This is straightforward and pertains to where your customers live and do business.
After these have been fulfilled people aspire to the traits described in psychographic segmentation such as love, self-esteem and, finally, self-actualization which means fulfilling a life purpose.The lower needs are the most essential whereas the higher needs are the most valuable and prized.
Perhaps you have implemented a different marketing analysis approach that has worked really well or have insights into implementing strategic marketing for different kinds of businesses! Here is the concept of market segmentation enters and solves the problem by splitting all market in groups therefore any projection may be more accurate.
The real businessman knows that the biggest opportunity cannot be bought, but something he can only create himself.
For one enterprise storage vendor, we literally started with every NAICS code (the new name for SIC codes). It means you believe the fastest path to growth is by saying something compelling to someone specific. And you can only focus on 2 or 3 (maybe 4 if you have significant resources and a segmented sales channel).
Without those first two elements in place, everything else you do is wasting valuable time and energy.

If you know those two better than anyone else, you’ll have much less to worry about on #3 (competition), right?!
Your entire sales and marketing program is built around this crucial knowledge and so the more you know about your customer, the more successful you are.
Just as you will classify customers according to what makes sense for you so it is when you engage in more detailed market segmentation where you can group customers together in any number of ways.A key question market segmentation answers is whether there enough demand for your product or service or a new initiative.
It is possible that their geographic location plays a role in terms of their cultural makeup and buying habits but these are explored in other categories. As you attached yourself to higher and higher needs you become more and more invaluable to your customer.
I think the reason most businesses focus only on the current demand is because that is the easy part. One-on-one at first, then maybe focus groups and later, for validation only, you can use surveys. It will stretch your mind, connect you to fascinating people, and provide some fun along the way. For now, suffice it to say that where people are is a basic consideration in doing business with them.The e-commerce revolution and overnight shipping have made geography less of a concern for many businesses. The path to getting there starts with knowing your customer and then developing a relationship where you can serve them at ever-higher levels.4. Maybe the ideal market is fragmented and requires a sales channel too expensive for this stage your development.
I also like how you advise the reader to carefully select their target audience – talking to everyone is talking to no one.
That being said, it is still useful information to know where your customers reside and do business just as most all information about your customers is potentially valuable.2.
Behavioral: These set of marketing segmentation traits answer the question, a€?How?a€? How do your customers buy? I’m working with a CEO whose board WANTS him to focus on opportunity, but he chooses to focus on cost control. Generally speaking all information you can collect about your customer base is positive and can teach you something.3. To move ahead on BOTH fronts, we need understand his pain–and show how growth really SHOULD be part of his priorities. Psychographic: This corresponds to the psychological traits of your customers including attributes such as Personality, Beliefs, Values, Lifestyle, Attitudes and so forth. These are those personal marketing segmentation characteristics that you cannot quantity but are nevertheless important.As your business evolves the idea is to move from simply fulfilling a need or solving a problem towards aligning yourself with the higher attributes of your customer base such as lifestyle and values. Everything about how your customer behaves and what motives them is included in this category.It stands to reason that you cannot successfully do business with your target market unless you know how they behave, what they are looking for and so forth. It was years ago and I still kick myself for not being able to persuade her to take the broader view. Behavioral traits, moreover, are more likely to change over time as opposed to physical needs and psychological traits.
As such, you can and should seek out newer and better ways of connecting with your customer, educating them and motivating them to engage.Learning about your customera€™s behavioral characteristics comes as much through your own interaction with them as anything else. Just like the movie cliche of someone being asked in a restaurant, a€?The Usual?a€? so your level of familiarity with your customer will strengthen your relationship and their loyalty to you. Being tuned into behavioral traits also allows you anticipate changes in the market at large.Market Segmentation FootnotesAs we come to the end of this section I want to make a few last points as general guidelines in helping you segment your market and analyze your customers. This can be informal conversing with your customers, asking for basic information when you make a sale, feedback boxes, forms, e-mail lists, online feedback and more.
You can best serve the community your customers represent when you are an active part of it!• Bottom-Up Vs. Top-Down There are two ways to approach market segmentation and that is either to start with the general public and divide this into smaller and smaller groups or start with an ideal customer and create a picture of your target market based on their characteristics.
Successful companies, however, keep drilling down to get a deeper level of understand about their customera€™s needs and attitudes. As you learn and grown with your customers your own attitudes and business will mature over time to the point where you operate out of love and do not need to for the money any more.

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