Segmentation and Target Market Plan
Niche Marketing involves breaking down a market into segments (segmentation) and then creating a target market plan. Market segmentation is simply the process of narrowing down who you want to target with your marketing message.
Market segmentation and then creating a target market plan is essential to marketing success both off line and online.
The beauty of market segmentation is it allows you to focus to your marketing activities on the most productive targets.
There are three commonly accepted methods of market segmentation:
• Geographic segmentation – based on location;
• Demographic segmentation – based on measurable statistics, such as age or income;
• Psychographic segmentation – based on lifestyle preferences, such as being urban dwellers or pet lovers.
You can segment a market using any or all of the above.
One common problem with market segmentation using the above methods is you’ll be faced with an array of figures…. instead of seeing through the figures to the people behind them.
Beyond the Niche: Essential Tools You Need to Create Marketing Messages that Deliver Results helps you to see BEYOND the figures and gives you tools to put a human face on those figures and percentages garnered through market segmentation.
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