How Do You Do A Market Segment Analysis?
A market segment analysis is one of the fundamental tools for a sales and marketing professional. Very few products can be all things to all people; hence, it is important to accurately analyze a market, and then choose the appropriate segment to target. A market segment analysis includes demographic and psychographic information as well as estimates of consumer purchasing power. This article explains how to conduct a thorough and accurate market segment analysis. Determine the appropriate metric to use to segment the market. Some of the most commonly used metrics include age, gender or income bracket. The specific metric will depend on the product. For example, if you are introducing a line of clothing, you may want to segment the market according to income since it will help determine if you should introduce luxury, everyday use or affordable clothing. Carry out a consumer behavior survey to determine their purchasing habits. You could conduct the survey yourself, or hire a professio
