Market Segmentation Checklist

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Set Segmentation Criteria.

• Demographic:
  • Gender
  • Age
  • Marital status
  • Presence of children
  • Household income
  • Financial strength
  • Education
  • Occupation
  • Race/ethnic group
  • Religion
  • Language
• Geographic:
  • Country
  • State
  • Region
  • City or town
  • Population density
• Psychographic:
  • Independent or dependent
  • Extrovert or introvert
  • Leader or follower
  • Conservative or liberal
  • Religious or non-religious
• Consumer Behavioral:
  • Types of products/services purchased
  • Specific channels of purchasing products/services
  • Rate of purchase
  • Method of purchase
  • Frequency of product usage
  • Product benefits expected

Choose Right Segments.

• Start investigating market segments that you have defined by using the criteria mentioned above
• Focus only on those segments that  meet the mission of your company
• Check if a segment is large enough to support your business objectives
• Analyze competitors per segment and determine whether you can potentially be a leader
• Determine whether a segment shows signs of growth
• Analyze your company’s capabilities to determine whether it has all necessary resources, expertise, and knowledge to service a market segment
• Determine how your product can be positioned in a segment
• Choose right market segments for your company

Develop a Marketing Strategy.

• Identify your target audience
• Define the overall market trend and how you can follow it in terms of your market segments
• Conduct market research to understand more about the needs, tastes and habits of your prospects
• Consider developing a customer-focused strategy based on great customer service
• Investigate and identify the problems your customers face; use this data in generating solutions
• Evaluate your company’s  products and determine what innovations and improvements may be required
• Define your customers’ price expectations in terms of value, quality and service
• Set sales development objectives
• Conduct marketing surveys to gather and investigate all information about your competitors, so you can rank your business against them
• Plan your sales better through identifying your competitors’ sales pitch
• Improve your pricing policy (e.g. through optimal discount rates)
• Choose types of advertisement for your marketing strategy
• Identify unique selling positions (USP) that will be included in your advertising message
• Choose a model of advertising (e.g. AIDA, AIDMA, ACCA, etc.)
• Select distribution channels that.....

Order 750 checklists in MS Word and PDF printable format at $49.99 USD only.

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