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business market segmentation
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Do you have questions about business market segmentation?

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To market your business, you must define your customer. To maintain consistent sales growth, you must become knowledgeable about your market. Develop an outline of your TYPICAL consumer:

  • What exactly is your market?
  • Where do the consumers come from (i.e. city centers, suburbs, tourists, international)?
  • What are customers buying patterns?
  • Why should they buy from you? Factors could include convenience, price, quality, service, etc.
  • Should you try to appeal to a niche market segment or the entire market?
  • Have you missed a new customer segment or special market?
  • How large is the potential target market (in units or dollars)? Is it growing, stable or decreasing? What percentage of the market do you have?
  • Research will provide answers that are not available from your business records and a financial analysis. Conduct research through trade associations, your local chamber of commerce, libraries or even ask for the help of a SCORE counselor. Pay attention to how competitors market to their customers. Perhaps, some of their marketing strategies can be adopted for your business or you may find examples of what not to do.