Have you found the gold in your target market?
In Part 1 we talked about brand setting and delivering the brand promise at every customer interaction. So the next question is: have you found the gold in your target market?
Market segmentation – the ability to divide your potential customers into groups that share the same qualities – is an important step in the process of identifying target markets. Once various segments are identified, their respective needs are examined in order to choose the most effective communication and advertising messages to reach a specific group. What you say, how you say it, and through what manner it will be said (TV, Internet, print ads, radio, etc.) will be different depending on which market segment you are trying to reach; for example, how you would market to a ten-year-old computer gamer is different than how you would market to a 40-year-old business woman, or a 25-year-old sports fan. …