HOW ARE MARKETS SEGMENTED?
- Demographical bases
(Age, Family Size, Life Cycle, Occupation)
- Geographical bases
(States, Regions, Countries)
- Behavior bases
(Product Knowledge, Usage, Attitudes, Responses)
- Psychographic bases
(Lifestyle, Values, Personality)
HOW DO YOU DETERMINE THE RIGHT MARKET SEGMENT FOR YOUR BUSINESS?
For starters, begin by evaluating your product/service offerings and visualize the type of person that is the most likely to "need" or "want" them. Think about WHY they would "need" or "want" your product; does it help their life? their family? their business as a whole? their job performance? their community? Their income? To put it simply, you need to begin by clearly defining WHAT is it about your product that makes people want to buy it, then you can determine WHO this particular buyer is and THEN - and only then - you can understand how to effectively market and sell to them!
Look at the examples above for how markets are segmented and think about which of these items are applicable to your business and product/service offerings.
Be as specific as possible; by drilling down to the essence of who your product/service is the most valuable to and taking the time to really understanding your buyers, you will speed your sales cycle and positively impact your business revenue by knowing who to target your messaging to, where to advertise so you reach your key prospects as well as how to script sales calls so they address the buyers "pain points" that your product/service relieves. By clearly understanding your key prospects, this will also make a huge impact on your Trade Show success!
WHERE CAN YOU LEARN MORE ABOUT KEY PROSPECTS AND THEIR NEEDS?
Once you have clearly defined what type of buyer needs or wants your product the most, then you should spend ample time learning as much as possible about these key prospects so you can continuously improve the way you market to them. How do you do this you ask?!
HERE ARE A FEW EXAMPLES:
- Watch the Marketing Efforts of Key Competitors
- Talk to Key Buyers in your Trade about New Product Introductions
- Conduct Needs Analysis from Individuals and Groups
- Read Trade and Association Publications and Read Articles from Experts in Your Industry
- Read Basic Research Publications & Research Information Online
HOW DOES THIS MARKET SEGMENTATION “BUYER KNOWLEDGE” AFFECT YOUR TRADE SHOW EXHIBITING?
To exhibit at the most targeted shows for your business you need to understand exactly WHO it is that you want to reach, by taking the time to fully understand your key prospects, this will help you:
- Research Targeted Show Selections
- Research shows in verticals you would not have thought of before
- Understand if a show is actually going to place you in front of your key prospects, when reading the Attendee Demographic information provided by show management
- Determine which marketing approaches offered by the show organizers will be the most beneficial for your business
- Determine Pre-Show Marketing strategies that will reach your target audience and entice them to visit your booth to learn more about your company and your products/services
Linda Musgrove, the TradeShow Teacher helps companies improve their Trade Show Results through customized Trade Show Marketing Help; with programs for individuals, or entire departments and with the Trade Show Training Manual she authored, titled: Trade Show Training, for Increased Return On Investment. Visit http://www.tsteacher.com to register for the FREE Monthly Trade Show Tactics Newsletter!