Marketing Pathfinders LLC helps companies define new concepts, new products and advertising strategies that people notice, believe, and feel drawn to. Time and again we find success critically depends on concise expression of both rational and emotional benefits. Continue reading →
Last week MITX held a one day conference titled “The Science of Marketing: Using Data & Analytics for Winning”. Many presenters focused on Digital Marketing and Big Data. Some observations from this event that echo Marketing Pathfinders LLC’s experience include:
Continuing our discussion about data requirements for predictive insight and business success… In our last post we demonstrated that painting a reliable, original marketplace outline requires more than 60 data points.
Another scenario applies when we already have a lot of contextual market information before taking new measurements. Continue reading →
A longstanding debate among those developing new products and marketing strategies focuses on the amount of market data required for predictive insight and business success. Some argue that Big Data leads to Big Insights. Others take the stance that a few data points will provide sufficient evidence for most decisions and to generate insights. A few practitioners go so far as to claim to eschew data or market research all together. But we know these latter folks really DO use evidence in their thinking. They just don’t call it data or research based facts. Continue reading →
Local businesses in Maine often provide good insights on how businesses successfully respond to market segmentation.
Many Maine businesses were founded as lone establishments: for example as a Fish’n Chips Wagon or as a Lobster Shack. Most shack business are quick serve restaurants - serving up fund foods to a casually clad vacationing customer. Other opportunities become apparent to an owner of these types of businesses if profits are good and if the owner understands the implications of clearly identifiable environmental attributes such as a particularly unique location, different people seeking different experiences, or an exceptionally fresh product. Continue reading →
Great market segmentation results rely on imagination.
Starting with great imagination is perhaps even more important than the precise variables on which the segments are based, the measurements taken or the calculus used to compute the segments. Think twice and cut once.
Single Variable Segmentation Example
Many powerful segmentations are based on a single variable that is measured and then sliced at various thresholds. As illustrated by a normal curve sectioned into several pieces – there is one variable and segments are assigned according to cut points identifying segment boundaries.
The so-called Technology Adoption Lifecycle Model is one powerful example of this type of segmentation model. A person’s single answer to a single question determines which segment they belong to. Meters including thermometers and speedometers give rise to everyday segmentations such as determining whether one has joined the class of people having a fever or about to receive speeding ticket and so forth.
Clear Market Structure Possessing Evident Targeting and Positioning Opportunities
Optimizing Market Segmentation Analyses and Outcomes
Ronald Reagan’s taste in jelly beans offer a presidential view of market segmentation and its impact on customer targeting, brand positioning, and new product development. All elements of segmentation, targeting and positioning are encompassed in watching a person select and savor a jelly bean.
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Marketing Pathfinders LLC can help you whether you are looking to generate new ideas, want to validate and prioritize new product designs, develop go-to-market strategies or improve your existing business' in-market performance. We use market analysis tools such as market segmentation, product pricing studies, discrete choice, and positioning research - but our focus is on your in-market success. Marketing Pathfinders LLC - Marketing Insights For Action your go-to resource to grow your business.