You should look to build a detailed segment profile for each of your market segments – based on the data you have available to you. A segment profile, if well constructed, is an invaluable guide for truly understanding the segment and extremely helpful in developing a successful marketing strategy.
A weak segment profile
A segment profile is NOT a simple demographic list. For example…
“…the target market are consumers aged 18 to 30 years who enjoy watching sport…”
…is a weak segment profile. Sure we now know a little about them – but just a little – and certainly not enough to construct a suitable and effective marketing strategy.
A better segment profile
Building from the poor example above, here is a more usable segment profile…
“…the target market are consumers that have a lower level of brand loyalty than the average and see themselves as smart and rational shoppers – they are more likely to shop around and be more highly involved in their purchase decision – they are above average consumers of the internet and will seek out online shopping guides and forums – they are less likely to be influenced by traditional advertising and in-store salespeople – they are quite responsive to in-store deals and offers (sales promotions)…”
You can see from this more detailed segment profile (consumer description) that we now have a lot more information about the segment that will really help us in marketing strategy development.
Segment profiling is a key part of market segmentation
Simply compare the difference between the “weak” and the “better” segment profiles above. The first (weak) description gives us very little to base our strategy upon. However, the second (better) profile gives us so much more to work with – for example, we know:
- They are switchers (less loyal)
- They make rational (not emotional) decisions
- They gather more information – particularly from the internet
- They are responsive to in-store promotions
More information on segment profiles
Please note that I have also developed the Market Segmentation Study Guide website. Below is an excerpt/link from that guide that provides some examples of a segment profile. Note: if you continue reading it will take you to that site and you will need to hit the back button on your browser to return to this page.