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Advanced Analytics
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EurekaFacts has an extensive experience conducting data mining, multivariate analyses, statistical, econometric...

Market Segmentation

3 segmentationSegmentation is a technique by which a market or a set of customers is partitioned to meet a strategic or tactical objective. Market segmentation can be conducted using a number of approaches including demographic, geographic, attitudinal, psychographic, and behavioral. Customer segmentation is often used for tactical objectives, and is used most frequently in direct marketing.

The underpinnings of market segmentation exist in microeconomic theory that allows optimization of demand by creating oligopolistic conditions. By segmenting the market, a company can develop an offer that is distinct from others, tailoring the offering to the needs of a specific group or market segment. By doing this, it offers a value that is so different from competing offers that it creates near monopoly conditions and so it is better equipped to command a higher price or claim superiority in the newly segmented category.

Segmentation also allows a firm to maximize use of its resources. This is, to focus on a portion of the market applying available resources where maximum outcomes can be achieved. This aspect of segmentation examines how to make best use of resources and company capabilities given a particular market.

Market segmentation has many strategic and tactical uses. Some of them are:

  • Examining the underlying structure of a market to identify unoccupied niches
  • Optimize offers for services or products
  • Maximize market share, maximize revenue or profit
  • Identify a group of core followers or ultra-loyal customers
  • Maximize market coverage in a competitive space
  • Increase the level of focus of a market or messaging strategy for greater impact
  • Uncover underserved populations, most profitable markets, core loyal audiences, non-responders
  • Prioritize efforts in outreach and public education campaigns
  • Optimize marketing mix
  • Identify core groups and develop customer profiles and personas

Segmentation services at EurekaFacts

At EurekaFacts we have expertise in conducting segmentation analysis and interpreting results from a strategic and a tactical perspective. We follow a consultative approach to learn about your business objectives and recommend the segmentation approaches, methods, and techniques best suited to deliver maximum value. We examine viable segmentation schemas, evaluate them, and present options; within each segmentation approach, we identify the segments, prioritize them, and make recommendations for targeting and positioning as well as for appropriate tactical uses that maximize value. Once target segments are identified we develop robust segment characterizations (customer profiles) that describe the demographics, attitudes, preferences, drivers, and behavior of each segment.

Our capabilities include strong understanding of business and marketing sciences, microeconomic theory, and a team of experts in advanced analytics, survey methodology, geo-demographics, and database integration and data collection.

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Social Marketing & Behavior Change

7 social mktEurekaFacts offers services for social marketing and behavior change efforts covering the full continuum of research activities: from exploratory and formative research, through concept and message testing, to evaluation. Many of our research tools were adopted from cutting edge commercial marketing techniques, but all are based on a robust social science foundation. Our team of experts is comprised of thought leaders in the theory of social marketing and behavior change, and offer our clients relevant insights into the program development and impacts.

  • Formative research and situational analysis Using qualitative and quantitative methods, literature reviews, and analyses of secondary data, EurekaFacts team will give our clients a clear understanding of the audiences’ mindset, decision heuristics, and mental models as well as ecological factors influencing targeted behavior.
  • Segmentation Success of social marketing and behavior change interventions always depend on reaching the right people with the right message. EurekaFacts’ experience with segmentation analyses and knowledge of commercial market segmentation technique (including products like PRIZM) will help you to identify and successfully target the right audience segment.
  • Concept and message testing EurekaFacts offers our clients a full range of concept and message testing options, from more traditional qualitative approaches, to more in-depth quantitative online research, and laboratory studies utilizing eye tracking technology. Our methodologies aim to explore both the emotional and cognitive reactions to the concepts and messages, helping our clients to craft and refine messages that resonate with the audience.
  • Digital Media and Social Media Analysis EurekaFacts has the expertise to help our clients leverage digital analytics to better understand the influence of digital and social media strategies on campaign outcomes. Social media monitoring can reveal what the audiences think and feel, in their own words, about the issues addressed by the campaign efforts or the campaign itself.
  • Grassroots activity tracking With many behavior change efforts involving community partners, EurekaFacts has proven experience in developing easy-to-use reporting systems that can be implemented by community partners to track their activities.  Understanding how the campaign is implemented locally offers vital insight into its effectiveness. The tracking system also allows campaign managers to implement mid-course corrections and plan for future activities.
  • Process Information Monitoring System (PIMS) EurekaFacts developed an information management system that allows for combining a multitude of campaign metrics across different dissemination channels (i.e., social media followers, print circulation, GRPs, etc). PIMS converts channel-specific metrics into a cross-channel measure of reach, allowing for dynamic management of campaign activities for optimal outcomes.
  • Campaign Evaluation EurekaFacts works with our clients to develop feasible, methodologically robust, and informative campaign evaluation designs.  We use primary data collection, process indicators, and administrative data, as well secondary data sources to provide a comprehensive picture of how campaigns and other intervention efforts shaped audiences’ knowledge, attitudes, and behaviors.
  • Return on investment (ROI) and media allocation models Examining which media channel is most cost effective in inciting behavior change is an important question when it comes to media strategies. To help campaign planners to answer this vital question, EurekaFacts team brings experience in developing ROI models that link media expenditures and campaign outcome measures.  The media allocation models allow the campaign planners to understand the ideal media mix to reach the intended audiences.