06252017Headline:

Multiple Segmentation – Tips on Advanced Approach to Market Research

multiple segmentation

 

Researchers and everyone concerned over understanding customer mentality often discuss various types of customers. Business owners and key decision makers of various organizations need to understand that every customer is different from the next one. Although various market research techniques rely on sample sizes that are chosen as the representatives of the entire consumer population, they do possess difference of opinion. This difference is largely based on their age, gender, geographical location, financial condition, social statues and social upbringing. Analysts need to understand these aspects while creating segments for business analysis. Dedicated segments serving multiple customer demands make researcher’s job easy and helps gathering the exact required data.

Multiple-Segmentation and Industrial Research

multiple segmentation and industry research

 

B2B and B2C- Separate Customers and Businesses

In order to reach to all the customers belonging to various age groups and preference groups, market research providers. Apart from the basic segmentation based on biometrics, today’s businesses require revamped vision for researching their potential customers. Everyone venturing into customer analysis must understand the basic difference between business-to-business and business-to-customer services. Market research needs segmentation based on both these types of services. Customers and business owners have different expectations from the same products. Dividing both these groups into different segments helps the researchers.

Product Categories

Product category is not an alien concept for a business owner or researcher. Rather than generic marketing materials, your organization needs to maintain equal standards for all kinds of customers. This becomes even more essential for the businesses dealing with different product categories. You can resort to different strategies like online polls, questionnaires and take suggestions from the existing customers, which suggest improvements for the potential clients. This is one of the basic and most essential steps to understand the importance of multiple-segmentation for business analysis. Examining progress of each of these categories helps collecting accurate data.

Socioeconomic Aspect

As mentioned earlier, not all the customers belong to the same economic, social and cultural background. Social beliefs and economic position of the buyer have deeper impact on the profit-loss calculations of any business. Organizations and market research firms need to take special efforts to understand economic position of their customers. In order to achieve that, segmenting them based on income group and social stature sound a practical solution. This is evidentially essential for the businesses dealing with luxury products or what to focus on homogenous financial levels of their buyers.

In conclusion, distributing the customer database into valid, multiple-segments is a logical solution to determine the trends and behavioral patterns of your existing and potential buyers.

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