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Time taken to get to know who you are talking to is never wasted. A thorough knowledge of your target audience is the backbone of any growth strategy.
Learn about your target audiences' behavior, their values and believes. Listen and pay attention to learn what they ask of you and how you can better serve every individual segment. By developing a value based segmentation we will be able to form a detailed description of the target audience.
We will develop personas with meaningful individualized names, interests, job, relations, values in life, purchase drivers, growth potential and business value. Valuable segments can be characterized by having strong internal homogeneousness and strong external heterogeneous- ness enabling us to pin point specific strategic actions for each segment.
A segmentation will harness market and target specific insights as foundation for shaping the path for growth
The segmentation is concerned with asking value based questions that discriminates.
The segments will be identified by using a K-means cluster analyses algorithm (Ward’s algorithm) based on their responses to value based questions.
The segments are easy to replicate in other studies via a discriminant analyses decision tree algorithm. The segmentation will for most cases result in 3-6 unique segments and demand spaces, which will be analyzed thoroughly, to enable the comprehension of a complete person and his/her needs and motives.
Detailed portraits of each segment will provide insights in who the persons in each segment are, what are their attitudes & believes. How do they buy and how are they best related to from a brand perspective.
Each segment is given a meaningful cluster label in order to clarify the arc types behind, hence creating internal work names that should assist to a common consensus when working with the segments internally and across markets.