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Posted
3 November 2009 @ 4pm

Tagged
Guest Writers, Linda Morton, Market Segmentation

5 Steps To Perform Your Market Analysis

marketing segmentation To perform your market analysis, you need lots of information including information about your competitors, product, market environment, pricing, distribution, target market, and more.

I write about many of these topics on my blog, but specialize in market segmentation and gathering target market information. So I want to share with you how to do a free target market analysis that takes only minutes.

Step 1: You Need Demographics To Perform Your Market Analysis

First you must identify the best potential customers for what you sell. Then you need to know five major demographics for your target market:

1. Age provides generation and life stage characteristics.

2. Gender provides marketing appeals that differ between men and women.

3. Education provides social class and lifestyle characteristics.

4. Occupation is the best predictor of social class.

5. National origin, or race, provides characteristics that differ by culture.

Now this information is sometimes difficult to locate, particularly if your business is Internet based. But I recently discovered a site that provides age and gender demographics by keywords. You’ll be surprised at how many marketing characteristics you can learn from just these two demographics.

So go to http://adlab.microsoft.com/Demographics-Prediction/DPUI.aspx. and get age and gender demographics for your major keywords, those that you’re building your site or blog around.

By doing a Google search for your target market, you’ll discover additional demographics to perform your market analysis. This isn’t necessary, but the more demographics you have, the more complete you target market analysis will be.

Step 2: You Need A Simple Process To Perform Your Market Analysis

Just having demographics for your target market doesn’t help you much unless you know characteristics for them. That’s why I developed my matrix market segmentation process for my students when I was still teaching at the University of Oklahoma. I knew my students wouldn’t use the process unless I made it easy.

So I developed matrices that contained the major characteristics by each demographic segment. For example, generations differ considerably in what they value, what they trust, how they want to live and work, their concerns, and their hopes. So I developed a matrix for each generation so students could just copy and paste into a table. When finished the table contains the major characteristics for a target market.

This worked well and I provide a free report on how to use this manual process when you subscribe to my blog.

Step 3: You Need A Way To Perform Your Market Analysis Easily and Quickly

After I retired from higher education and started my Internet business, I soon realized that business owners need an even quicker and easier way to use my process. So I paid a programmer $550 to automate it. Now the program does all the work for you.

But it’s a good idea to read the free report before getting your free target market analysis. Then you’ll understand what the program is doing and how to best use the results.

You just login to AutoMarketAnalysis.com and do the regular opt-in routine. When you’re returned to the site, you’ll select demographic options from your research in step 1, and click the submit button.

Because this site was created by the programmer, it’s not very pretty, but if you can overlook its looks, you’ll be amazed at the information it’ll provide.

You’ll immediately get characteristics that are shared across demographics, the best marketing appeals for your target market, and for some target markets, media preferences and buying behavior.

Step 4: After You Perform Your Market Analysis, Implement It.

When you’ve got your free target market analysis, you have to use the results in your marketing strategies and tactics. It will do you no good to perform your market analysis if you don’t use it.

But with your free target market analysis report, you’ll have all the information you need to select marketing appeals that your potential customers will relate to and be influenced by. So why wouldn’t you use it to improve sales and customer relationships.

Step 5: Gather The Other Information You Need To Perform Your Market Analysis

As stated earlier you’ll need additional information about your competitors, product, market environment, pricing, distribution, etc. To start you can go to my blog, click on “Site Map” in the top navigation and see categories with links to my posts on each.

I know you’ll find my posts helpful as you perform your market analysis.

Morton3[5]

Linda Morton writes on many aspects of marketing on her blog at http://StrategicMarketSegmentation.com/blog. But her specialty is market segmentation and target marketing.

She wrote a national column on her market segmentation process for ten years. To use her automated process, go to http://AutoMarketAnalysis.com.

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15 Comments

Posted by
Dena: Scrap Metal in NJ
4 November 2009 @ 5am

Based on your article, it sounds as though your process is methodical and well thought out. I do think that focusing exclusively on demographic groups may not be idea for every business, but overall it seems sound.


Posted by
David
5 November 2009 @ 12am

Thanks for the ways. This will be helpful soon.
David´s last blog ..Going for Discounted Large Cat Litter Boxes My ComLuv Profile


Posted by
Giovanni
6 November 2009 @ 12am

Thanks for the steps. This could be a good reference.
Giovanni´s last blog ..Kid’s Coat Tree – Cleaning Can Be Fun! My ComLuv Profile


Posted by
Betty
13 November 2009 @ 5pm

I think that steps #4 and #%5 are worth exchanging their places. In other words, first comes performance of the results and only then implementation – that’s my point of view.


Posted by
Clara James
20 November 2009 @ 12am

Mind Blowing Post! Thing like matrices you create for deep marketing analysis is really something worthwhile. Not only for the student but for small and medium enterprises these type of tools really help to analyze the market. Secondly the people who run their online business or are online employee related to marketing business have best opportunity to perform their jobs more deeply and more easily but in some different manner :)


Posted by
Singles Dating Site
25 November 2009 @ 6pm

Great post very Informative Actually I read your article and i learn a basic knowledge of 5 steps to perform your market analysis. It could be a useful tips to perform your analysis of marketing.
nice blog thanks for sharing this valuable information.

Tracey


Posted by
Automobile Transport
27 November 2009 @ 2pm

Thanks for sharing these 5 steps. I think these steps will be very helpful.Automobile Transport

David


Posted by
rowing kit
24 December 2009 @ 8pm

The need for effective online marketing continues to increase at a rapid rate. Once a marketing strategy is in place, monitoring the number of visitors is also important. Adding fresh text, evaluating new keywords and incorporating additional links may also be required. By creating, updating and maintaining an effective website that utilizes search engine optimization marketing, a business improves their chance for success.


Posted by
phone coaching
28 December 2009 @ 5pm

I really enjoyed reading this article. It struck home because most of the money I make from my blogs comes from affiliate products sales from reviews.. it seems very logical that you don’t go for the hard sale but rather convince your visitors about the benefits and let them decide… I also find that it helps if I believe and actually use the product or service myself…
phone coaching´s last blog ..Lovelessness- Can One Person Save a Marriage My ComLuv Profile


Posted by
Cheap cosmetics
30 December 2009 @ 4pm

From my experience i want to say perfect analysis,creativity idea,innovative thought,decision making quality and risk taking ability will most enhances your market growth.Thanks…….


Posted by
Woodlands Divorce Lawyer
26 February 2010 @ 8am

These are critical steps and it’s excellent advice. Unfortunately, very few business owners will actually go through all the steps. I think more businesses would succeed if they’d carefully analyze their markets.
Woodlands Divorce Lawyer´s last blog ..WoodlandsDivorceLawyer.com Launches My ComLuv Profile


Posted by
James
24 March 2010 @ 9am

I don’t know how you can sell anything without always keeping your target market at the forefront of your mind.


Posted by
ezautoshippers
16 June 2010 @ 4am

You should always know your prospects whether you are selling to a small group or the entire internet. Thanks for the information blog.


Posted by
presentation power point
28 February 2011 @ 3pm

“I do think that focusing exclusively on demographic groups may not be idea for every business, but overall it seems sound,” from the first comment. I may say that focusing in a single demographic is not a good idea but for starters, local marketing plays a very important role is branding.


Posted by
George Anderson
5 October 2011 @ 2pm

Thank you for this 5 steps. I enjoy reading it
George Anderson´s last blog ..Franklin Merriam Webster Advanced Dictionary and Thesaurus With Spell Correction (MWD-1500)My ComLuv Profile


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