- Segmentation based on Ownership (ex: Private, Government)
- Segmentation based on Industry
- Segmentation based on Location (ex: Region, City, Country, Zip Code)
After identifying attractive target market and understanding the competitive forces in the marketplace, next is developing a successful market approach. It is very important for the business to offer something different and position itself differently in the eyes of the customers. The value proposition or the unique selling proposition has a big impact on the business success.
The Value proposition describes the way your business is different and offers different solutions compared to competitors. The value proposition is about unique solutions created by different and competitive product and service features and offering and creating a unique image/brand in the market.
Advertising: print media, TV, radio, internet ads, search engine optimization, website marketing, advertising in customer specific associations…
Public Relations: press releases, crisis management, news media, events…
Sales Promotion: special offerings, discounts, customer loyalty programs…
Community Involvement: events, sponsorship…
Internal issues – What are our strengths and weaknesses? Issues to consider: sales volume, margins, positioning, offering…
External issues – What are the opportunities and threats we face in this market? Issues to consider: market trends, competition, technology trends…
What we are trying to accomplish? Issues to consider: market potential, sales forecast, profit margins, brand positioning, portfolio of products/services, new offerings, new markets, marketing budget / resource allocation, marketing metrics / how we are going to measure marketing performances, sales growth, strategies and tactics to accomplish the objectives…