Segment your target markets
Ryan and I discuss just some of the possibilities / approaches to segmenting your market. Here are links to resources discussed:
- InfoUSA.com (See list below video for what we reviewed in the Word document)
- List sources:
- SRDS (Standard Rate and Data Service)
- NextMark
- List Brokers
- InfoUSA
- Your present & past customers
- Other businesses which share your target audience (but don’t compete with you)
- thousands & thousands more
- Gary Halbert: The Boron Letters , Chapter 6 (Great walk-through from broad to specific lists)
- Art Weinstein: Market Segmentation: Using Demographics, Psychographics and Other Niche Marketing Techniques to Predict and Model Customer Behavior
- PrettyLinks: Great for tracking performance of each A/B test and different target audiences
- TextMagic: Automate texting your customers.
- Craig Simpson: The Direct Mail Solution (A ton of great information in this book!)
- Nick Kolenda: Psychological-pricing-strategies and books
- Dan Kennedy: No B.S. Price Strategy (If you’re wanting to avoid being a commodity, this is a must read)
- Priceintelligently.com
- Bill Bishop: How to sell a Lobster (Wonderful book with great examples that will blow your mind!)
- Jack Trout: Differentiate or Die
- Al Ries & Jack Trout: Positioning: the battle for your mind
- Dean Da Costa- Sourcing and targeting tips
- Joseph Sugarman: Triggers
- Dan Kennedy & Dave Dee: 7 Secret Triggers of Creating a Mind Control Ad Copy (This is a great & insightful video!)
How to Segment your target markets
Geographic
- X miles around / drive-time around your brick & mortar store
- USPS block / delivery block
- Census Block
- Census tract
- Zip code
- MSA
- State
- Country
Demographics
- Job Title
- Income
- Education
- Age
- Household size
- Social Networks of Decision Makers
- # of kids < 12
- Parents living in household
- Gender
- Employment status
- Home owner / renter
- # of cars owned
- Recently moved
- # of devices (phones, tablets, computers, etc.)
- Has Savings account / Stocks, etc.
Niche Specific Activities
- Death in family
- Just bought a home
- Just sold home
- Recently
- Fire at home
- Recent birth
Psychographic / Attitudes
- Have MasterCard / Visa
- Subscribe to specific media
- Previously purchased x items
- Goes to movies
- Spends money on XXX category
- Listens to Rock music
- Watches murder-mysteries
- Shops on Home Shopping Network
Affinity / Groups -Associations they belong to / believe in
- LinkedIn groups
- Facebook groups / pages
- Competitors- Customers or employees of them
- Credit cards (animals, veterans, etc.)
- Chamber of commerce
- Local / State / National seminars
- Toastmasters
- Event attendance
- Liberal / Democratic / Republican / Libertarian etc.
Media Consumption
- TV stations
- Radio Stations
- Newspapers
- Magazines
- Blogs
- Stores they visit
(If Business is B2B) Corpographics
- Industry / NAIC code / SIC code
- Number of employees
- Number of Locations
- Number of Desktops / PCs
- Sales / Revenue
- Software / Technology used
- Years in business
- Job titles of Decision Makers
- # of people with a given Job title (help understand / Identify target market)
- Type of company (Public, Private, Government, Non-profit, Education)
- Credit ratings
- Increasing / Decreasing Sales
- Headquarters location
- Their typical customers (specific, B2B, B2C, B2E, General Population, etc.)
- Current Market share
- Own / Lease their assets
- High Tech, Low tech, Human
- Media spend by product / market
- Mergers & Acquisitions
- New hires / Attrition