Market Research Toolbox: Market Segmentation
Marketing to the right customers can make all the difference. Targeting customers who are not interested in your message can be very costly, delivering low ROI. While scientists may exhibit some uniform product and service preferences, the way they prefer to discover and utilize these offerings varies according to market segment, age, years of research experience, job position and gender. Learning which segments of your customer base are most receptive, and least receptive, to your message will increase the marketing effectiveness of your new and existing initiatives.
Case Study: Which type of lab is most likely to purchase new instrumentation?
A leading life science supplier was introducing new instrumentation that would allow individual scientists and their labs to analyze their own results, in place of outsourcing to a core lab. The client needed to understand which lab types would be most receptive to purchasing this new system based upon their market segments, throughput, current practices, and lab budget. BioInformatics determined that the best tool to meet these requirements would be a Market Segmentation. Customers are segmented using a CHAID analysis, a sophisticated methodology based on responses to a quantitative survey that include demographic and company-specific variables.
Through CHAID Customer Segmentation analysis, BioInformatics was able to deliver value to the client by pinpointing the market segments in which concentrated efforts would yield maximum revenue and marketing efficiency. The client could confidently focus on the segments most likely to purchase, allocating its company resources for maximum impact.
Segmenting your customer base accurately can significantly decrease marketing costs and boost the earning potential of your campaign. Perform a CHAID analysis of your customer base and discover new, profitable niches to target in your marketing strategy.
For more information on BioInformatics’ Customer Segmentation or to discuss further details of your potential study, please contact Greg Thompson, [email protected] or 703.778.3080 x22.