Today, we’ll continue looking at the companies who are participating in The Market Research Event. Today, we’re featuring Chadwick Martin Bailey.
Chadwick Martin Bailey provides custom marketing research that helps leading companies solve their most challenging business problems and attack their best opportunities. Specializing in segmentation, brand, sponsorship/event ROI, customer experience, product development, and employee research, we focus on identifying the specific actions our clients can take to get, keep, and grow customers.
Hear more from Chadwick Martin Bailey and other leaders in market research at The Market Research Event this October 18-21 in Las Vegas!
At the Speak Without Interruption blog, Jack B. Rochester discusses a concert he chose to go to over a Red Sox/Yankees game. He points this out because he was going to see the band The Decemberists, and he is a 64 year old. He also noticed many other older fans sprinkled throughout the crowd in addition to the clean-cut younger generations that made up the majority of the audience. He concluded two things from this very diverse crowd:
1) As marketers, we should never assume – presume? – we understand the who and what of our market.
2) Don’t let your mindset too closely define your the segmentation or differentiation product or service – otherwise, you might not ‘get it.’
Read his full post here.
This article on Bnet.com highlights how most companies do not derive real value from implementing a major marketing-segmentation initiative. Why is that? A study conducted by the Harvard Business Review reveals that segmentation generally focuses in on different ‘types’ of consumers. This practice makes it easier for advertisers to develop and tailor messages directed to specific segmentation groups, but it does not tell companies whether or not these consumers will actually buy the product or service. Yankelovich and Meer from the Harvard Business School suggest tailoring your segmentation to a strategic decision. Define segments by consumer current consumer behavior and also their likely behavior. Over time, redefine segmentations as the market changes. They suggest these tactics in order to segment markets effectively: ?? Identify a strategic decision that would benefit from information about different customer segments. ?? Determine which customers drive profits. ?? Analyze actual and potential purchasing behavior. ?? Segment in ways that make sense to senior management. ?? Revise your segmentation as market conditions change. Read the full article here.