Market Segmentation Studies
It is important to know your customers and potential customers, their needs, their characteristics, how they differ from one another and how that relates to the benefits they desire from your products and services.
We use a variety of techniques to discover, describe and analyze market segments for existing products and even new categories. Our principals have been researching market segments for a combined total of more than 50 years, and Applied president, Jim Merrill, wrote his doctoral dissertation on the topic.
Examples: Applied developed a battery of motivational characteristics that describe the reasons veterinarians entered the profession and the rewards they derive from their service to clients. Using that battery, we used factor and then cluster analyses to formulate segments which we found differ on important behavioral and descriptive characteristics.
Using the results of an AppliedChoice ™ study, we were able to uncover need-based segments of buyers who were seeking different benefits from products. This segmentation based on choice profiles uses a technique called AppliedSegmentor ™.
Based on innovation-adoption theory, we developed a set of scales that were used to classify Smartphone buyers into innovativeness segments based on the role that innovation plays in their personal and business lives.