Market assessment & segmentation analysis
While early stage research is typically used to uncover unmet needs, organizations need to validate market opportunities to support investment decisions and guide strategic marketing decisions. To better understand market structure, identify segments and size opportunities, we design and conduct research studies that apply qualitative and quantitative techniques, as well as advanced analytics.
Market assessment studies can start with qualitative research to surface potential segments and guide survey design. Surveys are then used to validate, size and further define market segments and target market opportunities.
We can uncover and describe market segments using a range of advanced analytical techniques, including:
- cluster analysis to identify underlying segments based on common attitudes, opinions or behaviour;
- discriminant function analysis to predict and score segment membership; and
- CHAID to depict segments that are defined by stage in a decision journey.
We also engage our clients in scoring tasks to ensure we achieve the right balance between the efficacy of a segment predictive model and simplicity or the ease of implementing the predictive model. We also tend to take the process a step further to include qualitative profiling of identified market segments. This enables us to develop detailed personas that help marketing and product teams better visualize and relate to target audiences.