Segmentation – to understand the market
A major healthcare company was looking to introduce a new product concept to the UK market. As part of this process they needed to:
- Size the overall market
- Identify relevant target segments for the product
- Understand each segment’s drivers of purchase, and the barriers
- Develop marketing messaging that would optimise communication, advertising and pack design
The Analysis Solution
In order to deliver the insight, we designed a needs-based segmentation study specifically for their part of the healthcare market. Firstly we designed a questionnaire that asked the right questions. Secondly we ensure we targeted a representative group of respondents. And lastly we ensured the segmentation technique would deliver vivid segment descriptions and would support the client’s NPD strategy.
The segmentation was fundamental in informing the end to end design and the full product development cycle. As a result we were able to define the potential market size for the product, thus providing information on likely revenue projections. In addition the client was able to identify which segments were most likely to use the product, and purchase it. Finally the segmentation was used as a base to inform the product positioning, the communications strategy, naming, pack design and pricing.
The output included detail market sizing and target audience personas: