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The Four Criteria for Successful Market Segmentation with an Example Target Market
Children as target market for hair salons
There are four criteria which must be met for successful market segmentation. By segmenting your market, you should be able to consider your customers buying behavior and specific traits. These criteria will also aid you in creating your specific marketing mix. Your service is to provide for the wants and needs of your customers, so you must first establish that there is in fact a need or desire for your service. These criteria will aid you in doing so.
- Substantiality: Your targeted segment needs to be sufficient in size to justify creating and sustaining a customized marketing mix. There are certainly enough children in the United States to warrant considering them as a specific segment to market to.
- Identifiability and Measurability: You must be able to identify this specific child segment. It may be based on the population of geographic regions, age groups, and other social or demographic categories. You must also be able to measure the number of children (or their parents) who would be disposed, indifferent, indifferent, or disinclined towards the product or service. Without this information it would once again be difficult to rationalize the necessary marketing mix for the service.
- Accessibility: You must have access to your targeted segment with your specific marketing mix. You should take under consideration the fact that not all children are literate. Some children are only allowed a certain amount of television viewing time per day. Yet, children are an easy target market to promote to since, many view the television for at least two hours a day, and you may advertise over the Bus Radio. However, you should strive to advertise responsibly, and consider aiming your promotions towards parents and children.
- Responsiveness: You should consider how your target segment shall respond to your proposed marketing mix. What will your customers respond to and what will they disregard as unimportant? Children may not regard price as important while their parents do.