Among the major, and least known, capacities of market segmentation is its ability to uncover hidden or unnoticed markets in a given population.
Professionals in market segmentation research have often found that consumers will suggest new variations on products, variations that could be the beginnings of powerful new market offerings. Research can uncover ways in which customers would prefer to be served. Or needs which existing products almost but do not quite satisfy.
Market segmentation professionals are also very familiar with the way that certain statistical correlations emerge during research. Users of a particular technology strongly incline toward a particular beverage. Users of a given technology seem to prefer particular kinds of clothing. Voters who favor particular candidates also favor certain colors or use certain media.
The connections are not obvious or intuitive. But the correlations confirm beyond any doubt that they are there. And for companies and marketers they are a treasure trove of information on how to find new, rich, clearly defined market segments ready to be developed.
A large market may be hidden and unnoticed inside an existing one. The right market segmentation analysis can show you how to reach it.
