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Marketing 101: Identifying Market Segments and Target Markets

Market Segment and Target Market

Image : Market Survey

 

Marketing.

I know.  It may be a dirty word to a lot of you but it’s just as important as writing your work.  Whether you go with the big houses, a small press, or self publish on your own, the responsibility of marketing and promoting your work still falls on our shoulders.  Trust me, it isn’t as hard as you think once you have identify the basics – Market Segment and Target Market.

A Market Segment is a group of people separated by distinguishable and noticeable aspects.
A Target Market is a specific group of consumers which a company aims its product and services.

Market Segments are broken into:

  • Geography: Current location, location they identify with, location that they would like to be in, and dream location
  • Demographic: Gender, race, ethnic-background, age, income, occupation, education, household size, stage in family life cycle
  • Psychology: attitude (view and reaction towards  others, objects, events, and ideas), values (most important in life, living, and decision-making), lifestyle (daily, weekly, monthly, annually), sexual orientation (displayed, secret, wonder or intrigued by), identification of success versus failure (personal, professional, social)
  • Behavior: lawful, chaotic, selfish, giving, good, evil, acceptable, unacceptable, norm deviant, common, unique, neutral, or ‘conveniently’ neutral (this is based on others being around as witnesses)

 

Now that you have an idea of how market segments and target markets work, you can apply it to your own work.   Applying the information above – What are the top attributes associated with your story’s market segment that influences their decision to purchase your book?

Place your answers in order by importance:

  • Geography – (choose 3)
  • Demographics – (choose 5 that matters most)
  • Psychology – (choose 5 main attributes that matters most and 1 sub-value that affects it. This gives you the ability to use the main attribute more than once as long as the sub-value is different)
  • Behavior – (choose 3, they should be based on Life, Living, and Decision-Making)

With this information in hand,  you can get a better idea of who and where to find those people who would pick up your book!

 

 

 

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