A market segment is a discernible group of individuals, businesses or organizations that have something in common. Every market segment has its needs, something unique that sets it apart from other segments, and its members will respond similarly to placed services or products. To obtain predictable results, you must divide your customers into groups based on how would they react to an offer – groups that you expect to provide positive feedback.
iCustomer Market Segmentation (iCMS) allows you to create such groups and quickly identify which customers will best fit your business by evaluating the exact segment you wish to pursue.
A market segment should be:
- easily communicated with
- long lasting
- substantial enough to be profitable