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New market segments can be identified by the same criteria used in assessing your on-profile client base:

  • Is it identifiable and accessible?

  • Does the group have identifiable common characteristics?

  • Does the group have identifiable needs, wants, and objectives that can be addressed by your products and services?

  • Does the group have an active communications network?

Then, using combinations of other variables corresponding to the four basic criteria, you can further evaluate a market segment's make-up and potential to see if it's right for you. This includes...

  • Geographic Varibles — Region, State, Zip Code, County, City, Neighborhood

  • Demographic Variables — Market Size, Density, Occupation, Income or Wealth, Education, Family Size, Life Stage, Generational Cohort, Race, Sex, Ethnicity, Nationality, Language, Religion

  • Psychographic Variables — Lifestyle, Social Style, Personality Characteristics, Cultural Distinction, Political Views

  • Behavioristic Variables — Knowledge, Attitudes, Usage of Financial Products & Services

Here's how that works...

Need to Know More?

Good market planning needs a solid foundation of information. Your planning is only as good as the effort and information you put into it. It's likely you'll need more information about potential market segments before making any final decisions.

You'll learn what kind of market research you'll need to do, how to do it, and why in "Market Selection."

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Ohio National is not affiliated with, nor does it endorse or sponsor, any particular prospecting, marketing or selling system.

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