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They Say “Know Your Target Market”, but Which Target Market? (Market Segmentation)

Market segmentation with DataCracker

“Know your target market” is one of the mantras of modern business.  It is shorthand for saying that its a good idea to design your product and communications so that they can be found by, and appeal to, the customers that you think are the best prospects.

If you are an established product working out your target market can be as simple as profiling your customers and can be done using predictive modeling.  However, if you have a new product, or, are struggling and suspect you are targeting the wrong target market, you need to segment your market prior to deciding who to target.

Market segmentation is the term that marketers use for breaking a market up into parts and developing different strategies for the different segments.  Almost all businesses segment their markets.  Nevertheless, there are two quite different logics of segmentation and it is important to have a clear view of which you are trying to employ. [Read more…]

Implementing the 80:20 Rule with Predictive Modeling

80:20 rule, predictive modelingIt has lots of names.  The 80:20 rule.  The pareto principle.  HVC.  Power Laws.  Zipf laws.  Whatever we call it, the idea is that around 20% of our potential customers will account for 80% of our upside.  While the numbers can move around a bit, this basic idea applies in all aspects of customer management.  It applies among your customers: a small proportion of your customers will provide most of your profit.  It also applies among your prospects: a small proportion of the prospects have the potential to deliver much more profit than the rest.

If the 80:20 rule describes your market, how can you leverage it?  Fortunately, it is pretty straightforward! [Read more…]

Using Market Research: How To Analyze Survey Data Test and Refine Your Business Idea

shoppingBefore spending thousands of dollars on developing a product and committing to months of exhaustive customer acquisition strategies it is worthwhile hedging your bets and learning how how to analyze survey data , use basic market research to test and refine your idea. A useful strategy to implement at the idea conception stage is concept testing. [Read more…]

Diagnosing Customer Experience Problems with Market Research (and Doing It Economically)

Diagnosing customer experience problems with market researchYou have a suspicion that something is wrong.  Sales are going in the wrong direction. You are hearing the odd complaint.  The vibe is generally bad.  But how do you work out what the real problem is?  And indeed, how do you work out if you really do have a problem? [Read more…]

Introducing DataCracker

Data analysis software that everyone can use.

DataCracker is a new web-based survey analysis tool that makes it easy for anyone to find and share insights from their surveys.

DataCracker was built on the idea of democratizing data analysis. We set out to build data analysis software that everyone can use.

There are many excellent online tools for collecting survey data such as Survey Monkey and Survey Gizmo but they lack the powerful statistical testing, segmentation and predictive modelling tools found in DataCracker.

At the other end of the spectrum there are statistical programs like SPSS and Wincross. These programs are very powerful but they are overly difficult to use. Most time-conscious professionals and entrepreneurs do not specialise in one field like market research. It is not feasible to pay for and learn to use software like this for a one-time research project. DataCracker is the easy solution to finding insights from your survey data.

You can sign up or learn more about DataCracker here.