Understanding the market within which you compete is a critical foundation for business success.
At CoreData, we provide a range of services aimed at helping you develop a more detailed picture of your target market and the relative position you hold within that market.
Whether you’re interested in better understanding the broader market characteristics, benchmarking yourself against key competitors or tracking the performance of an entire market at an aggregate level, CoreData can help.
Market Segmentation
Segmenting your target market to identify naturally occurring ‘tribes’ means you walk away with a more focused company, higher profitability and stronger growth over the long term.
Using multivariate analysis techniques such as cluster analysis we are able to develop advanced market segmentation systems that reveal tribes whose members demonstrate strong similarities to each other, yet are markedly different from other tribes.
The differences in behaviour and perspective among these tribes needs to be understood intimately – which means that an effective segmentation model ultimately needs to transcend its fundamental algorithmic mechanics and actually come to life.
At CoreData, we’ll help you establish these diverse groups based on characteristics, attitudes and needs, facilitating a deeper understanding of your market, helping focus the development of your product and service offer, developing effective retention strategies and shaping the way in which you communicate with your target market – all of which are key to gaining commercial advantage through targeted marketing.
We’ll also provide you with a framework for identifying and targeting these customers, to assist you in developing more targeted marketing and communication strategies.
Performance Benchmarking
Knowing what your customers think about you is essential, but in today’s competitive market, understanding how you are positioned against the competition is just as important.
Our performance benchmarking provides you with two key reference points against which to measure yourself – those you compete with for business, as well as the broader market in which you operate.
CoreData has the skills and experience to highlight your relative position in the market over time by reliably benchmarking you against your peers across key product or service metrics, and identifying opportunities for improvement.
Market Indexations
While our performance benchmarking services tell you how you as a business are positioned in the market, our market indexations track the performance of an entire market at an aggregate level.
Our market indices allow you to benchmark particular consumer behavioural traits and attitudes over time, helping you monitor the changing sentiment or financial health of the broader market.
These changes may have strategic implications for your business, but the indices can also be used to start a conversation in the market with your customers and prospects or the media about evolving consumer sentiment and circumstances.