Segmentation is the process of dividing potential markets or consumers into specific groups. Market research analysis using segmentation is a basic component of any marketing effort but is more an art than a science which is frequently abused. The importance of market segmentation is that it allows a business to precisely reach a consumer with specific needs and wants. In the long run, this benefits the company because they can use their corporate resources more effectively and make better strategic marketing decisions.
One of the most frequent questions we have are asked is if we have developed a veterinary segmentation that is standardised and can be used across most geographies. The benefits for such segmentation approach are enticing as can potentially save in marketing and sales efforts. However, we have concluded that a single veterinary segmentation is not realistic as the differences between countries are so great that any potential segmentation would not “fit” adequately all markets.
In the UK we have developed two segmentations:
-Based on the vets relationship with manufacturers (which makes is actionable from a marketing point of view)
-Based on the vets demographic characteristics and the type of practice they work in.
Segmentation based on relationship with manufacturers
Segmentation based on demographic and vet clinic characteristics