Introduction
This paper presents an evaluation of the kids’ segment as a potential target market for our chain of hair salons. As a marketing manager, I have taken into consideration the four criteria for Effective Market Segmentation, which are: Measurable, Substantial, Accessible, and Differentiable, in order to determine the viability of the kids’ segment as a target market for our business.
Effective Market Segmentation Analysis
Measurable Criterium
First and foremost, the kids’ segment is Measurable; this means that the size of the market segment must be quantifiable and easily measured. According to our market research, a substantial number of children in our target geographical area can be easily quantified through demographic data. Furthermore, data on the spending habits of families with children can also be used to determine this segment’s size and buying power, making it a valuable target for our hair salons.
Substantial Criterium
The kids’ segment is a substantial market in terms of being Substantial. With a high number of children in our target area and the high spending power of families with children, this market can potentially bring in a significant amount of business for our hair salons.
Accessible Criterium
The kids’ segment is also Accessible through various marketing and sales channels. Children can be reached through TV commercials, online ads, and events aimed at families with children (Ferrell et al., 2021). Our hair salons can also attract children by offering special promotions and discounts to families with children, making it easier for them to access our services.
Differentiated Criterium
Finally, the kids’ segment is differentiated, meaning it has unique needs and characteristics that distinguish it from other market segments. Children require hairstyles that are practical and easy to maintain, as well as services that are fun and engaging.
Additionally, parents are often looking for a safe and hygienic environment for their children, which our hair salons can provide through proper sanitation measures and child-friendly environments. By catering to these unique needs and characteristics, our hair salons can differentiate themselves from other salons and stand out in the market.
It is important to note that targeting the kids segment can also bring in additional business from the parents, who will likely become repeat customers. By offering an excellent experience for their children, parents are more likely to trust our hair salons with their hair care needs, leading to increased business and brand loyalty.
Our hair salons can implement a few key strategies to effectively target the kids’ segment. These may include offering special promotions and discounts for families with children and incorporating child-friendly features into our salons, such as toys, books, and video games. Additionally, offering exceptional services for children, such as braids, haircuts with fun themes, and hair coloring, can attract families and differentiate our salons from competitors.
Conclusion
In conclusion, the kids’ segment is a valuable target market for our chain of hair salons. Our hair salons can attract and retain families with children as customers by satisfying the four criteria for Effective Market Segmentation and offering unique services and promotions. It is highly recommended that we take into account the kids’ market as a possible target market for our company.
Reference
Ferrell, O. C., Hartline, M., & Hochstein, B. W. (2021). Marketing strategy. Cengage Learning.