Finding New Markets – “Niche” Market Assessments

One of our clients was exploring new revenue opportunities in its markets.  They knew that their markets included some influential ethnic communities, but didn’t know if these communities were worth targeting.  TMD was asked to evaluate the market for their products among these ethnic groups.  The project involved identifying the major ethnic populations living in their market area, profiling them by key demographic characteristics (age, income, etc.) using the latest US Census data, and estimating the size of the overall market and individual ethnic segments (“niches”).  In addition, we conducted in-depth personal interviews with ethnic leaders to understand the needs of their communities for our client’s services.  Our research uncovered some substantial high income segments among these ethnic groups and identified their most important needs – providing the basis for developing an effective marketing program tailored to this market segment.