With the goal of identifying market opportunities that could help guide the business strategy, an established online retailer of auto parts hired Relevant Insights to conduct a general market segmentation study in the automotive aftermarket industry.
Relevant Insights initiated the project with a comprehensive analysis of industry data and trends, which provided direction for the research design. Two online surveys were conducted; one in a general population sample and the other in a sample of current customers.
The segmentation study indicated there were two segments in which the retailer had a strong foothold and potential for further growth. The retailer gained valuable insights into the barriers for buying auto parts online and how they could be overcome, which helped to focus the retailer on key initiatives that would address these barriers. The results also pinpointed “low hanging fruits” where the company could improve its performance and expand its penetration in the target market segments. Overall, the market segmentation study provided a clearer understanding of their customers and target market, and a solid foundation for strategic decisions to drive growth.
