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Customer Segmentation
Seek out specific targets and understand the key drivers that influence each group
How well do you really know your customers?
One of the most critical steps in growth prioritization is segmentation and targeting. The reality is that few companies have the resources to target every potential customer. Even if you can, it's not always profitable to do so and clearly some customer segments are more valuable than others are.
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Effective customer targeting is part data science and part creative design / strategy. It requires a deep understanding of your value proposition, your competitive position in the market and the key buying needs of customers. Armed with this information, effective segmentation can help you quickly and more efficiently understand who and where your customers really are.
UNDERSTANDING DIFFERENCES IN VALUE
Effective sales and marketing strategies, product development initiatives and other go-to-market activities are dependent upon segmentation strategies. This is particularly critical in markets where competitors are seen as relatively undifferentiated, as was the case of this manufacturer of distribution center technology. To combat this, we focused on the end needs of potential buyers - identifying those value drivers that matter most then training the sales team to leverage those drivers to engage higher up in the organization
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