Effective Market Segmentation
Every customer is different; and every customer will have individual needs that, if met, will enable them to become more competitive and deliver net future value for their customers.
The importance of market segmentation results from the fact that customers are not homogenous. Every customer, and their various strategic business units (SBUs), will have individual needs, preferences and behaviours. Since it can be impossible to meet the needs of every individual, it is vital to group customers into market segments by the characteristics they have in common. Additionally, by grouping customer's into segments, it is possible to replicate previous success, faster, easier and with more certainty than ever before.
Sounds easy? Then why do organisations today still have problems successfully segmenting their customers. They do not have enough accurate data.
Accurate data gives an organisation a real head start in the creation of competitive advantage and differentiation, but it is the organisations ability to analyse that information into usable elements that creates an accurate idea of each individuals customers needs, and hence can create a segmented view of the needs of their marketplace.
This is where the real Value to an organisation will become clear, as this then enables the accurate alignment of offerings to segments, as well as highlighting areas where additional capabilities will be required.
Once this picture is clear, an organisation can then be certain that whichever offering they present to any given customer, the offering will be of interest. Customer needs will be understood sufficiently and net new business value will be created.
The result? The customer will see them as being of value and clearly differentiated from their competition.
ICDL have developed a number of workshops that enable organisations to effectively align their many different offerings to the appropriate segments, within their customers and SBU's alike.
Related workshops:
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