Who Is This Segment For?
This first analysis is for every type of business out there: B2B and B2C companies regardless of the markets you are in (or think you should be in). This segment is for those companies with years of client purchases and those without any clients at all. Those with a CRM full of historic data and those that have little to no data.
Regardless of your business, if you currently sell or want to sell your product, then this segment is for you.
If you don’t currently have any customer purchase data to analyze, you need to begin gathering it today! You will quickly see how vital it is to capture as much information as you can about every move your prospects and customers make. In addition, you can do some searching online, or quiz your competitors to get some of the data you’ll need for this segment. Be creative!
When You Should Be Doing This
We believe there are certain times that you should analyze or re-analyze your target segments.
Even if you feel you know your current segments exceedingly well, people evolve and change and you may be able to target your marketing efforts more accurately in order to have a greater impact on your bottom line. These are some of the situations when you should evaluate your target segments:
You’re moving into a new market;
You’re introducing a new product;
Your market is naturally dynamic and periodic analysis is necessary to stay on track;
A drastic economic change has occurred;
Sales and/or current customer satisfaction has dropped rapidly;
Customers are increasingly defecting to your competitors;
It’s been a while since you’ve done any thorough market research;
You’ve been making decisions based on your own opinions and assumptions;
What We Will Be Doing
We’re going to be gathering as much data as we can and doing some number crunching along the way. We’ll be going through real quantifiable exercises that will produce immediately actionable results.
You might feel you already know everything about your target market, and about what your current customers and prospects feel and think. However, we’ll be going beyond what they feel and think; in fact, we’re going to step into their shoes and gain insight into the needs and emotional drivers that guide their decision-making processes. Then we’ll be able to combine our customer profile data to come up with a very specific target segment that should yield extremely solid results.
At the end of working through this 6-week segment, you will have a solid grasp of which types of customers will bring you the highest profits during their tenure with your company.
These are the things that ultimately break through the barriers and take your company to that next level.
Why We Will Be Doing This
Yes, we are all here to serve our customers the best we can. The more successful we can be in solving their needs; the more successful we’ll be as a company.
Fortunately, when we focus on bringing in profitable clients, the mutually beneficial relationships that follow are traditionally the most profitable ones.
By pinpointing our most profitable prospects, we will be able to:
Focus both our energies and resources more effectively;
Speak with amazing accuracy to our targets’ needs. We’ll know exactly what we want to say and to whom;
We’ll have a better relationship with our prospects and customers, since part of our energies will focus on communicating directly with them on the exact issues they are facing;
We’ll be able to stand head and shoulders apart from our competitors;
We will have a solid strategy, which we will constantly confirm by the results we achieve, and will be proactive rather than reactive.
How We Will Do This
First we will analyze our current assets – our company, our competition (oh yes, they’re an asset), and our current clients.
We’ll find out who our best customers are for our bottom line and find out directly from them what issues they faced/are facing and what drives them to make their decisions. Since these are the type of clients we want to nurture, these are also the type of prospects we want to target.
We will confirm or deny our findings through a set of surveys we’ll send into the market.
Then we’ll create a marketing avatar of our best clients and which needs and drivers motivate their decisions.
Where We’ll Go From There
We will then take this data into segment 2, where we will be planning and preparing powerful marketing messages in order to bring in a flood of leads to your company.
Ok, next time we will tackle the next segment in this Lead Generation Series, “Understanding Our Environment.”
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Market Research Pt 2>
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