Business marketers rely on segmentation for marketing efficiency and effectiveness. This presentation explains how to segment business markets, the key segmentation variables, how segmentation aids prospecting efforts, how to create personas, and how clean data makes segmentation easier.
Call Girls Electronic City Just Call đ 7737669865 đ Top Class Call Girl Servi...
Â
Segmentation in B-to-B Markets: The Role of Data
1. Segmentation
in Business
Markets
@ZoomInfo The role of data
@RuthPStevens
@DG_Report
1
2. About Ruth
ⶠRuth Stevens
ⶠConsults on B2B customer
acquisition and retention
ⶠGet a free copy of Chapter One of
her new book at
MaximizingLeadGeneration.com.
3. About Don
ⶠDon Wynns
ⶠBusiness Development at Zoom
Information
ⶠFocuses on product strategy and
strategic partnerships
3
4. What is a customer segment?
A group with similar wants and needs.
ⶠDistinct from other segments (different
segments have different needs).
ⶠHomogeneous within the segment
(common needs).
ⶠResponds similarly to market stimulus
ⶠStable enough to market to.
ⶠActionable. Can be reached by
communications and distribution
channels.
ⶠSubstantial enough to be profitable.
5. Why segment?
ⶠEfficient use of limited resources.
ⶠChoose the most profitable groups to target.
ⶠDevelop effective marketing strategies.
ⶠSpeak to customer needs in a relevant way.
ⶠMonitor success and re-segment as
needed.
ⶠContinuous improvement.
6. The segmentation process
1. Identifying segments within the target
audience.
2. Selecting target segments.
3. Creating product mix and communications
mix for each target segment.
ⶠPositioning products to serve the segment.
ⶠProfiling segment to develop impactful messaging.
6
7. Segmentation variables for B-to-B
from Bonoma, Shapiro, âHow to Segment Industrial Markets, HBR
ⶠDemographics ⶠPurchasing approaches
ⶠindustry, company size, ⶠpurchasing function, buyer-
customer location seller relationships,
ⶠOperating variables purchasing policies,
purchasing criteria
ⶠcompany technology,
product/brand use ⶠSituational factors
status, customer ⶠurgency of order, product
capabilities application, size of order
ⶠBuyersâ personal
characteristics
ⶠcharacter, approach
8. Defining your target customers for
prospecting
Characterize your target, by key
variables:
ⶠIndustry
ⶠCompany size
ⶠJob title/function
ⶠOther (but make sure itâs actionable).
8
9. Challenges of Data Decay on
Segmentation Initiatives
72% of businesspeople
change one or more
key elements on their
business card each year
What does this mean for you? Your prospect contact data
is likely decaying faster than you are able to update it.
REPORT: Sales & Marketing
Institute: B2B DATA DECAY, HOW
BAD IS IT AND WHAT TO DO!
10. Challenges within your Data Set
Missing Pieces to the Segmentation Puzzle
ⶠIndustry: Are you pursuing opportunities
consistent with your existing buyers?
ⶠCompany Size: Need/budget for offer? You canât
score a lead without reliable âfirmographicâ data
ⶠTitles; Personalized offers resonate. Marketing to
outdated or incorrect titles is expensive & dilutes
the brand
10
11. Maximizing Segmentation Value
ⶠSuccessful, multi-channel marketing organizations
commit to ongoing data management and cleansing
initiatives
ⶠThe inherent decay of B2B data makes an annual
âspring data cleaningâ insufficient. Rust never
sleeps, and neither does data degradation.
ⶠMarketers and their performance are being measured
more closely than ever - ensure your metrics of
choice are based on real opportunities.
11
12. There are solutionsâŠ
ⶠFind a service oriented data provider that provides a
suite of offerings inclusive of data provisioning and
an ongoing commitment to data hygiene
ⶠBuyer Beware â the data provider ecosystem is filled
with false promises and inflated metrics!
ⶠTest before you buy - ask these questions:
ⶠIs your data provider reputable?
ⶠDo they have a track record of success and references?
ⶠDo they have a commitment to privacy regulations?
12
13. Understand the needs of your target
Sources of insight:
ⶠTalk to sales people and customer
service staff
NEEDS: Examples
ⶠPrimary research
âą Solve a problem
ⶠOnline ⹠Gain recognition
ⶠFocus groups or 1:1 interviews ⹠Save time, money
ⶠSurveys ⹠Increase productivity
ⶠAdvisory board
13
14. Create âpersonasâ
ⶠPersona: A fictional character representing a
target segment.
ⶠAka âprofile.â
ⶠUseful in crafting relevant messaging and
motivational offers.
Meet Joe. He's owner and CEO of a growing, mid-sized stock
brokerage company. Joe is a gregarious guy, married, with
two children. His wife works, so thereâs always more to get
done in the day than they can handle. Joe wears a suit to the
office, but is actually more comfortable in casual clothes. He
drives a roomy 4-door. In the downturn, his company took
quite a hit, so heâs looking for ways to get back on track and
run the business more efficiently, using technology.
14
15. Tech influencer persona
Meet Stan. He's database administrator at a large
manufacturing company in suburban Illinois. Stan is single,
and lives in a rental apartment with his two dogs. On
weekends, he favors day hiking and watching his favorite
sports teams on Internet television. Heâs a gadget-lover, and
early adopter of consumer electronics. He never wears a suit
to the office. He drives a late-model SUV. Stan appreciates
how people in his company are always asking him for tech
advice. His company understands the value of technology in
gaining a competitive manufacturing edge.
15
16. Talking their language
Tech buyer Easy to install. No downtime. End-users wonât
complain. I can look like a hero.
âSpend less.â
Business Easy to use. Will save us time and money. Help
buyer me get the job done. I can look smart.
âSell more.â
18. Summary
ⶠSegment audiences by industry, company
size and job title or function.
ⶠResearch the needs of your most
profitable segments.
ⶠCreate personas as the basis of crafting
relevant messaging.
ⶠCommunicate the benefits of value to
each buyer type.
Measurable Accessible by communication and distribution channelsDifferent in its response to a marketing mixDurable (i.e., not changing too quickly)Substantial enough to be profitableApplying market segmentation involves a three-stage process that includes: Identifying segments Selecting target segments Creating marketing mixes for each target segment
This only works if you already have a relationship
Actionable: Product need is fine; âHas a budgetâ canât be found efficiently. Neither can âhas an urgent needâ
Ruth can add: b2b data decays at the rate of 4-6% per month.
Ruth can add: Titles are often the hardest to get, since they change all the time, and there are few standards.
Ruth can add: This is a truly important and often misunderstood imperative for b2b marketers. If youâre not talking to the right person, everything else you do in your marketing is off base.
Ruth can add: I have a file filled with suspicious data so-called providers.