I know we’ve shared with you before the most important steps to realize the success of your product launch (and why many of product launches fail). If you remember, #1 on that list was to “Really understand your customer/consumer.” Yet, as ActiveMarketing illustrates, 85% of 30,000 new product launches fail because of poor market segmentation.
But, alas, there are 4 simple rules for an easy, effective market segmentation strategy for your business:
- Be careful to not be too broad with your definitions of a segment. Having some wiggle room in your buying personas gives you the edge over your competitors and allows you to capitalize on audiences they may have ruled out.
- Consider organizing your account teams by market segments, if applicable. Having dedicated teams marketing and managing buying personas allows for customized expertise and experience that will set your marketing apart.
- Understand that segments are global, and not just regional. It’s true, sometimes you have a more regional initial audience base, but this goes back to point #1 above and that the more narrow you are in your definitions the more opportunity there is to eliminate certain buyers.
- Although this last on the list, always, always, complete your analysis and research first (making sure you have the data to fully support your defined buying segments). Then, be bold about attacking those segments.
On your path to identifying your businesses segments and buying personas, remember to look at the four steps above as a way to check your progress but fine tune as necessary to meet your unique needs. And, if you’re just getting started, check out this free Buyer Persona Template from HubSpot to help get you on your way to a successful market segmentation strategy.