Top 10 Drivers of Competitiveness – #4 Segment your Customers

Segment your customers and understand what each segment wants and needs. Marketing people have been doing this for years; some examples are socio-economic groups, locals and first timers, repeat and special offer buyers, advocates and ambassadors and so on. Try to think of new way of grouping or classifying your customers and consumers. What are some of their similar and dissimilar characteristics? Dig a little deeper and see if you can see discrete small groups of customers, or potential customers, that have similar needs, wants, pain, behaviours and so on. A good approach is to do a customer profiling exercise. Identify a customer that you want to win, or whom you think represents a discrete group, and draw a customer profile. Give them a name and a persona. Where do they live and work, what do they do, what are their issues and day to day concerns, what does success for them look like, what keeps them awake at night, where will they be in 3 to 5 years time. As you get under the skin of the customer, you start to see it more from their point of view, and this gives rise to new and rich insights that will inform your design of the value proposition that is just right for them.

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