7/17/2021 Tip: Customer Segmentation | Growthink

7/17/2021 Tip: Customer Segmentation

Today’s Quote

“Coming together is a beginning. Keeping together is progress. Working together is success.”
~ Henry Ford

 

Today’s Tip

Would you like a tool to attract more leads, convert more leads into paying customers, and better satisfy your customers?

Well, there’s a market research tool that accomplishes just that and it’s called Customer Segmentation.

Customer Segmentation is the process of separating your customers into subgroups based upon similarities. As a simple example, a clothing store might segment its customers into two groups: men and women.

There are two core benefits to customer segmentation. The first is that it allows you to better service customer needs. Clearly, when you know the precise make-up and needs of your customer segments, you can better satisfy them. For example, a gym might offer exercise classes specifically for women and others specifically for men, each of which target and solve that gender’s core workout needs.

The second benefit of customer segmentation is that it allows you to better communicate the benefits of your offerings and thus increase conversion rates. For example, a car cleaner that offers special detailing services to sports car owners would better attract those customers than competitors offering generic car detailing services.

So, think about the different customer segments you have and whether you can offer different products/services or market differently to each.

 

Today’s Resource

Is your marketing plan working?

Ask yourself these 3 questions to tell if your marketing is failing or succeeding:

  1. Does your marketing generate a steady flow of new leads and sales?
  2. Are your marketing activities growing your profits month after month?
  3. Is your marketing so powerful that your competitors would do anything to get their hands on your marketing plan?

If you answered “NO” to any of these questions, you need to stop what you’re doing, and fix your marketing plan right now.

Fix your marketing plan <–

 

Trivia

Today’s Question: Which financier was known as the ‘Junk Bond King’ in the 1980s era of Wall Street and also served time for insider trading?

Previous Question: The American inventor Douglas Engelbart is best known for inventing which ubiquitous ‘clicking’ device?

Answer: The computer mouse.

In 1967, Engelbart applied for, and in 1970 he received a patent for the wooden shell with two metal wheels, describing it in the patent application as an “X-Y position indicator for a display system.”

Engelbart later revealed that it was nicknamed the “mouse” because the tail came out the end. His group also called the on-screen cursor a “bug,” but this term was not widely adopted. 

He never received any royalties for his mouse invention, partly because his patent expired in 1987, before the personal computer revolution made the mouse an indispensable input device, and also because subsequent mice used different mechanisms that did not infringe upon the original patent. 

 

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