Deirdre Breakenridge pinpoints different target markets and further audience segmentation within those markets.
- Step back a moment and think about your market. Would one message suit the same buyer? It's highly unlikely that one message would resonate when considering all of the buyers and their characteristics, needs and values. Now, it's time to dig deeper into your go-to-market audience segmentation. Audience segmentation is the process of dividing your audience to reflect specific characteristics that may influence their purchasing decisions. When you take the time to segment your audience, it helps you to develop the strategies that will target your customers based on their needs, values and behavioral characteristics.
When breaking customers into segments, you want to consider segmentation criteria. For example, your criteria may be based on demographic factors such as age, income, education, religion, marital status, occupation to name a few, location specific factors which could be their geographic region or if they live in an urban, suburban or rural area, behavioral characteristics including how relevant, consistent and frequent their behavior is toward a particular problem, psychographic considerations including activities, interests, the benefits sought, attitudes and values.
Here's an example of how a social media monitoring company segmented their market based on the characteristics, needs and values of their professional buyers. The product was a media analysis platform. When segmenting your markets, you may want to title your segmented groups to bring them to life. Here are the segmented groups the company created. The control group. The control group was made up of IR and PR professionals who were still using spreadsheets to track social media data.
They were also looking for a reliable and easier way to monitor conversations regarding their company's image and important stakeholder conversations in the market. The message to this group was the new platform would allow them to take the best of their past approach forward and to find new efficiencies. They're a social media platform that tracked different brand and stakeholder related conversations and engagement quickly and easily. The engage group.
The engage group was made up of a company's brand managers, the professionals who were considered the heroes. They had the responsibility to monitor marketing trends and to help grow the company's products in the market keeping a close eye on customer satisfaction. The message to this group was focused on an ease of use platform with data intelligence on steroids allowing them to see a vast amount of brand opportunities in the market. The transformer group.
The transformer group comprised of digital directors and heads of the research in the company. These folks were ready to explore a brave new world of social media intelligence. They were excited by the innovation and the impact from any intelligence gleaned. The message to this group focused on a smart, flexible platform with in-depth research that offered actionable insights. Once you've identified your market segments, you can further probe into which segments you would want to target first and what approach you would take.
Here are three ways to determine how you would target and communicate to a segment. Number one, priority. You may want to focus on the audience segment whose behavior will be the easiest to change if you're looking for quicker impact. Number two, ease of reach. You may want to consider the target segment that is the easiest to reach in the shortest amount of time. Of course, you would also have to consider your resources in specific regions and the amount of manpower you have available to move this audience segment to action.
Number three, level of business impact. When evaluating your level of business impact, you may want to consider the size of your audience segment. You would consider how negatively affected this group is by the problem your product will solve. You may choose to help the largest group first which is where your product will make the most impact. Are you ready to take a second look at your audience? The effort you put in to segmentation will show after your GTM launch when you're able to reach your target audience and create a higher level of business impact.
- Building your go-to-market (GTM) plan foundation
- Assessing whether you need a marketing or GTM plan
- Entering new markets with a competitive advantage
- Developing your product vision and message
- Setting your product price at launch
- Setting up your channel strategy
- Driving better channel performance
- Evaluating KPIs and metrics
- Storytelling and the customer journey