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Sep 15, 2020

Market Segmentation – A critical component of company strategy and ROI success

by Gordon Polovin

What is Market Segmentation? Ready to make the most of what you’ve got? Using market segmentation means dividing the market into sections so that your view of customers has focus and meaning given your orientations and available resources. The creation of “segments” is the same as setting your eyes on manageable targets made up of customers who conform to the segment parameters and can demonstrate enough buying power to make it worthwhile. Market segmentation defines a market piece (slice) you believe can turn into a target market; one you tackle more compellingly than any competitor. It rests on meeting with selling prospects that you can reach easily, communicate with effectively, and, given the intensity of competition, derive acceptable profit from business activities. Market Segmentation and the Customer Experience (CX) Every ROI-centric company, large-enterprise or SMB, strives to deliver the perfect CX. The latter is the elixir for achieving customer retention built around brand loyalty. It ensures maximum revenue for the lowest CX investment. Conversely, if it goes wrong and all one gets is customer churn, profitability is likely to tank. Market segmentation is the methodology that promises a high probability of customer loyalty and not falling into the traps that let it slip away. The critical thing to understand about CX is that it’s not one experience at a single point of time, but the overall emotional, mental, and physical gratification after passing through several touch points before buying (and not claiming a refund) for a service or product. It’s […]

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