A few categories have already resulted in a large number of different segments.
Customer Segmentation by vertical markets, company size and buying power
Purchasing power class
Trying to acquire new customers has the following challenges:
- The buyers are becoming increasingly discerning and selective thanks to the abundance information available through many channels.
- A typical campaign focuses on a targeted set of accounts and delivers personalized content.
- More staff is required to successfully overcome the challenges of target selection and content creation.
Campaigns start by inquiring which target accounts to address. We differentiate between two scenarios:
- Broad-based campaigns: Follow-up of nurtured accounts after driving awareness, i.e. casting a wide net across defined market segments
- Account-based campaigns: targeting individual accounts as a compound selection between marketing and sales enriched with company data based on research.
The selection process starts with a general description of your audience. This can include private companies which have been growing more than 12% in revenue during the past 3 years or you could be addressing hospitals with over 250 beds.
You should begin by checking your own in-house data to review the customer segmentation which you have identified as the primary one.
The review should provide an initial classification (internal attributes). Classes may include:
- Purchase History for various products, solutions and services
- Established buyer status such as buying, lapsed, prospect
- Engagement history (Social Media visits, webinars, events)
- Strategic importance
- Established status along the customer journey
Your in-house data may indicate customer segmentation such as:
- Vertical industry at various levels of precision (SIC codes)
- Company size: number of employees, revenue, margins
- Financial health
- Calculated buying power for your offerings