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Customer Targeting via Market Segmentation - elucidate

Customer Targeting

Customer targeting is a core need of all businesses.  Whether it is finding new customers or extracting more value from existing customers, a one-size-fits-all approach to marketing is not sufficient.

Where Research Helps:

  • Identify the prospects most likely to become your customers
  • Prioritize sales and marketing efforts to focus on the best opportunities
  • Push the most appropriate and best performing messages to the people for whom they will best resonate
  • Learn which product or service features will best attract new customers or retain current ones
  • Identify value propositions most likely to appeal to prospects

Below are some tools/methods elucidate uses in customer targeting research.

Market Segmentation

Your market is made up of lots of people – customers, prospects, users – call them what you will.  The bottom line is that they’re not all the same.  They have different needs, different behaviors, different attitudes, different demographic profiles, etc.  If you don’t understand these differences, you are left with a one size fits all approach to marketing to them, which we can all agree wastes time and money and does not yield the results you need.  Call it a Market Segmentation, a Customer Segmentation, Segmentation Analysis, or Segmentation Modeling; all these techniques are similar in that they define targetable groups to help you better market your product or service.

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Reverse Segmentation is a newer technique that solves many problems associated with traditional attitudinal and demographic segmentations.  Reverse segmentation helps identify market segments with highly differentiated attitudes and behaviors, while at the same time considering the demographics/ firmographics, media usage, or channel usage information that is needed to reach people and deliver a targeted message.

Conversion Score

Understanding both purchase drivers as well as demographic characteristics is important to understanding how to increase sales in targeted groups. Targeting can become even more precise by adding elucidate’s “Conversion Score”. As part of a segmentation analysis, we calculate a composite score that guides clients to where they can get “the most bang for their buck”. The conversion score takes the size of the segment, weights those that are compatible prospects, and includes their likelihood to buy a product. Having this conversion score helps prioritize which group(s) to target first.

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