The term market segmentation is self-explanatory. What isn’t would be the many strategies you can come up for it. Logically, a basic form of segmentation is to divide your target market into groups that have different types of needs. On the other hand, how about organizing them according to the seasons?
You know that lead generation campaigns aren’t overnight affairs. They can cover anything between a span of a few months to a whole year. Within that timeframe, companies introduce at least two or three new offerings. Unfortunately, not everyone gets excited each time.
It’s very common in the consumer sector (especially with corporations that boast a lot of brands under their belt). Whenever a new fashion line or a new video game comes out, the market being catered is in fact just a smaller segment of their larger customer base.
Another reason to be concerned about this is the fact that you can’t always release different products simultaneously. Smaller companies will certainly suffer if they expend that many resources at once.
The next question then is how can you segment across time? Here are the steps:
- Step 1: Identify the different needs – This is how it always start out. Be it through online or phone survey, do research on the different needs so you’ll know how many demands you’re catering to. It’s the different needs that define the dividing areas after all.
- Step 2: Fulfill them one at a time – Again, you can’t please everybody all at once. Check with the rest of your company once you’ve determined the needs of your entire market. Which one of them can be filled immediately? Which ones take time to develop? This will be your release schedule.
- Step 3: Announce to the segments in order – Your schedule will to tell you which segment to target during the course of your lead generation campaign. Don’t waste time targeting other segments that aren’t interested in your newest release. Focus on the ones who are.
- Step 4: Keep other segments posted – But of course, you shouldn’t ignore the other segments completely. Keep them posted on the future releases. This will prep them to be the new segment you’ll be targeting since you’ll be developing something that will address their needs next.
The 80/20 rule doesn’t mention the possibility that the 80% aren’t always the same customers 100% of the time. Sometimes, the 80% are different prospects who are after different solutions. Segment according time as much as you would to different needs.