There are usually two types of shooters; one who takes a sub-machine gun in his hand, blindfolds himself and starts shooting randomly.
Then, there is another type, the one who just lies down with a Sniper resting on a tripod. He hits just one shot at a time which is usually bang on target.
Similarly, there are two ways to running a marketing campaign; one way is to just spray your message on various channels to the entire database and pray for the results.
There is another way; just lie down, take a deep breath, aim for the right audience and hit your message bang on target.
How does segmenting your database help you?
Every business has multiple types of customers, who belong to different geographies, work in different industries, have different challenges, are in different stages of the buying cycle, consume different types of content etc. There is no one-size-fits-all customer
This is where segmenting your database helps you in establishing your marketing strategy.
Once you segment your database, you can learn about the:
- Challenges faced by different buyers across functions and industries
- Key decision criteria before buying your product
- Key challenges faced while choosing a vendor
Once you have identified the behaviors of your target accounts, you can make your campaigns more specific to ensure maximum results. (Just like a Sniper)
How to segment your database?
For every campaign, you need to follow a different path of database segmentation. Having said that, every segmentation criteria can be bucketed into one of these two parts:
– Explicit Information
– Implicit information
This is the type of information which you can get through forms and public data sources like LinkedIn, Facebook, Twitter, magazines etc. This contains demographic and firmographics information like:
· Name of the company
· Role of the prospect in the company
· Years of experience
· Location of the company
· Company size and revenue
· Markets served
· Products/services sold
This is the type of information which is implied through your prospect’s actions or purchase behavior. This conveys us the inherent needs and challenges of the buyers through information like:
· Time spent on website
· Which page on the website was visited
· Which content was consumed
· Which advertisement was clicked on
When both these types of information are collated, you can then identify the profitable and meaningful segments for your business and then plan marketing campaigns accordingly.
While we have tried to be as exhaustive as possible in this limited space, this article should just serve as a base for you to kick-start your segmentation process.
There are multiple ways in which you can slice and dice your audience. Once you do that, you need to constantly refine the segments.
This is the most important and complex part of your entire marketing plan. With the abundance of information every consumer faces today, this should become a pre-requisite for you before you start designing a marketing campaign.
Only then you could ensure better returns for your marketing dollars.
Some important tools and resources for you:
What are the challenges that you face while segmenting your targeting audience? Please comment below