Why Market Segmentation is Important for Sales Development Program Success
It can be difficult to accept, but many companies mistakenly believe their market is limitless. With our help, clients can maximize sales results in part by segmenting their contact lists.
Market Segmentation is Key to Long Term Sales Development Success
We see it time and time again, companies believe their market is limitless. But unfortunately, not everyone can be your customer. So, in order to maximize your time, money, and efforts, list segmentation is critical.
Market segmentation is the process of dividing a broad group of potential customers into sub-groups based on shared characteristics. For B2B opportunities, Growth Orbit typically begins developing a program by segmenting the market according to firmographic data. With firmographics, we can then determine the ideal target market of a program. Firmographics include data such as:
Utilizing firmographics is easy and low in cost. Yet they help narrow your focus. Consequently allowing you to maximize your sales investment. Moreover, you can spot trends and make certain the appropriate market segment is covered thoroughly. For example, if a company cannot distribute their product West of the Mississippi, it is a waste of time and money to call on prospects in California.
Segmentation Helps Identify Your Best Prospects
Segmenting lists also helps you identify your true Ideal Customer Profile (ICP) and create an effective market strategy. Just because you are engaging with prospects in a certain segment, does not mean they are your ICP. Once you determine the exact segment of where your sales leads are actually closing, you can make adjustments to make certain that profile is thoroughly covered.
Customize Messaging, Review, and Adjust your Focus by Segment
In addition, with list segmentation, you can customize your messaging to a particular market segment. Customization is a valuable tool in sales and allows you to lead conversations with insight. Leading with insight ultimately improves the quantity and quality of leads. To explain, if you are prospecting companies within the healthcare industry, you can create messaging centered around a specific case study for that vertical. Then by utilizing data analysis, you can identify if a specific message is resonating with that particular segment. If it is, you can make appropriate changes. If it isn’t, you can pull out of that market altogether in order to save time and money.