No Customers No Business
It’s a harsh fact, we might think that we have the best product or service in the world, but if people don’t want to buy it, we don’t have a business.
Therefore it makes perfect sense to understand the issues of value and importance to a prospective customer.
Some important points
1. Not everyone will want to buy your product or service
2. Depending upon the complexity of your product or service it may take some time before a prospective customer is able to take action and purchase.
3. Some customers will purchase earlier than others
4. Emotional behaviour plays a significant role in the purchasing process
The fact that all customers are different, yet groups of them can be shown to behave in a similar way because of their motivations, needs or values. The process of identifying these groups is called segmentation.
Segmentation is generally based upon some combination of
• What is purchased (quantity, frequency, format, etc)
• Who buys (the type of person)
• The reasons for buying (motivation)
Understanding your customer segments is a critical activity because each segment may require a different approach to sell them the same product.
The following approach may help you identify your customer segments
• Can each segment be clearly described
• Is each segment distinctly different
• Is each segment large enough to generate sufficient business
The ability to identify and then target specific customer segments where it is known that these segments have a requirement to purchase your product or service is a critical marketing role.
We have a number of well proven techniques and approaches that can provide significant customer insight and help in the identification and targeting of customers. If you would like to know more about our customer analysis techniques simply call 01733 361729