How do you segment your database?

By asking “who” and “what” to segment? 
By demographic and firmographic metrics such as gender, geography, company size or industry vertical?

What demographic segmentation does is, it answers the question of 'WHO your customers are'. It however falls short in answering core questions of 'WHY customers are buying' and 'WHAT problem is the product or service looking to solve'?

While it may be easy to identify observable and actionable segments based on who your customer are, it lacks in recognizing new and profitable groups that cut across demographics such as those that revolve around needs and behavioral patterns of customers.

Alternatively, focusing on 'WHY customers buy' will help in identifying new segments based on motivational attributes and distinguish demand driving pockets that could be targeted.

Some of the metrics that could be utilized in motivational segmentation include:

• Adoption Stage – Is based on the stage in which your customers are in the adoption cycle - their psychographic patterns and different needs.  
• Value Driven – Is based on different objectives and distinct problems your solution solves. 
• Price Driven – Is segmentation that includes a highly classified group of customers who are willing to pay premium prices to access a solution.
• Event Triggered – Are segments based on events that influence your customer’s business such as recent mergers, new product launches or compliance mandates.

Conceptualizing creative names for segments can be a lot of fun. They can however be of very little use if not exclusive! Segments need to be developed based on unique variables used to target them.

While some marketers segment based on rules and assumptions through their experience, others use sophisticated mathematical and clustering models to define data sets into segments. However, what seems to be unaddressed is the question of ‘how and when do customers migrate from one segment to another?’

In the lifetime of a customer, it is necessary to keep segments dynamic to allow for regrouping based on migration over time. The topic of Customer Lifetime Value and LTV based segmentation will be discussed in future. Stay tuned to this space. Here’s to a successful dynamic segmentation! From us at Info CheckPoint

Signup for a Trial today! Benefit from databases that are classified and segmented to roll out targeted and relevant campaigns.

Increase Revenues by 781% and Conversion Rates by 355%

According to Jupiter Research, companies that use segmented lists can improve conversion rates by 355% and revenues by 781%!

And to think of it, only 11% of marketers segment their lists!

What usually happens is that, databases make you “rich in data and poor in information”.  

The objective of obtaining and utilizing a database should go beyond direct marketing; it also ought to focus on building personalized relationships with customers, in order to develop products and services customized to the market.

With segmentation, you get to know who your customers are, what they prefer, what they want and how you can meet their expectations.

The interesting analogy as stated by Mark McGuiness emphasizes on recognizing those group of customers who not only need your product or service, but also those who want them.

Getting ROI on B2B data begins with obtaining a segmented database.  With access to targeted databases, get to know how Info CheckPoint can help boost your ROMI? Check out this video!

Still Segmenting Based on Demographics and Firmographics?

How do you segment your database? 
By asking “who” and “what” to segment? 
By demographic and firmographic metrics such as gender, geography, company size or industry vertical?

What demographic segmentation does is, it answers the question of 'WHO your customers are'. It however falls short in answering core questions of 'WHY customers are buying' and 'WHAT problem is the product or service looking to solve'?

While it may be easy to identify observable and actionable segments based on who your customer are, it lacks in recognizing new and profitable groups that cut across demographics such as those that revolve around needs and behavioral patterns of customers.

Alternatively, focusing on 'WHY customers buy' will help in identifying new segments based on motivational attributes and distinguish demand driving pockets that could be targeted.

Some of the metrics that could be utilized in motivational segmentation include:

• Adoption Stage – Is based on the stage in which your customers are in the adoption cycle - their psychographic patterns and different needs.  
• Value Driven – Is based on different objectives and distinct problems your solution solves. 
• Price Driven – Is segmentation that includes a highly classified group of customers who are willing to pay premium prices to access a solution.
• Event Triggered – Are segments based on events that influence your customer’s business such as recent mergers, new product launches or compliance mandates.

Conceptualizing creative names for segments can be a lot of fun. They can however be of very little use if not exclusive! Segments need to be developed based on unique variables used to target them.

While some marketers segment based on rules and assumptions through their experience, others use sophisticated mathematical and clustering models to define data sets into segments. However, what seems to be unaddressed is the question of ‘how and when do customers migrate from one segment to another?’

In the lifetime of a customer, it is necessary to keep segments dynamic to allow for regrouping based on migration over time. The topic of Customer Lifetime Value and LTV based segmentation will be discussed in future. Stay tuned to this space. Here’s to a successful dynamic segmentation! From us at Info CheckPoint

Signup for a Trial today! Benefit from databases that are classified and segmented to roll out targeted and relevant campaigns.

Accelerate Revenues by 781% and Conversion Rates up to 355%!

B2B Database Segmentation…‘Have You’ done it as yet? 

The stats speak for themselves. Based on a study done by Jupiter Research, a segmented list can increase revenues by 781% and conversion rates up to 355%.  

The advantages of segmenting your database include lower costs, opt out risk and increase in targeted communication. Get to communicate with your clients like they wish to connect with you.

So what’s stopping you from segmenting? Don’t know where to begin?

Here’s a quick 6 point checklist. Know what you have done and what you need to do.

‘Have You’ Checklist
	Yes	No
1. Customer Profile
a.     Have you defined you ideal customer profile?	□	□
b.    Have you documented your customers’ primary needs and issues?	□	□
2. Value Map – to determine content requirements
a.     Have you recorded how you provide value to customers that address a unique need or issue?	□	□
b.    Have you tested messages that address a unique need or issue?	□	□
3. Customer Buying Process – to determine priorities for targeting specific  content
a.     Have you documented your customer’s buying process?	□	□
b.    Have you noted information required at each stage?	□	□
c.     Have you identified their preferred medium of information delivery?	□	□
4. Integrated Marketing Communication Plan
a.     Have devised, deployed and implemented a content plan utilizing channels effectively?	□	□
b.    Have you included triggered based messaging based on action or inaction of customer towards communication?	□	□
c.     Have you developed an editorial calendar or process to review, approve, produce and publish content?	□	□
d.    Have you established and implemented a SEO strategy with well defined list of keywords?	□	□
5. Marketing Database
Have you created a centralized location such as a database to capture, monitor and measure key data and performance metrics?	□	□
6. Program Management
Have you developed a program management plan and assigned the responsibility of execution and monitoring of the process?	□	□

Connect with your most potential clients, target your ideal customer profile and predict outcomes of your marketing campaigns. But first organize your database or obtain a segmented database. Ask us how!