Decisions must be made regarding market potential, go-to-market strategies, etc. This is where market segmentation comes into play.
We tackled this topic on one of our recent shows here. I moderate a discussion with Mike Drapeau, Partner at SBI and Kevin Avery, Senior Consultant at SBI. Watch as Mike and Kevin debate how to best divide the broad target market into subsets of buyers. They will answer key questions and concerns surrounding market segmentation.
During the show, we’ll investigate why pursuing markets that are too wide will lead you off target. We’ll also debate how often your market analysis should be refreshed. How long is too long? And finally, Mike and Kevin will address how to differentiate yourself from your competitors using market research.
Determining which markets to address can be difficult. Your customers have diverse needs. And without a clear understanding of market segments, your resources will get misallocated. Ultimately, this will result in missed revenue goals. Instead, segment the broader market to help narrow the team’s focus. This will make it easier to hit your targets. To get started, watch here as we debate the common misconceptions regarding market segmentation.