Where do we even start when we are building target markets, and thinking about segments that our organization can serve?
Let’s start with what we’re seeking.
We’re seeking differences, what makes the people that engage with us different in some way from each other. We’re also seeking commonalities, what makes groups of people that engage with us have common themes and ways that we could approach them in a common manner. So, we’re looking for commonalities within each market segment. But differences between market segments, we want to get to the point where we can speak to each segment about what is meaningful to them.
To do that, we may examine things like attitudes, behaviors, aspirations, what is it that this person or this segment is trying to achieve in their relationship with your organization? What transaction types are we engaged in with them? What channels are they engaging on? Where are we having conversations? And what demographics are really telling us the story about what makes up these segments and who these folks are? So, we may look at things like age, household size, income, the zip code folks come from.
What we want to ultimately do is speak to the benefit they are seeking the folks in those particular market segments, what is it they’re seeking from us?
Let’s speak to that benefit. And we need to explain to them why they need the value that we can provide in our organization.