Goal
To identify and prioritise market segments based on key factors such as retention, targeting, sales ease, and onboarding ease. This exercise will help you focus your resources on the most promising customer segments and improve your overall marketing and sales strategies.
Instructions
Define the Dimensions:
- Introduce the four dimensions for prioritising market segments: retention, targeting, sales ease, and onboarding ease. Explain the importance of each dimension in evaluating the suitability of a market segment.
- Provide a brief description of each dimension:
- Retention: Assess the likelihood of customers from a particular segment sticking around and becoming long-term customers.
- Targeting: Evaluate the ease of reaching and engaging with the target audience within a specific market segment.
- Sales Ease: Determine how easy it is to sell to customers within a particular market segment.
- Onboarding Ease: Evaluate the ease of onboarding and adopting customers from a specific market segment.
Create the Table:
Set up a table with four columns representing the dimensions (Retention, Targeting, Sales Ease, Onboarding Ease).
In the first row of the table, list the market segments you want to evaluate.
Explain that the table will be used to mark a check (√) for each market segment based on their performance in each dimension.
| Market Segment | Retention | Targeting | Sales Ease | Onboarding Ease |
|---|---|---|---|---|
| Segment 1 | √ | √ | √ | |
| Segment 2 | √ | √ | √ | |
| Segment 3 | √ | √ | ||
| Segment 4 | √ | √ |
Example:
| Market Segment | Retention | Targeting | Sales Ease | Onboarding Ease |
|---|---|---|---|---|
| Small Business Owners | √ | √ | ||
| Freelancers and Solopreneurs | √ | √ | ||
| Enterprise-level Companies | √ | √ | √ | |
| Nonprofit Organisations | √ | √ |
3. Evaluate Market Segments:
- Go through each market segment and assess its performance for each dimension.
- Discuss and analyse the characteristics, strengths, and weaknesses of each market segment in relation to the dimensions.
- Mark a check (√) in the respective dimension column for each market segment based on their performance in that dimension.
4. Prioritise Market Segments:
- Review the completed table and identify market segments that score high in multiple dimensions.
- Discuss the implications of these high-scoring segments and why they should be prioritised.
- Determine the priority order for targeting and allocating resources to each market segment based on their overall performance.
5. Reflect and Adjust:
- Encourage participants to reflect on the insights gained from this exercise and how it aligns with their business goals and objectives.
- Emphasise the importance of regularly reviewing and adjusting the prioritisation of market segments based on market dynamics, customer feedback, and the evolving needs of the business.
By completing this exercise and analysing the table, you can identify the market segments that score high in each dimension. These segments should be prioritised in your marketing and sales efforts, as they have a higher likelihood of delivering long-term value, being accessible, generating sales, and having smooth onboarding experiences.
Remember to regularly review and update your prioritisation based on market dynamics, customer feedback, and the evolving needs of your business.
Note: The market segments used in the table are just examples. Please replace them with your specific market segments when conducting the exercise.