To scale efficiently and effectively, expansion-stage companies need to focus their efforts on a specific subset of customers who are most similar to their best current customers, not a broad universe of potential customers. Customer segmentation is the way.
Kevin Britz & Craig Page-Lee, hosts of Lunchtime Marketing & Leadership on www.ebizradio.com delve into what customer segmentation is and why it matters?
Also known as market segmentation, customer segmentation is the division of potential customers in a given market into discrete groups. That division is based on customers having similar: Needs (i.e., so a single whole product can satisfy them) and Buying characteristics (i.e., responses to messaging, marketing channels, and sales channels, that a single go-to-market approach can be used to sell to them competitively and economically)
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