Developing Your Market Segment Strategy
In developing your market segment strategy, there are four key issues to consider:- market segment
- specific needs that you can satisfy
- strategy for satisfying needs
- communicate your ability to satisfy these needs
What Is Your Market Segment?
A market segment:- is distinct from other segments
- is composed of clients who have common needs
- can be reached by a effective marketing communications
This means that to identify your market segment, simply follow the same process that you would follow in identifying your niche market.
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What Specific Needs Can You Satisfy In This Segment?
By carefully and thoroughly researching your market segment, in addition to identifying what the segment needs and wants, you can also learn what it will take to satisfy this market.
Having completed your market segment research, the next step is to complete a self-assessment in order to determine which of your resources can be applied to satisfy the needs and wants that you have identified.
Your resources will include your own talents and skills as well as those of your network contacts and referral partners.
This combination of resources will become your personal brand...a statement of what distinguishes you from the competition.
Your ability to satisfy clients' needs and wants will become your brand promise...a statement of the benefits that clients will enjoy as a result of hiring you.
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What Is Your Strategy For Satisfying These Needs?
This question addresses the actual service delivery component of your strategy.It helps you define how you will apply your unique combination of your own...plus other people's ...resources to satisfy clients.
Options could include:
- doing everything yourself
- delegating specific tasks to paid staff
- contracting or sub-contracting specific tasks to others
- referral to others
1. Meet Or Exceed Clients' Expectations
Most competent businesses can meet clients' basic needs and wants.
But that seldom good enough to generate repeat business and encourage clients to refer others to you.
The best way to generate repeat business and referrals is to exceed clients' expectations.
And the best way to exceed clients' expectations is to provide the best quality client service that you possibly can.
That will ensure the ongoing sustainability of your market segment strategy.
But that seldom good enough to generate repeat business and encourage clients to refer others to you.
The best way to generate repeat business and referrals is to exceed clients' expectations.
And the best way to exceed clients' expectations is to provide the best quality client service that you possibly can.
That will ensure the ongoing sustainability of your market segment strategy.
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2. Continue To Improve
In today's quickly changing market, few things remain the same. The
techniques that you used to satisfy clients yesterday, may not work
tomorrow.
The best response to continue to get better at everything you do.
By applying the continuous improvement strategies on a ongoing basis, you will also help ensure the ongoing sustainability of your market segment strategy.
The best response to continue to get better at everything you do.
By applying the continuous improvement strategies on a ongoing basis, you will also help ensure the ongoing sustainability of your market segment strategy.
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How Will You Communicate Your Ability To Meet These Needs?
You may have developed the best market segment strategy but if prospective clients don't know about how you can help them, nothing will happen.This component of your market segment strategy has two purposes:
- to help prospective clients understand how you can help them
- to encourage prospective clients to contact you to learn more about specifically how you can help them
Like targeting a market niche, targeting and serving market segment will simplify your marketing and help you achieve your desired results.
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