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A customer segmentation strategy plays an essential role in your overall growth strategy. For the exercise, “where to play,” we focus on our two matrices, markets and customers and products and services.
Markets and customers take you on a deep dive into your current and new customer segments based on several factors: size and growth, drivers, benefits sought, and pain points. You derive this information from the departments in your organization. The goal here is to figure out how attractive these market or customer segments are to your organization. This exercise is a significant first step into developing a customer segmentation strategy.
Products and services analyze your current and new products or services based on: size/potential, key success factors, profitability, and portfolio gaps. This analysis aims to decide where to focus in the short-term, mid-term, and long-term. Which segments do your current products or services fit into, and are there opportunities for new products or services?
Both analyses tie into your overall growth strategy. You develop insight into which customer segments to target for which products and services. The exercise generates a shortlist of “where to play” from a market and customer’s segment perspective and a product and service perspective.
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