B2B Market Segmentation
The father of modern marketing, Philip Kotler, once said, “if you’re not talking segments, you’re not talking marketing.” This statement is more important than ever in a B2B context.
Fierce competition in most markets obstructs communication channels and causes an increased pace of innovation, complicating the marketing of goods or services throughout the whole market.
According to the Harvard Business Review, there are 30,000 new product launches every year in America; 80% of them fail. Inadequate B2B Market Segmentation is a major factor. Dividing a market into meaningful and actionable pieces helps firms to enhance their offerings by taking into consideration differences in customers’ needs and perceptions.
Ironically, some B2B companies, while lamenting about cut-throat competition and a lack of sustainable competitive advantage, treat B2B Market Segmentation very unimaginatively. They habitually group their potential customers on geographical or industrial base.
Here at Your Triple Jump, we know that once a proper needs-based segmentation approach is applied to a B2B market, one can clearly identify different groups of like-minded customers. Each of these groups can be addressed with a specific product range and a specific message, using specific MarCom tools. Suddenly, a stable – even stale – market for a traditional B2B product can be transformed into an exciting land of opportunities and decent profit margins. Let Your Triple Jump help you work a miracle.