Business market segmentation has some main variables which are used to separate the market. It’s not much different from dealing with personal segmentation, more commonly just referred to as segmentation but focused on consumers. It is a little more difficult to sort out. As you look at this list, you will note that there are similar points with personal (consumer) and business segmentation – with the exception of operational practices and business type.
Knowing these segments is different from knowing how to apply the segmentation to build relationships and increase sales. Once you divide the market into similar groups, you can get started with the education of the market to boost sales and conversions. Here are three things to keep in mind.
Proper segmentation can improve customer acquisition, retention, response rates and more. It will help you evaluate the customer in a new way, including understanding the costs that will be incurred to market to them versus the potential earnings possible.
When you have the market divided, you’ll be able to determine exactly which portion of the market consists of your best and most promising customers. This can help you avoid wasting time with people who will never convert.
When you segment your market you can learn a lot about them, which will enable you to create marketing messages that are more targeted. Even though it’s all the same “market,” there are huge differences within each segment of the market. This makes it imperative to use different methods to send them information that is tailored to their demographic.
When you make segmentation decisions you need to know why you’re grouping them together. Ensure that you have some sort of marketing decision to make based on that segment before you go forward. Determine the cost of resources, including time involved in your decisions. Using business segmentation to help drive marketing decisions will inform your choices, and will allow you to gain a huge competitive advantage over your competition.
Most shoppers are picky these days. In the history of business, it has never been harder to get someone to buy from you, but when you do, it can be easy to get them to buy again, and again. People are turned off by the hard sell and by many of the tactics used by professional sellers. But, the fact is that some of the tactics work. If they did not work, people would not do them. Here are a few tried-and-true practices you can use to turn shoppers into buyers.
Turning picky shoppers into buyers will work on all your customers and future customers. It is important to know your audience and then leave no stone unturned to make those sales effortless.
Sometimes you just need to make some extra cash and make it fast. You already have products and/or services that you market to your audience and there is no time to come up with something new. So, how can you boost sales for quick cash without adding anything new or doing anything time-consuming?
Figure out how you can make the item even more desirable to the audience by adding a complementary service or product to the original offering. For example, if you have a services business, up the ante by adding a little extra work to the service.
While normally you want to niche down your offerings to a very specific crowd if you can offer the same items to another audience without many changes, do it now.
Getting access to other people’s email lists and audience, is the main reason for entering into a joint venture. Get with some other people who offer complementary products or services to yours and host a webinar together.
Mix and match your products or services in a brand new way for a limited time. Make it something that your audience will really want and that they really need, and you’ll have a winning combination.
If you have affiliates or sales partners, give them a big incentive to start selling more. A prize for selling a certain amount, or for selling the most, will encourage them to promote you even more.
If you have a client list, reach out to them with a special sale for only existing clients. Ask them to double their order for 1/2 off of the second order, or some other discount you can afford to offer.
If you’re currently only offering limited payment methods, find out from your audience with a survey what other options they’d like. Sometimes just giving them a new way to pay makes all the difference.
If you have a high priced item, offer a limited time payment plan, or sign up for PayPal credit so that your customers can get what they want today without having the full amount of money.
These easy ways to boost sales for quick cash can make a huge difference in your business and your bottom line. You’ll find that you can actually give yourself a raise anytime you want to use any of these methods. One final thought, look at reducing costs as well, check out the ins and outs of drop shipping.