Note: Running Fridays in FromGregsHead.com, is a continuing series of tips brought to you by Greg Price. These run Sunday evenings during the BusinessMaker’s Radio Show on KPRC 950AM. Audio files can be found on the PKF Texas – Entrepreneur’s Playbook® page of the PKF Texas website.
How often do you review and evaluate your market segments? Most companies break down their market segments in one of three areas: product, geographic and customer profile.
When evaluating product segments, ask yourself:
• Which segments give you the most value?
• Which give you the most problems?
• What resources does each require?
For geographic segments ask:
• What are the segment elements?
• What are the commonalities?
• Can you combine resources?
For customer segmentation, you can break this down by type, geographic area, or any number of factors. You are only limited by your innovation. Segmenting by customer makes sense if you want to be customer focused.
Remember segments are not static. Changes in the economy and technology will affect your segments. You should review on a regular basis to ensure you are staying on top of marketplace demands.