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October 2008
In this month's issue:
- The doctor is in. so what?®
- Best Practices: Breathing Life into Your Current Segmentation
- We know people. so what?®
- LRW Sightings
The doctor is in. so what?®
Dr. Frankenstein stitched a bunch of segments together, intending his new creation to be beautiful.
Frankenstein’s faulty thinking delivered monstrous results. In business, flawed assumptions can also
have gruesome consequences. Since segmentation research is often the cornerstone of customer acquisition
and product development strategies, you might need to re-examine your current segmentation to validate
that it will not leave your company ill and weakened in this somewhat frightening marketplace.
Best Practices: Breathing Life into Your Current Segmentation
Whether your previous segmentation research was based on attitudes, key buying factors, need states or behaviors,
you can imagine marketplace realities might mean your “target” segments no longer direct you to the right
course of treatment for your company. Don't be afraid to view your segmentation with an x-ray machine or
even put it under the knife to produce results.
Does your segmentation need to be re-stitched or recreated?
- If your industry or your segmentation pertains to savings, investing, borrowing, planning for retirement, reliance on agents or brokers – we suggest a new look at the market.
- If your current segmentation doesn’t differentiate much on deal-seeking, shopping around, price sensitivity, or payment terms – you’ll want a fresh perspective for a healthy outlook.
- If your current segmentation is in unrelated categories and already includes price sensitivity driven segments -- it may be sufficient to re-size the segments.
Does your segmentation still hold in today’s environment?
Guessing that you’re ok might leave you running from the lab. If being sure is a requirement but you feel constrained by budget, consider a less expensive, scaled down version of the research. This evaluation will either re-affirm the segments or let you know that you need to regroup and take a fresh look at your market.
Is your segmentation looking a bit pale?
If the underlying truths about your segmentation remain but you haven’t taken any new action on your segmentation in the past 12 months, it may be time to inject your segments with some new life. Conducting an LRW Actionability Workshop™
can help you re-engage key stakeholders with the research in the context of the current business environment. These sessions prompt innovative thinking to deliver a host of strategies and tactics to move your company forward. Re-introduce the segments to your company with a fresh and creative perspective, framed through the lens of new market realities.
We know people. so what?®
Our friends at DYG have completed their much-anticipated report detailing how the changing economic landscape is affecting consumer values. The in-depth report includes shifts in values, beliefs, and attitudes as well as trends, themes and hot buttons.
For more information on how to obtain the full DYG report, please contact us.
Wherever we go, so what?® helps us deliver the answers that keep your business on track.
Here is an upcoming event where we'll be showing how a simple question helps us turn insight into impact.
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