How can you keep up with industry changes in segmentation and targeting?

1 Understand the drivers of change

The first step is to identify the factors that are influencing the industry and the customer segments. These can include technological innovations, regulatory shifts, social trends, environmental issues, and competitive moves. You need to monitor these drivers of change and analyze how they impact the needs, preferences, and behaviors of different customer groups. You can use tools such as PESTEL analysis, Porter's five forces, and SWOT analysis to assess the external and internal environment of the industry and the client.

3 Evaluate your target segments

The third step is to evaluate your target segments and decide which ones to focus on and how to position your client's offerings. You need to consider the attractiveness and profitability of each segment, as well as the fit with your client's capabilities and goals. You can use tools such as the BCG matrix, the Ansoff matrix, and the value proposition canvas to compare and contrast the different segments and the potential strategies. You should also consider the risks and uncertainties associated with each segment and how to mitigate them.

4 Communicate your segmentation and targeting

The fourth step is to communicate your segmentation and targeting to your client and other stakeholders. You need to present your findings and recommendations in a clear, concise, and persuasive way. You should use data and evidence to support your arguments and address any objections or questions. You should also use visual aids, such as charts, graphs, and diagrams, to illustrate your points and make them easy to understand. You should also highlight the benefits and value of your segmentation and targeting for your client and their customers.

5 Implement and monitor your segmentation and targeting

The final step is to implement and monitor your segmentation and targeting in collaboration with your client and other partners. You need to define the action plan, the roles and responsibilities, the budget and timeline, and the key performance indicators for your segmentation and targeting. You should also establish a feedback loop and a contingency plan to track the progress and results of your segmentation and targeting and to make any necessary adjustments or improvements. You should also celebrate the successes and learn from the failures of your segmentation and targeting.

6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?