How do you segment and target your potential customers based on their willingness to pay?

Segmenting and targeting customers in the African medical technology market based on willingness to pay involves identifying distinct groups with varying financial capacities. For instance, separate segments could include government healthcare entities, private clinics, and non-profit organisations, each with different budget constraints. Analyse each segment's spending patterns, prioritising needs, and financial health. Employ a tiered pricing model: offer premium products for higher-paying segments and more cost-effective solutions for price-sensitive customers. Tailored marketing strategies for each segment ensure effective communication of the value proposition relevant to their specific willingness to pay. JPT

Your value proposition has be be based on a executive jury (a closed group of potential customers that mostly agree on the value and specifications of your product. You may have to modify your product to meet the most need.

Willingness to pay involves a strategic approach that combines market research, data analysis, and customer profiling. Begin by conducting surveys & interviews to gather insights into your customers' purchasing behaviors and price sensitivity. Analyzing this data allows you to identify distinct segments with varying levels of willingness to pay. For example, some customers may prioritize premium features and are willing to pay more, while others are more price-sensitive and seek basic functionality at a lower cost. Once these segments are identified, tailor your marketing strategies to each group's specific needs and preferences. This might involve offering tiered pricing models, personalized promotions, or differentiated product offerings.

Key thing is actually meet ur potential (new or even existing) customer(s) in person at social events via ur stellar networks … work ur butt off to ‘land’ a visit at their place of Business or try to get them to come ‘see’ what u have to offer that’ll give them a competitive edge, first to Market or cost/time/process savings .. if the prospect can save money, then u may have a , wedge in the door to secure a solid price… make sure u understand the difference between high performance materials vs ‘commodity’ offsets that have slight but not disruptive performance advantage … then there are things like timeliness great customer services, and personal relationships one has nurtured .. all Play pivotal roles

If you don't have a manufactured product or service, use a "probe" product which is your best guest and use it to elicit response and begin to iterate the product specifications and pricing and potential and expected market with prospects. By telephone or in person is best. Survey's can be used but only to estimate the market size with a defined product or service.

The segments should be used to target the prospects as "the most likely to buy in a timely manner," the next most, the next, most, etc., so you can focus your campaigns on the best targets.

It's important to ask, how best can they be reached and what would they would have to see to convince them of your products value and worth.