Let's be honest; business owners are scared that if they focus on a specific market, they may alienate a paying customer. Are you struggling to identify your ideal clients and create an irresistible offer that keeps them coming back? I want to share the key distinctions of great market segmentation that most business leaders get wrong.
First and foremost, it's essential to understand that not all clients are created equal. If you are going to focus your skills, passion, and energy on solving someone else's problem, you should be rewarded. First and foremost. It's crucial to identify your ideal client - the ones who will stay with you through the economic downturn, refer you to others, and return to you again and again.
Companies that segment their market see a revenue increase of 20% to 30% compared to those that don't
(Source: Gartner)
To do this, you need to understand what your ideal clients desire and fear. Once you have this information, you can create an irresistible offer that addresses their desires and reduces their fears. to learn more about this step, click here.
Here is an obvious example, let's say your ideal clients are small business owners who must be selective about how they spend their money. In this case, your irresistible offer should be something that removes their fear of wasting money, such as free shipping, free returns, or a refund policy that protects them from their fear of buying a service that doesn't solve their problem. According to a survey by Accenture,
customers are more likely to choose a business with a clear and flexible refund policy.
The survey found that customers who know they can return a product or receive a refund if unsatisfied are more likely to make a purchase and are less likely to leave negative reviews.
What if your ideal customer's most valuable resource is time? According to a study by Forbes,
mobile apps can increase customer engagement by up to 89%.
By providing this convenience and ease, you're reducing their fear of wasting time and effort on mundane tasks, and you're increasing the likelihood that they'll stay with you, refer you, and return to you.
But don't stop there. To truly stand out in the marketplace, you must over-deliver on your promise. A study by Hubspot found that,
companies that exceed customer expectations have a 76% chance of increasing their revenue.
Give your clients more than they expect, and they'll be blown away. For example, you could offer a complimentary service, such as a virtual consultation with a health coach or a free trial of a new product or service. This not only exceeds their expectations but it also demonstrates your commitment to their well-being and satisfaction.
If you want to succeed in today's competitive marketplace, you must understand the key distinctions of great market segmentation. By identifying your ideal clients, creating an irresistible offer that addresses their desires and reduces their fears, and over-delivering on your promise, you'll stand out from the competition and attract the right clients for your business. So, are you ready to take your market segmentation to the next level? Contact me today to learn more about how we can help you achieve your business goals with proven strategies and real-world statistics.