From Market Segmentation to Customer Segmentation: Opportunities for Competitive Advantage and Growth, Part 5
In the final article in this series on strategies and tactics to help multichannel marketers find and take advantage of opportunities for growth, increase profitability and gain competitive advantages, I provide brief examples of how the strategies discussed earlier in this series can be used for short-term results.
Although some of the strategies from the previous articles are primarily for achieving longer-term objectives and goals, they all can be applied to optimize existing strategies and begin developing new ones.
* Market segmentation: Target different purchase motivations instead of implementing a one-size-fits-all messaging strategy. Target advertising to different audiences for short-term increases in customer acquisition and/or sales.
* Competitive strategies/branding: Optimize your competitive strategy — i.e., how you compete with direct competitors — and branding/positioning based on competitive analysis to reap short-term benefits.
Working with a client recently, I spotted a competitive analysis that identified an advantage and opportunities to own “share of mind.” This retailer quickly integrated this advantage into advertising, a customer acquisition microsite and offer strategies.
* Acquisition products: In conjunction with market segmentation and product positioning, there are short-term opportunities to increase customer acquisition results.
Take a look at recent customer acquisition results. For each product, total the number of customers acquired; then calculate the total contribution margin generated by each product. Sort the two lists in descending order, and optimize your acquisition strategy based on whether your priority is new customers or contribution margin.
* Multichannel marketing: Short-term multichannel marketing provides two opportunities to increase top- and bottom-line results: better integration and redirecting budgets based on return on investment.
By focusing on a handful of products generating the majority of your customer acquisition and sales, and integrating your timing and messaging across channels, you can increase e-commerce sales by double digits.
* Buying cycle stages/shopping behavior: Easiest, least expensive and fastest to do online, there are likely numerous opportunities to optimize your e-commerce sales, online lead generation and customer acquisition by targeting different buying stages with paid search advertising copy/offers, landing pages and microsites.