That's why focusing on a specific market segment can help you gain the attention of those operating in it (even more so in today's highly competitive environment).
For example, you might offer a solution that helps SaaS companies generate more leads. But each segment of the SaaS market has its own unique challenges and goals.
With this in mind, you could go one level further and focus on MarTech. With a little research, you’ll realize that selling to marketing decision makers is more difficult than to other roles. Therefore, you can position your product or service as the best solution to this problem.
To do this, you'll need to work with marketing. However, it's critical to understand your position in the market and how it relates to your sales strategy. Let's look at a proven process to help you with this.
Identify market segments and their needs
The first step is to identify the right market segment to focus on. This can be achieved by collecting a number of data and qualities, but the best place to start is the market itself.
Ask yourself: Which market niches are saturated? Which ones belgium whatsapp have already generated a lot of traction in the past? Which market has specific pain points that your solution or product can help solve? Look for markets where you have a lot of experience and access.
Once you've identified your niche, it's time to find specific common factors among potential customers in your niche. Some of these could be: the size of the company, how they market their services, or the average amount of money raised in their Series A funding round.
Once you know the market you want to target, it's important to truly understand the individuals you'll be serving in that market. There are many ways to gather information about them, both qualitative and data-driven:
Collect customer data – Look at the data you already have on your customers and users. Which products or services do they invest in the most? Which features of your software do they use the most?
Survey : Send an email survey to the particular segment and ask them open-ended questions about their organizations and the roles they perform on a daily basis.
Interviews : To get more qualitative information, pick up the phone and talk to them directly. This will allow you to dig deeper into their answers and truly understand what their motivations are.
Finally, gather information about the average purchase cycle, as well as their customer lifecycles. For example, does the average deal take three months to close and does it involve multiple stakeholders? All of this information is valuable.
Evaluate commercial viability
Now it's time to use this information to determine whether or not the segment is worth pursuing. After all, if it's harder to sell to than other market segments, it may be worth focusing elsewhere.
Here are some qualities to look for:
Market size : First, is your market large enough to be segmented? Is the segment you have discovered large enough to meet your core business goals?
Differences : Does each market segment have differences that are large enough to justify segmentation? For example, the goals of a SaaS product targeting marketers should be very specific compared to those of other solutions targeting other types of professionals.
Accessibility : Can you actually reach this audience? Do you have the ability to get your message across to them?
Profitability : Will your growth initiatives generate ROI?
Unique Benefits – Your chosen segment should get various benefits from your solution.
