Ron Biore, former Executive Vice President at Best Buy, looks at how he changed Best Buy’s in store strategy to specifically target four segments of customers. While focusing on their customers, they changed the in-store strategy dependent on what their customers preferred and wanted from their customers.
The Economist wrote an article recently about segmentation and how it’s spread beyond it’s origins at the consumer level. Everyone is segmenting the people they are targeting, including employers. The article focuses on the importance of hitting your audience in the right places and through the right channels.
Are you having a hard time reaching one of your targets? Are you finding them through the appropriate channels?
In a recent article at Convenience Store News, they look at the wavering loyalty of today’s consumers. It’s critical to retain loyal customers, as they are a dependable, high profit segment.
They provided a few key ways to segment your customers and create loyalty among your regular customers:
– Identify key customer segments
– Create target groups of similar segments
– Prospect for look-alikes in target markets and your customer database
– Deliver differentiated messages and experiences
– Implement the approach throughout the departments within your organization
– Measure the effectiveness and adjust your strategy