When b2b marketers divide the market based on customer concentration, they use market segmentation. Sellers can choose consumer markets, business-to-business (B2B) markets, or both. Consequently, an obvious way to start the segmentation process is to segment the markets into these two types of groups. Behavioral segmentation divides markets by decision-making behaviors and patterns, such as buying, consuming, lifestyle, and use.
For example, younger shoppers tend to buy bottled body wash, while older consumer groups may lean toward bars of soap. Segmenting markets based on buying behaviors allows marketers to develop a more specific approach because they can focus on what they know and are therefore more likely to buy. For the B2B market, segmentation divides companies into homogeneous groups that are similar to each other and share certain common characteristics. These subsets are assigned labels such as “price fighters”, service requesters, and any other similar terms that help the marketing team know exactly who they are targeting.
Grouping customers with common needs allows you to select target customers of interest and set marketing objectives for each of those segments. In a b2b segmentation study (or even a customer satisfaction study), respondents are asked to say how well they agree with a number of statements. To create and maintain an effective relationship with the audiences you want to attract (and convert), customer segmentation is key. ABM recommends focusing a company's limited resources on creating individualized campaigns aimed at acquiring a smaller group of high-value customers who share certain characteristics.
In general, company databases do all the hard work for you and collect all the information that could be useful to you in creating a detailed and meaningful B2B segmentation. If companies have commonalities in their characteristics, they may have common ground in their needs. Customer segmentation can have a big effect on customer management because, by dividing customers into different groups that share similar needs, the company can market to each group differently and focus on what each type of customer needs at a given time. By integrating a company database and business system, sales and marketing will be able to create new and diverse segments when needed, whether it's when the sales department wants to find a new group of companies to contact or the marketing department wants to create a list of companies to promote a new product offering.
If your customers change, market segmentation should change too so you can clearly understand what your new customers need and want from you. You can be part of the target market not only for pediatric services but also for a number of other products such as diapers, daycare, children's clothing, entertainment services, and educational products. It's not unusual for a b2b provider to have loyal and committed customers for many years to come. Marketing and content teams will appreciate having detailed information about each segment as this allows them to customize their campaigns and strategies at scale. Once the objectives are established, strategies can be developed to meet the objectives using tactical weapons of product, price, promotion and place (route to market).
A well-maintained database ranks high in any business-to-business audit of marketing excellence in a business-to-business enterprise.