Does the 80/20 rule apply to your business? Who are the 20% that generate 80% of your sales or margin? Marketers and business-owners need to know who their best customers are; their defining characteristics; and how to find prospects that fit the profile of a high-profit customer.
However, that's only one piece of the pie. What will it take to generate incremental sales from lower profit or less frequent customers? What value propositions will they respond to? Are they giving someone else, a competitor perhaps, a greater share of their wallet? These are critical questions that must be answered before you can expect to increase market share.
Segmenting your market and profiling these key customer groups on their buying habits, unmet needs, brand preferences, media usage and attitudes toward your product or service are the first steps toward a customer-focused approach to the market. It also represents a step toward marketing efficiency by allowing you to target limited marketing resources to those most likely to adopt your product and develop a profitable relationship with you.
Anova Market Research can help you gain a clear picture of your customer base. Starting with this as a benchmark you can develop programs that resonate with the market and are designed to move the needle.