Inside B2B Market Segmentation
Most business-to-business marketers know their jobs differ from their cohorts in the B2C realm. Yet, many may not understand specifically how these differences impact marketing strategies and tactics. One market research firm found that a closer look at these differences offered valuable insight into how marketers should approach B2B target audience segmentation. B2B International analyzed some 2,500 studies, and found about eight unique characteristics of B2B markets that are most likely to impact segmentation and targeting: 1.) a more complex decision-making unit; 2.) a more ‘rational’ approach to buying; 3.) more complex products; 4.) smaller target audiences; 5.) the importance of personal relationships; 6.) more longer-term buyers; 7.) less likely to drive innovation; and 8.) fewer behavioral and needs-based segments. “A common approach in B2B markets is to apply a segmentation based on company size,” notes one author of the report. “However, such demographic segmentation does not offer a strategic advantage that competitors cannot copy.” His advice: strive for basing target audience segmentation on behavior or needs in the following four categories: 1.) a price-focused; 2.) a quality and brand-focused; 3.) a service-focused; and 4.) a partnership-focused. Not surprising, another finding of the study was that a comprehensive and up-to-date database rich in information on each customer and prospect was key to effective segmentation and ultimately, higher sales.
- U.S. mobile subscribers sent 2.19 trillion text messages in 2012. (CTIA – The Wireless Association; 202-736-3200)
- SMS messages achieve a high response rate across industries, and much of that engagement occurs in the first 15 minutes. An analysis of almost a billion SMS transactions through 1,500 networks across 42 mobile operating systems and a multitude of countries reveals that the finance and banking and travel and transport sectors garner quick responses, with 57% and 54% of their responses, respectively, coming in the first 15 minutes. (marketing charts.com)
- B2B companies that blog generate 70% more leads/month than those who do not. Increasing blogging to 6-8x/month nearly doubles leads according to @Hubspot. (pwb.com)
- Regarding which days of the week and times of the day perform best for email marketing, 44% say sending emails on Tuesday results in better open rates, 53% say Friday is the worst day for email open rates and 53% have had the most success sending emails between 8 am and 12 pm. (marketingprofs.com)
- A recent article on MarketingSherpa discussed their latest survey report on marketing analytics, which indicates that 42% of marketers surveyed believe the ability to act on data to be the most significant challenge they face. Combining data from multiple sources and simply finding budget to acquire new resources ranked second and third, respectively. (searchengineland.com)