A Market Segmentation Story
"So... what is your market?"
Nice question. For a creative business like ours, with low volumes and short history, the market target seems very broad. We have spent the month of July, holiday here in Denmark, to investigate out past projects and map our customers.
Market, or customer segmentation, has a clear goal. It wants to identify which segments have the highest sales potential, increasing the company sales efficiency, while identifying the potential future markets. The process of how to identify these markets and how to cluster customers based on their common characteristics is not objectively clear. This is how we have done it.
- We started analyzing our existing eight projects, defining which disciplines were involved and in which sector we operated.
- We clustered the projects based on their sectors and we defined three (plus one) segments. These segments have common characteristics, specifically regarding price range, replicability and time frame.
- Based on the three segments we researched common customers traits. Of these traits we highlighted those who fit both our company and the potential customers.
- After defining the common characteristics we started mapping the customer's journey, from where to find them until how to contact them.
We will test the validity of our market segmentation during the next two quarters.
To follow our process you are welcome to visit our website nydanskbolge.com