Four vital market segments you’ve probably never thought of…
There are many ways to dissect and segment the market but for me there are 4 key segments that sit above them all.
It starts with 2 – those ready to buy and those not ready to buy, we can then divide these 2 into those that already know that you exist (aware) and those who don’t (unaware).
So, in summary we have;
- Ready to buy aware
- Ready to buy unware
- Not ready to buy aware
- Not ready to buy unaware
Let’s have a look at them in a little more detail.
- Ready to Buy – Aware
These are prospective clients that are ready to buy your services and know that you exist, including previous and existing customers, referrals and others who have heard of you by some other means.
- Ready to Buy – Unaware
This is everyone else in the ready to buy market who have never seen or heard of you before and typically seek out vendors by Googling or asking their network if they know anyone that can help them.
- Not Ready to Buy – Aware
This group know you exist but are either using someone else or are not ready to buy what you are selling.
- Not Ready to Buy – Unaware
Basically the rest of the world
This table outlines the segments and compares the typical number of them versus the marketing effort dedicated to each.
For example, segment 2 is where most of the market spends their time and effort – trying to attract the unaware ready to buy – Google Adwords is the classic example of marketing to this segment as is building a referral network to catch them when they are ready.
Obviously, segment 1 is the best from a marketing perspective as they require the least effort to attract. They know you exist and want what you are selling so if you get no enquiry from them when they are buying you have a problem.
Marketing to segment 3 is typically in the form of newsletters, events etc. designed to keep you front of mind.
What sticks out like the proverbial to me is the size of segment 4, the unaware not ready to buy market and the lack of effort dedicated to it.
This is not surprising given the fact that pre-digital it was almost impossible to reach this group without spending a fortune on broad brand awareness campaigns with little to no means of capture or follow up.
I’ll let you in on a secret – it’s now entirely possible to reach and capture this segment at a fraction of the cost due to the ability to find, target and get in front of your ideal audience with very specific information.
That’s why I like to dedicate me and my client’s efforts to segment 4, yes you need to be smarter but it’s cheaper and far less competitive.
Let’s face it, you don’t have to be Einstein to setup and an Adwords campaign, just deep pockets.
The added bonus is that I can move them from unaware to aware and then to ready to buy while bypassing segment 2 all together and not letting the competition even get a look in.
In other words, catching their interest much earlier in the buying cycle and moving them to buying via a crafted nurturing strategy.
Yes, it might be longer tail but when everyone wakes up to it the size of the segment 2 pool will become ever smaller therefore more competitive and more expensive, so the earlier you act the better.
But wait there’s more!
By making yourself attractive to the not ready to buy you make yourself more attractive to the ready to buy at the same time.
Want to learn more and maybe get a free set of steak knives at the same time – contact us