I just had an interesting conversation with an analyst over at Datamonitor about lead management, or more importantly, how it can lead not just to improved sales, but circle back around and result in improved customer segmentation by marketing.
How companies segment their customers for their products and service is one of the most strategic activities a marketing department can undertake. Using ourselves as an example, our recent Sugar Express announcement is a direct result of tailoring our products and pricing towards customer segments we feel deserve attention.
But all too often businesses stop at demographics when it comes to segmenting. Is that really enough? Thanks to the economy customer segments that were profitable last year have experienced major upheavals and are shifting priorities…resulting in less profit for a business targeting them.
As the conversation with my former colleague who is now at Datamonitor showed, businesses are missing the boat if their not segmenting on factors like the business environment or purchasing habits, which can result in improved conversion rates and qualified leads. And what’s one of the best ways to do that – lead management and lead scoring. Datamonitor has found those who generate less leads resulting from tighter, smaller market focus report higher lead quality and more closed deals.
Finally, and in terms of some of the marketing 2.0 strategies we’re seeing emerge, segmentation helps business form communities around customer with common interests, which is great if those businesses want to take advantage of using social media to create buzz in their segments.