Hyundai took the bull by the horns in this bear market and scored big. It used behavioral segmentation to identify what was keeping prospects from buying and then developed a strategy that made it easier for customers to part with their hard-earned dollars.

What can you learn from its example? In every market change, even a downturn, there is an opportunity to use the power of behavioral segmentation to make your product or service stand out.

Talk to Your Target Prospects

Each news cycle brings a tsunami of information that influences your customers' purchasing decisions. The smart marketer understands that every change in the marketplace is an opportunity to capture new customers.

How do you seize that opportunity and grow your business? Relying on secondary data or past segmentations isn't a realistic option. Even in these tough times, resist the urge to repeat a smaller version of last year's marketing strategy and tactics.

Instead, use voice-of-the customer research to talk to prospects you are currently winning over as well as those whose business you would like to win. You can't overestimate the value of talking to your customers. Ask new, open-ended questions. Focus on learning:

  • What their reason is for buying—how is it changing?
  • What their needs are—how have they been affected by recent events?
  • What's keeping them from buying?
  • What do they think of your product versus the competition's product?
  • What would change their perception of your product versus the competition's?
  • How do they rate your product against alternative solutions?

Sort Findings

Take a hard look at your data and sort groups with similar characteristics to determine which segments to target.

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ABOUT THE AUTHOR

Michael Barr is a principal at marketing consulting firm QDI Strategies, Inc. (qdistrategies.com). Contact him via mbarr@qdistrategies.com.