Lead Generation Strategies to Generate Sales

A lead generation that brings loyal and profitable clients is the dream of any business.

This is a continuous process you should always struggle to improve and enhance.

Each business has own ways of reaching a target audience and attracting attention to own product or service.

In this article, I want to shed light on the most useful technique to generate leads and sales.

Let’s start.

Lead Generation Strategies

Here is the top and most effective lead generation strategies:

  1. Provide Your Website Visitors with Useful and Unique Content
  2. Build Partnerships with Industry Leaders
  3. Use Email Marketing to Reach Relevant Leads
  4. Lead Generation Through Social Media
  5. Incorporate Video Marketing

1. Provide Your Website Visitors with Useful and Unique Content

It’s well known that the best way to sell something is not to sell directly.

This is when content marketing comes to help.

The aim of content on your website does not mean only appear high in the search engines result and rank for the certain keywords.

First of all, the goal of content marketing is to provide your users with relevant and useful information for free, without any obligations.

Lead GenerationNowadays, companies use content so actively and put quantity over the quality.

However, it doesn’t work.

If you want your clients to trust you and choose you over your competitors, you have to give them a reason to do this.

One of the best ways is to answer their questions and solve their problems with the help of useful content and storytelling.

Don’t write just for the record, bring all your efforts into this process.

Create in-depth content that helps your clients to solve the problems, make a decision or compare various solutions.

a. Remember don’t write to sell.

Qualitative and deep content sells by itself.

If the clients see that you provide them with useful information for free and do it regularly, they will definitely become interested in your product.

You just need some time to create an authority in your niche and show that you are an expert, who is ready to consult and help.

Therefore, when you will gather the first base of readers, you can try to write content with the aim to scrape their contacts.

For example, you may create free PDFs, ebooks or webinars in exchange for users email or phone number.

But don’t forget that these resources must contain only useful information, that is somehow different from what is already available on the Internet.

To create such content, you should know what pain points your audience has.

You can learn it by searching questions on different forums, communicating with your clients, conducting surveys, taking interviews, and even reading the content of your competitors.

b. Don’t Shoot in the Dark: Build Content Strategy According to Your Audience Needs

Try to combine different types of content, surprise your readers, and make them wait for your blog posts.

This lead generation method requires a lot of time and effort, but this is one of the cheapest ways to create a word of mouth for your business.

Don’t hesitate to include it in your business strategy!

It will bring you loyal audience and authority in your niche.

Here are some of the most popular types of content you can use for lead generation:

  1. Case studies
  2. Ebooks
  3. E-courses
  4. Infographics
  5. Email marketing
  6. Cheat Sheets
  7. Guides
  8. Checklists
  9. Slideshare presentations
  10. Podcasts

Try different ones and choose what works for you best!

2. Build Partnerships with Industry Leaders

According to the statistics, 49% of people say that they rely on influencers recommendations when making a purchase decision.

Each industry has its influencers and leaders – people who gained authority and trust and have the power to influence the decisions of others.

Your task is to find these people and attract their attention to your brand.

They have already gained the reputation in your industry, so this will be a win-win solution.

You will attract more visitors and they will prove their status of influencer even more.

Don’t get distracted by the thought that these people will not spare time for your business.

People are always looking for new ways to build partnerships, network, and become more popular.

Your aim is to find what they are interested in and offer this.

Here are some ways to do this.

a. Take Interviews

For example, if you see that the person likes to give interviews and is featured in different blogs, this is a nice chance to take an interview!

Prepare open and interesting questions that give valuable information to your readers.

Quote them in your content and ask the influences to mention this interview on their resources.

Try to find as many influencers as possible, send them information about your business and value it provides.

Interviewing others will put your business in front of a wider audience and make it more authoritative.

b. Another Way to Attract Influencers to Your Brand Is to Give Them to Try Your Product or Service for Free.

This a great way to grab their interest and demonstrate all the benefits of your product.

Ask the influencer about the honest review and feedback about it.

If your website visitors will see that people they know or heard about have used or product or service, this will dispel their doubts.

Agree or not, it really works.

People don’t like to risk and waste their money on products they doubt.

If they see that someone authoritative recommends it, they will be more likely to buy!

c. Organize Events

Another way to reach influencers is to ask them to help in an organization or take part in some event related to your business.

For example, you can organize a conference, meeting, contest, or giveaway.

It all depends on your business, however, if you have imagination, you can come up with different ideas for any business.

Events are a great way to create a community around your business, gather people with similar interests, find partners, and build strong business relationships.

Here are some ideas on the events you can organize to generate leads:

  • Courses
  • Webinars
  • Conferences
  • Contests, tenders, and reward programs
  • Giveaways
  • Parties

Your task is to saturate these events with value for its visitors.

If you do it for the first time, it is better not to charge any fee and do it for free.

Such approach will help you to attract more visitors and create a word of mouth.

Let’s take a look at the best ways to promote your events:

  • Email marketing
  • Social media
  • Landing page
  • Referral programs with discounts
  • Event-related videos
  • Reaching influencers and relevant people
  • Submissions to media and industry websites

Try out different channels, see which bring you more leads, leverage and improve them even more.

3. Use Email Marketing to Reach Relevant Leads

The tactics mentioned before should help you generate a lot of email addresses of your potential clients.

Now your task is to regularly treat them with useful updates about your company, product or service.

But the main thing to remember here is to make your messages tailored and crafted specifically for each client.

Only using the first name at the beginning of the letter doesn’t work anymore.

Your task is to build a buyer persona, make a research about them and create a personalized message.

When a person opens a letter, the first thought should be: “Oh, that’s right what I need!”

To achieve this, you have to send catchy messages, that grab attention and demonstrate the value.

I have prepared some ideas for you.

a. Use Short, but Detailed Headlines

The headline of your mail should tell the person why he or she has to open it.

Try to describe the content of your letter in several words that evoke positive emotions and grab attention.

The headline is the first thing a person sees, so make it compelling.

Here are some types of headlines that work best and prompt people to read what is below them.

  • The ultimate headlines
  • X reasons why headlines
  • How to headlines
  • Specific headlines with numbers
  • List headlines

Remember also to add powerful words to your headlines, especially those that evoke curiosity.

If your headline is boring and too basic, be sure that people will not click on it too much.

b. Ask Your Audience What Content It Wants to Receive

The best way to learn your audience interests is to directly ask about it.

Such approach is better than staffing their mailbox with useless letters they even don’t open.

In one the email marketing campaign, try to ask your clients what content they want to get and how often.

Be prepared to negative responses and requests to delete them from your mailing list.

On the other side, this strategy will help you to find new topics your users are interested in and actually those who are interested.

Believe or not, it will add new ideas to your content strategy and new characteristics to your buyer persona portrait.

c. Conduct Surveys

A survey is another great way to learn about your audience preferences.

Surveys are used to generate more leads, get new ideas on how to improve your product or strategy and learn whether your users are satisfied with what you do.

You can send surveys both to potential clients and current ones.

In the first case, you have a chance to learn about their pain points, preferences, and desires.

Their answers will help you to customize your product or service to their needs.

Sending surveys to existing clients will help you to evaluate the quality of your services and learn what do you need to remove or add.

d. Send Interesting News in Your Industry

People always want to stay tuned for any novelties and updates in the sphere they are interested in.

Such content will be useful for them and will give them some ideas for their own business.

Make sure to share only fresh and relevant news your clients will like to read.

However, don’t overuse this type of content as it has nothing to do with your business.

Try to send more of your own content that a user will not find somewhere else.

e. Share Free Content That Solves Their Problems

We have already talked about the importance of content marketing for your business.

Spare days in your calendar for a content campaign and regularly send a letter with fresh and useful information for your users.

Don’t send the same content to everyone.

Try to segment your audience according to their status, interests, and needs.

Then think what information will be relevant to them: informational, entertaining or commercial.

There is no one size fits all and you should spare enough time to see what type of content works better and for whom.

4. Lead Generation Through Social Media

Social media channels remain a very effective tool for reaching your target audience.

Create a buyer persona portrait for your business an think about what social media channels this person uses most often.

According to Sproutsocial, here are the key demographics of the most popular social media channels

– FaceBook

  1. 56% of men
  2. 44% of woman
  3. 88% users are 18-29 years old

– Instagram

  1. 26% of men
  2. 38% of women
  3. 59% of users are 18-29 years old

– Linkedin

  1. 34% are 18-29-year-olds
  2. 35% of employed adults use Linkedin
  3. The average audience is 18-29 years old

Your task is to choose channels where your target audience resides and create a social media marketing strategy.

One of the most effective ways to generate leads is to launch the social media ads.

Facebook, Instagram, and Linkedin ads help you to choose the target audience age, location, status, and company and carry your message to them in the most efficient way.

When creating ads, remember to make your message short, concise, emotional, and detailed.

Furthermore, you have only several seconds to catch the attention of user when they scroll down the social media timeline.

Don’t make the message too long, boring, and staffed with professional terminology.

Make your offer clear and short.

Remember that your ads should describe the value of your product or service to a user.

Don’t boast and tell how useful or beautiful your product is, tell how beautiful the life of those who will buy it will become.

5. Incorporate Video Marketing

First of all, the video is everywhere.

It has a become an efficient tool for demonstrating the product or service and carry out your message in the interactive form.

Nowadays the video is available on every platform and channel:

“According to an upcoming report from HubSpot Research, 54% of consumers want to see videos from brands they support in comparison to email newsletters (46%) or social image (41%) based content.”

They also found that video content was the most memorable (43%) in comparison to text (18%) and images (36%).

Video also ranks high in search engine results.

Remember that video should be impressive, memorable, and has to resonate with your brand and identity.

Here are the main benefits video marketing will bring to your business.

  • It helps your audience learn about your brand
  • Using video is a creative way to show your product or demonstrate your service
  • Video is memorable and it boosts information retention
  • The availability of video in emails increases their open rate
  • Most people prefer to watch a short video than reading tons of information
  • According to the statistics, 64-85% of customers are more likely to make a purchase after watching a video

Here are also the main types of video you can use for lead generation

  • Educational videos
  • Animated videos
  • Tutorial videos
  • Company culture videos
  • Product videos
  • Instruction videos
  • Testimonials
  • FAQ videos
  • Video Emails

Try to combine different types of videos in your marketing strategy, track the analytics, and see what videos users engage with most.

Conclusion

There are a lot of lead generation strategies out there, so it may seem difficult to choose what to do first.

Your task is to find your customer pain points and create a strategy that aims at solving their problems.

Choose several methods, track the results, see the engagement and choose what works best.

Remember that you have to create lead generation strategies keeping in mind your customer.

If you think only about your product and best ways to sell it, you will fail.

Furthermore, the value for the customers and honesty are the only things that will bring your business to the new level.

I hope that the lead generation strategies used in this article will be useful for your business growth.

Always improve your sales generation methods and never stay in one place.

Treat your customers with different novelties and offers.

In conclusion, you will create a loyal audience that will recommend your business to others.

Isn’t it your goal?

If yes, roll up your sleeves and prepare for making all these strategies a reality!

Only hard work and desire to improve will bring your business to a new level.

Never give up and try different ways to reach your target audience.

Customer Journey Mapping to Power Up Your Business

There are a lot of factors, that influence your business “fate”.

The customer journey mapping is one of the most significant ones.

Having a website stuffed with different offers is not enough anymore.

You need a strategy, strong as a wall.

This strategy has to make the whole customer journey smooth and thought to the nails.

To do this, you have to know about each step your customer takes starting from learning about your business and right to becoming your client.

This is when customer journey mapping is the right choice.

In this article, you will learn about the main goals of customer journey mapping and best strategies on how you can do it.

What You Should Know Before Customer Journey Mapping

Before digging into the concept of mapping and its goals, let`s specify what you need to know first of all.

The aim of customer journey mapping is to jump into your user`s head and predict their preferences and experiences.

But to do that, you need to know who your customer is, as there is no sense to “get inside” the mind of the person you don`t know.

You have to create the buyer persona portrait, that will describe your perfect client in the best way ever.

Here are the main things you need to know about your buyer persona

  1. Background
  2. Pain points
  3. Preferences and needs

And the most important – your tailored offer to this buyer that will just hit the mark.

Nowadays people are tired from general and similar marketing messages.

Personalization, instead, will build loyalty around your product.

If you know your customer, it will be easier to predict his or her expectations from your business.

In addition, you will see what type of customer converts better and adjust your strategy accordingly.

If you already know who your customer is, it`s time to understand what turns a viewer into the loyal customer from your buyer persona portrait.

What Is Customer Journey Mapping and Why You Should Care?

Customer Journey Mapping

Customer journey mapping is the technique that illustrates what steps your customers take when they enter your website and what their goal is.

Usually,  a customer goes through the funnel that consists of five stages: search, test, experiment, purchase, and retain.

The aim of customer journey mapping is to support the visitor at each stage of this funnel and provide them with the answers to their questions.

In other words, you have to find the touchpoints (specific pages of your website) that will keep the customer going further.

If you miss one or more stages, you will not prompt the visitor to take the next step and he or she will leave your website without converting.

That is why your main task is to ensure that you have taken into account every detail.

Here are the main things you need to know to keep your clients interested and satisfied.

  1. Search – How and where the person can find your business?
  2. Evaluate – What is your business about? How is it different from others?
  3. Experiment – How can prospects check or ensure that your solutions are worth trying?
  4. Purchase – How can clients pay for your offer?
  5. Retain – How do you work with your clients after selling?

Now you should define the customer`s goal for each of these stages.

Now let’s define the goals your user should achieve.

  1. Search – Find the companies that can solve a problem and offer the best solution.
  2. Evaluate – Ensure that the offer of this company is really better than other alternatives.
  3. Experiment – Decide if your services are worth paying for.
  4. Purchase – Have a detailed list of all features he or she is paying for.
  5. Retain – Get support and assistance after the product is bought.

After you have completed these two steps, it`s time to define the touchpoints.

According to SurveyMonkey, the touch point is any time a potential customer comes in contact with your brand before, during or after they make a purchase.

Your Aim Is to Identify These Touchpoints for Each Stage of the Journey

Try to come up with as many touchpoints as possible and test what works better.

Customer journey mapping is not a single action, it`s a process, that should be flexible and fruitful.

Let`s imagine that you have a car rental business.

Here are the main touchpoints you customers face on each stage of a sales funnel:

  1. Search – Google, Facebook, Linkedin, Twitter
  2. Evaluate – Reviews, pricing, listings, FAQ page
  3. Experiment – Insurance, terms and conditions
  4. Purchase – cart, payment conditions, invoice
  5. Retain – loyalty programs, bonuses, discounts, help pages, customer support.

These touchpoints should be easy to find and understand.

Don`t make it too messy or complicated.

Make your message clear and simple to perceive your users stay on your website.

What Do You Need to Create a Customer Journey Map

You don’t need a lot of resources to build a customer journey map.

Of course, there are a lot of advanced tools, but, in fact, you can do it in Excel or even on paper.

The basic customer journey illustration may look like a simple grid with horizontal stages of the journey.

If you work in a big company, you can take a large poster, sticking notes, and markers and do it together with your team.

Put in on the wall, so everyone can see what your customers expect to get when entering your website.

Such strategy will improve the workflow and generate new ideas on how to attract new prospects.

When the whole team is working on improving the customer experience, the result will come soon!

Except these, there are also a lot of tools that allow you to build creative customer journey maps.

Tools for Creating Customer Journey Maps

  • Visio

This is an advanced tool that allows creating flowcharts network diagrams, org charts with modern templates. The good thing is that you can also collaborate with others and share your ideas.

  • Gliffy

With Gliffy you can create custom diagrams and choose templates according to your type of business.  It offers all the necessary tools for flow charts, site maps, wireframes, and other drawings.

  • UX Pressia

A great tool for visualizing your customer`s journey, iterating user experience, maps, buyer personas, exporting them to PDF/PNG, and sharing them with your colleges.

  • Canvanizer

Interactive business brainstorming, blackboard, a modeling tool for creating canvases, that will help you to create a creative business strategy with different canvas templates.

  • Smaply Web Software

Web-based software to visualize customer experience that allows you to create professional personas and journey maps.

Find the way that is convenient for you and your team.

It doesn’t matter what tools or methods you use when creating a customer journey map, the most important thing is to do it with the customer in your mind.

Concentrate on a customer, not on your product or service.

Try to outline all the emotions your customer may feel and the ways to make these emotions more vivid.

Useful Tips on How to Make Your Customer Journey Effective

  • If you have different customer personas, create the separate journey for each buyer persona
  • Create a separate journey for people that take different positions in the company
  • Take into account the needs and preferences of each buyer persona
  • Make sure that each journey has touchpoints that correspond to different buyer personas
  • Always test, improve, and change your customer journey template

Testing Your Customer Journey Map

Remember that customer journey mapping is not a single action, it’s the whole process.

You should always test what touchpoints work and what needs to be improved or changed.

If you see that your website visitors don’t convert and the bounce rate is high, it means that your offers don’t coincide with their needs

Here are some tips on how you can optimize the content on your website

  • Enrich your content with powerful copywriting words
  • Make your CTA buttons more compelling
  • Describe the services you offer in a detailed and distinct way
  • Outline the values your company offers to its customers
  • Describe what makes you different from your competitors

Try different variants and test what works better for you.

One more way to test your customer journey map is to conduct a survey.

Directly ask your customers, leads, and stakeholders about what they feel when entering your website.

 Some examples of the questions you can ask

  1. When you enter my website, is it clear what services does your company offer and what are the values for the customers?
  2. What impressions does your brand invoke?
  3. What do you think about company services? Is there something that lacks on the list?
  4. Is the content on the website useful and interesting for the target audience?

These are just some questions.

New answers always lead to new questions.

You can continuously complete and improve your questions in order to get at the truth.

Storytelling in customer journey

Storytelling – this is what makes your business stand out and invokes associations with your brand.

Stories enhance customer experience and make people feel these are real people, who stand behind your business.

If you enrich every customer journey stage with storytelling, you will be a step closer to success.

Let’s see how storytelling can improve the user experience at each stage of the customer journey.

Evaluate stage

At this stage, your visitors want to learn what your company is doing, its approach to working process and its difference from others.

This is how you can use storytelling to make people stay on your website

  • Client reviews

Ask your clients to write reviews about your service or product.

In such a way you will build a trust around your brand

  • Company history

Show your clients who stands behind your brand.

Try to tell as much as possible about the idea of your company, its history, people who work in it, and your internal work processes.

  • Blog

Post useful articles that solve problems of your clients and answer their questions

Show as much expertise in your articles as possible as it shows your visitors that you know what you are doing and why.

If your clients see that you solve their problems and give useful advice for free, there is more chance that they will choose your company

Purchase stage

  • Case studies

Give people a chance to see how your product works in practice, what benefits it brings to your clients, and how their life has changed after they have chosen your company

  • Workflow description

Describe the way you work with your clients in a very detail.

Each company has its own approach to clients.

Make your own one unique.

Retain stage

  • Interviews and surveys

You can take interviews with your former clients and ask them what they would like to see in your product or service

  • Tutorials

You can create different courses or tutorials on how to make your product or service even more effective.

After that, you can test what type of content performs better.

Keep in mind that each business has its story.

Your task is to make others remember you and story that stands behind your brand.

Even if your business is small, there should be some power that drives you.

This is what becomes your own story.

If you show your love to what you do, your clients and prospects definitely feel it.

In such a way customers know that you not only care about how to sell your services.

You care about your clients.

By endeavoring storytelling in your website strategy you show clients your true “face”.

Besides, you increase the chance of conversions and chance that the visitor will go through all the stages of the customer journey.

Analyzing your customer journey map

In-depth metrics about your customer behavior will help you to fill the gaps in your strategy and make it more effective.

Customer journey analytics is the essential stage in any type of business.

The analytics will help you to find out the following factors:

  • Pages your visitors have visited before entering the purchase stage
  • Pages that had the smallest number of views and high bounce rate
  • Content that does not convert
  • Best channels to attract customers
  • The best time to attract visitors

By integrating such tools as Google Analytics, KissMetrics, FullStory, etc. you will get an access to the valuable data about your customers.

Qualitative analytics will help you to understand your users.

You can also use screen recorders in order to see what pages are the most attractive for your visitors.

Also, remember not only about the web but also about marketing analytics.

Sometimes marketing analytics performs better and provides you with the information web analytics can`t offer.

For example, marketing analytics can help you to evaluate the effectiveness of different marketing channels and indicate which one brings you more clients.

Marketing analytics allows you to test different messages, CTAs, content, and social media posts to find out what works more and when.

Customer Journey Mapping Is an Effective Strategy

Customer journey mapping is an effective strategy that will help you get into the mind of your customers.

Put yourself in the place of your clients and think what you want to receive when entering a website.

Think about the emotions your customers feel at each stage of the customer journey.

Then create strategies that will allow you to satisfy these emotions in the best way ever.

Try to make the whole journey of your customers smooth, simple, and intuitive.

Don’t make them think what to do, each detail on your website should stir them into action.

Appropriate customer journey mapping will make your customers feel like everything is designed especially for their needs and preferences.

Such tailored approach will evoke the interest in your website visitors.

As a result, it will bring you more loyal and dedicated audience.

Nothing works better more than feeling what your customers feel and doing what your customers want.

Try customer journey mapping once and you will understand its power.

Market Segmentation and How It Helps Your Business

Launching a new product without a thorough market segmentation is like shooting in the dark.

You have a vague understanding of your customers.

There is no a concise strategy for reaching a wider audience.

You don’t know what direction to move in which can result in getting lost.

Business model – this is a compass that will guide you.

But how can you know that the business model you’ve chosen applies to all your customers?

Don’t worry.

There is a way out.

Its name is Market Segmentation.

Let’s get right to the point.

What Is Market Segmentation and Why You Should Care?

Let’s imagine that you are going to push a new product into the market.

Market SegmentationFirst of all, you have to catch the attention of your target audience.

You come to them with a value proposition that should solve their problems and improve their life

But what if your customers have different needs and expect different offers?

In most cases, you can’t reach your audience with the same marketing channels and offers.

That’s when market segmentation comes to help.

Market segmentation is the process of dividing your target audience into subgroups, according to their specific needs.

Such approach helps you to better understand your customers and treat them more personally.

Market segmentation also helps you to create personalized marketing campaigns, which will result in a better conversion.

When Market Segmentation Is the Right Choice

First of all, you have to decide who your client is.

Come up with different types of buyer personas and choose what customers you will serve.

When creating buyer persona, pay attention to the following factors:

  1. Age
  2. Occupation
  3. Status
  4. Income
  5. Location
  6. Goals
  7. Pain points
  8. Personality
  9. Background
  10. Hobbies and interest
  11. Fears

It’s also important to mention your marketing message for this person and his or her common objections.

It will help you to be prepared for dealing with different obstacles.

After this, you can create a portrait of negative buyer persona.

Such portrait will help you to better qualify your leads and choose those that are suitable for your business.

If you know what customers to avoid, you will spend more time concentrating on those who matter.

For creating the portrait of a negative buyer persona, answer the following questions:

  1. What customers don’t stay with you for a long period of time?
  2. Who writes negative reviews about your business?
  3. What customers had the highest acquisition cost?
  4. Are there any customers who bring you no or not enough revenue?
  5. What type of customers your solution is not suitable for?

It’s significant to always keep this portrait together with the portrait of your buyer persona.

Remember that you always have to refuse from something not worthy to get a better variant.

What to Do Next?

When you’ve made a decision, start building business models with a strict understanding of your customer needs.

You can divide these groups of clients into different segments if

  • they have different requests
  • you need various marketing channels to reach them
  • they need different kinds of relationships
  • they are looking for different offers

Now think about the value proposition for each of these segments.

Why should they choose you?

What problem do you solve?

What benefits can you offer?

How will their lives change after they buy your product or service?

Here are some elements that constitute the value of your product or service.

– Novelty

You can break into the market with some innovative solution your competitors lack.

Such products quickly catch attention and become popular.

It’s important to remember, that it’s not enough to introduce something brand new.

The point is to ensure that your audience needs it.

You can do it with the help of customer development.

One of the ways is to interview potential clients and influencers in your industry.

Ask them whether they will use your product or service and whether they see any value in what you offer.

– Performance

Your product or service can be a better alternative to what is already available on the market.

It can work faster or have better performance.

Opening a beauty salon?

Make a mobile app for making appointments online.

It will save the time for both clients and workers.

Having an online delivery business?

Make the process of delivery faster.

The sky is the limit.

You always have an opportunity to be faster, better or more convenient.

– Custom Manufacturing

Think about the value of products/services that meet individual needs of your customers.

Such customized approach always wins.

It helps you build better and stronger relationships with your clients.

– Better Price

Offering the same product or service but for lower price is the standard way to please your audience

Such offers have a big influence on the general business model.

It will bring you more clients and sales.

– Affordability

One more way to break into the market is to make products and services affordable for people, who didn’t have access to them before.

You can do it with the help of innovative business models or new technologies.

For example, NetJets has promoted the idea of fractional ownership of private jets.

In this business model, NetJets makes private jets available for individuals and companies.

Such approach is new, so it became popular in a short period of time.

– Expenses Decrease

You can decrease the expenses of your clients by cross-selling your products or services for a lower price.

This is a win-win approach.

You sell more, people spend less.

This is an easy and nice way to get more clients and create a word of mouth for your business.

– Risk mitigation

People will more likely buy your product or service if they see no risks attached.

You will invoke trust in your brand by offering money-back guarantee, return, exchange or insurance

– Usability

Better usability can become one more value proposition of your product.

You can beat your competitors by offering a more convenient version of the product or service.

There is always a space for improvement, so don’t miss the chance to succeed.

Market Segmentation Strategies

When you know all the benefit your product or service brings, it’s time to make a market segmentation.

There are 4 main types of market segmentation strategies:

  1. Geographic
  2. Demographic
  3. Behavior
  4. Psychographic

Let’s review each of them in more detail.

1. Geographic

Geographic market segmentation is the process of dividing a market into segments according to the country, state, city, or community.

If your product success depends on the cultural differences, such segmentation is just the thing.

It will help you to settle on the local market and meet the preferences of your audience.

2. Demographic

Demographic segmentation is one of the most important and useful practices.

It goes without saying, that you need different marketing channels to reach people of various age, income, social class and even gender.

Companies, that understand this, divide their clients according to the demographic differences.

After that, they build different offers, value propositions, marketing strategies, and channels for each of this group.

Let’s say you are promoting the services of your event planning company.

You have different vacation programs for people with a various budget, age, social status, and gender.

You will hit the point if you create different marketing campaigns for each of this groups on appropriate channels.

The demographic segmentation is also used in the bank departments.

Such departments may distinguish different groups of clients according to the amount of their bank deposit.

For example, a bank can divide the clients into two groups: those, whose deposit is more than $100,000, and those with the deposit amount over $500,000.

The needs and problems of these two groups vary.

That’s why they need different approach and value proposition.

3. Behavioral and (4) Psychographic

This is the process of dividing your clients according to their lifestyle, activities, character, and principles.

Understanding your client lifestyle and problems will help you come up with the right for them solution.

Choose the Best Marketing Channels for Each of Your Segment

Think about the channels through which you can reach your potential clients.

Which of them will give more profit?

Are they connected to each other?

What channels are the most effective?

Usually, marketing channels are divided into four groups: own, partner, direct, and indirect.

Here are some examples of direct and indirect marketing channels.

Direct – sales managers, selling via Internet

Indirect – partner companies, wholesalers, company shops.

In most cases, marketing channels require 4 main stages of promoting your product to the customer.

1. Informational

How can people learn about your product?

Is the message you deliver clear enough?

When you go through this stage, try to outline all the benefits your product or service will bring to people.

Try to speak not about what you sell, but why you sell it and how it helps those who buy it.

This stage is the most important.

If your message is not clear enough, you will not evoke an interest in what you sell.

2. Evaluative

How do you help clients test the value proposition of your company?

Do you answer all the questions and support them?

What are their pain points?

Are your interested in their problems?

At this stage, it’s important to show your understanding and help people get the value of what you offer.

3. Selling

How do you give your clients the opportunity to buy?

What does this process require?

Think not about how you will sell the product, but how people can find it.

4. Post-Selling

Do you support your clients after the sale?

How exactly do you do it?

It’s important to stay in touch with your former clients and provide them with other offers, discounts, and loyalty programs.

Each marketing channel can include all the stages or only some of them.

Your task is to ensure that your client will go through all the stages and choose your product or service as a result.

Choose the Type of Relationships for Each of Your Segment

First of all, choose the aim of the relationships you have to build with your customers.

Here are some:

  • Acquiring new clients
  • Maintaining current clients
  • Increasing sales

Think what relationships each segment is expecting to get from you.

Let’s look at 6 main types of relationships you can build with your audience.

1. Personal Support

This type of relationships is based on the personal contacts.

In this case, client  directly communicates with the company representative and gets a necessary support.

2. Special Personal Support

In this case, each company representative is tied to a certain client.

His task is to build the strong business relationships with this client during a long period of time.

3. Self-Service

In self-service relationships, a company does not support direct relationships with the clients.

Instead, it provides them with the necessary tools to serve themselves.

4. Automated Service

Automatisation allows to recognize clients and provide them with the relevant information for making a deal

For example, a client registers on your website and gets access to personal services or recommendations

5. Communities

The popularity of Internet communities and forums is rising by the day.

They open big opportunities for the companies of any size and industry.

Such online communities help companies to learn the problems, questions, and concerns of the clients.

It also gives them a chance to read reviews about their products or services.

This type of relationship can turn into a real goldmine of useful information for your business.

6. Mutual Creation

This type of relationship is something out of the box.

A lot of companies nowadays step out of their comfort zone and try something new.

Mutual creation involves two-side cooperation between the company and customer, where they create a value proposition together.

For example, Amazon allows their clients to write reviews, creating an additional value for book lovers.

Youtube gives an opportunity to create unique video content.

Design agencies work on the product design together with their clients.

Such approach connects a customer and a company. because they work together for one purpose.

Come up with the Revenue Streams

Create the list of revenue streams for each segment.

A business model can include two types of revenue streams:

revenue from one-time deals;

regular revenue from periodic payments;

To come up with the list, try to answer the following questions:

What are your clients ready to pay for?

How do they pay now?

How would they like to pay?

What profit do you receive from these transactions?

Can you increase it?

Here are some ways to create the revenue streams

1. Asset sales

This is the most basic type of revenue streams.

The example is Amazon, that sells books, DVDs, software, computers, etc.

2. Payment for the Use

This stream evolves from the payment for the use of a certain service.

The more client uses the service, the more he or she pays for it.

For example, the guest pays for the days spent in the hotel.

Delivery service takes payment for the delivery from one point to another.

3. Subscription Fee

This revenue depends on the period during which clients use your service.

The longer the period, the higher is a fee.

4. Rent/Lease

You can give your client temporary rights for using your product or service.

This business model allows customers to save money, as they don’t have to pay the total cost.

5. Licenses

With licensing, rights holders get revenue without issuing the product or providing the service.

Market Segmentation Advantages

Selling to the crowd is always difficult.

When you know your clients, their lifestyle, problems, character, and goals – it becomes easier.

Market segmentation allows you to:

  1. create a portrait of the buyer persona
  2. build a more targeted marketing message
  3. find more lucrative marketing channels
  4. gather enough information about your potential clients
  5. open new horizons of your business
  6. come up with the different variants of a business model

Market segmentation will also help you to qualify your clients and choose who to work with.

When customers feel that the message is crafted personally for them, there is more chance that they will choose you.

Spare enough time to conduct the segmentation of your target market.

It will bring you desired results.

You will learn a lot of new things about your audience and it will definitely pay off.

Try different business models for each segment until it will bring you profit and traction.

Don’t be afraid to make mistakes and don’t give up in advance.

Nobody succeeds from the first try.

The most important thing is to keep moving forward, no matter what happens around you.

Only hard work and persistence will bring your business to a new level.