Know your audience. It's the first rule in good communications. It's also incredibly important as part of a good business growth strategy.
Audience segmentation — separating your target audiences into discrete categories based on specific attributes — is not just an interesting marketing exercise. Done well it can help you drive significant results.
Back in the early 2000's I was working for a very large public software company. Just prior to me getting there, the company went from just over $1B in revenue to about $800M. Not a good trend. We put a process in place that we called "Revenue Delivery". The model was built on answering this simple question: "If we were going to be a $1B+ company, where was that revenue going to come from?" What products to what buyers in what industries in what geographies?
To get to that answer, we had to build a sophisticated segmentation strategy - not just knowing where we had sold solutions, but where did we want to sell them based on the highest probability of winning. Based on understanding the buyer, what motivated them, what didn't motivate them, where they lived, and what their specific business problem was that we could solve.
Once we had the audience, product, industry and geography segmentation, we got very targeted — in terms of products we built, industries we sold into, and who sold into those industries. We got very targeted in messaging, sales enablement and demand generation. The result? We increased revenues about $400M in 2 years.
It sounds simple, but so few organizations actually do it. This model is not just appropriate for large public companies. The principle (and a similar but simpler approach) can and should be applied within smaller organizations, startups and non-profits.
And, maybe most important — we had fun doing it! Going up is definitely more enjoyable than going down.
Steve is a husband, father, and business exec. He loves anything outdoors, anything that is a hard challenge, and enjoys working with anyone who wants to continually improve. And golf. He loves golf. Steve is the founder and CEO of Executive Advisory Partners.