C3centricity Podcasts

Businesses often make the mistake of trying to sell more to everyone. Why is this a mistake? Well, if you try to please everyone you end up delighting no-one. This is why best-in-class marketing works with best-practice segmentation. Whatever method you use for segmenting and choosing your target customers, the results of your exercise of customer grouping needs to meet the following five conditions, known collectively as the MIDAS touch. Measurable: The individual groups need to be clearly defined and quantifiable using KPI’s such as size, market share, value share. Identifiable: Each segment must have a distinct profile and each customer must be attributed to only one segment. Definable: Every cluster must be easy to describe and share with others so that you have a mutual understanding of each of them. Actionable: The groups must be easy to identify, in order to be able to target your actions and communications to them. Substantial: The chosen segment must be financially viable to target, which means