Developing a North American segmentation strategy
A Fortune 100 company approached Synovate Business Consulting in 2007 to help segment and prioritize the North American Power and Distribution Transformer market.
The consulting team first carried out a series of discussions with the client team to understand the present segmentation and marketing strategies. This was followed by detailed face-to-face discussions with key users of transformers across the user verticals to get their reactions to the evaluation and purchase process. We then proceeded to formalise a structured quantitative questionnaire which was administered through Computer-Aided-Telephonic-Interviews by Synovate in the US.
The results were compiled and a statistical cluster analysis was carried out on the data set to arrive at a new purchase process based segmentation methodology. A competitive benchmarking was also derived across various technical and commercial attributes.
The final set of recommendations and action roadmap was generated through a workshop with the key stakeholders within the client company. These included prioritisation of opportunity, identification of segment membership using easily obtainable firmographics, marketing strategies for each segment and a sales 'cheat-sheet' for effective selling. A product and marketing roadmap was also derived to outperform competition.
This engagement formed the basis of prioritisation and marketing strategies for the Power and Distribution transformer divisions within the company. Following our engagement, the company follows a systematic approach to segment, prioritise, market and sell in North America.