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To Refresh or Not
to Refresh Your
Segmentation
That is the
Question
OUTDATED
BUSINESS
EVOLUTION
MARKET
EVOLUTION
MARKET
ACCELERATORS
TOP
REASONS TO
REFRESH
OUTDATED
BUSINESS
EVOLUTION
MARKET
EVOLUTION
MARKET
ACCELERATORS
TOP
REASONS TO
REFRESH
THE CHALLENGE
FOR OUR CLIENT:
All of the
Above
For a Financial Services Company, a Rapidly Evolving
Landscape was an Indicator for a Refresh
The brand was
growing up
GenX entering
retirement
More diverse
investors
Rise
of mass
affluents
Emergence of
direct sales
channels
COVID’s impact on new
ways of thinking about
saving and investing
EVOLVING YOUR
SEGMENTATION
REQUIRES A
FRESH TAKE
2
1
3
PROVE
ACTIVATE
FRAME
FRAME
REVISIT WHO’S IN
THE MARKET NOW 1
Know the Trends:
Understand the
evolution of what is
happening now and
what’s projected to
happen to determine
where to focus your
segmentation
FRAME
Go Deep with
Current & Potential
Audiences:
Immerse to pinpoint
nuanced ways the
market has shifted
This will frame the
segmentation design
FRAME
Living within
means to
support family
Real estate
acquisition
Financial
independence
Financial
security into
retirement
Hispanic/
LatinX
Asian/Pacific
Islander
Black/African
American
High Net
Worth
Define the sample frame BEFORE you segment
• Assets of $250k+
• Must work with and
value a Financial
Planner
• HHI of $75k+ & Liquid
Assets of $100k+
• Primary/shared decision
making for household
PREVIOUS IR: 10.5% NEW IR: 33%
FRAME
Where We Started
2015 Qualifications
Where We Landed
2021 Qualifications
Exploratory Quantitative to
Define Addressable Audience
Zoom in vs. Zoom out
FRAME
Segment
1
Segment
2
Segment
3
Segment
4
Segment
5
Segment
6
Fits Now Future Opportunities
Fits Current Business Model
Low Hanging Fruit
With Slight Evolution
Extra Effort
VALIDATE YOUR
SEGMENTATION IN
THE MARKET
2
PROVE
Take your segmentation to the market to gut-check it
Validate It In the Market
PROVE
“I think you guys are dead
on with your groups. I don't
know how you guys did
this. This speaks loud to
how we structure our
business... I could almost
put each group in one of
the four areas that we have
created.” –
Financial Professional
CREATE ENERGY
AROUND THE NEW
MARKET VIEW
ACTIVATE
3
PRE-PLAN
Create formal plan
BEFORE you start. Define
who, what where, when, why.
House Rules
for Activation
BE FLEXIBLE
Do not expect a perfect
project with a bow wrapped
around it. Go with the flow.
SET EXPECTATIONS
Tell stakeholders how this
helps and that you’ll bring
them along for the ride.
INFORM
Continuous touch points
along the journey only
benefit you in the end.
ALIGN
At critical junctures
and decision points.
DO NOT BE AFRAID
Bring stakeholders in.
They will feel invested.
ACTIVATE
Build anticipation
• Communication plan.
• Alignment conversations.
• Insights teasers (example
newsletter at right).
ACTIVATE
ACTIVATE
Connect the dots
• Be clear on what changed.
• Connect to existing insights.
• Infuse segments into
future strategic work.
Secure Confidants
Make it relatable
• Humanize the segment.
• Analytic frameworks.
• Storytelling devices.
ACTIVATE
ACTIVATE
Capture attention
• Use creativity.
• Use design.
• Use immersion.
ACTIVATE
Don’t Quit:
Activation
STARTS at the
rollout
SEGMENT
WORKSHOPS
SEGMENT
IMMERSIONS
INTERACTIVE
DELIVERABLES
SEGMENT
PLAYBOOKS
20
PLUS OUR TOP TIPS
THE OUTCOME
"I am still getting comments today about how much
people enjoyed yesterday's interactive presentation.
People are telling me they left feeling energized
and wanting to learn more. It doesn’t get any
better than that. You all really set the bar on how to
successfully introduce a ton of data to engage
people with short attention spans. We’ll be using
this approach as a case study “best practice”
going forward." - Head of Insights
Tips to Refresh Your Segmentation
Know when
it’s time.
Consider these two
questions: Has
your business
changed since your
segmentation was
done? Have market
conditions
evolved?
Embrace the
process.
Flexibility, openness
and continuous
alignment are
needed as you
infuse a refreshed
segmentation into
your organization.
Frame your
potential market.
Examine market
trends, characteristics
and consumer needs to
determine whether to
zoom in or zoom out.
Test drive your
new segments.
Segments should
feel like common
sense. Gather
feedback to make
sure they pass the
sniff test.
Create an
activation plan.
Having an activation
plan that’s adapted to
your company’s
working culture is
critical. Use creative
formats and tools to
break the information
down, to show what’s
changed, to build
energy and to create
staying power.
22
LET’S CHAT!
BETH.OSHAUGHNESSY@VITALFINDINGS.COM
QUESTIONS?

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How a Segmentation Refresh Ignited Brand Growth.pdf

  • 1.
  • 2. To Refresh or Not to Refresh Your Segmentation That is the Question OUTDATED BUSINESS EVOLUTION MARKET EVOLUTION MARKET ACCELERATORS TOP REASONS TO REFRESH
  • 4. For a Financial Services Company, a Rapidly Evolving Landscape was an Indicator for a Refresh The brand was growing up GenX entering retirement More diverse investors Rise of mass affluents Emergence of direct sales channels COVID’s impact on new ways of thinking about saving and investing
  • 5. EVOLVING YOUR SEGMENTATION REQUIRES A FRESH TAKE 2 1 3 PROVE ACTIVATE FRAME
  • 7. Know the Trends: Understand the evolution of what is happening now and what’s projected to happen to determine where to focus your segmentation FRAME
  • 8. Go Deep with Current & Potential Audiences: Immerse to pinpoint nuanced ways the market has shifted This will frame the segmentation design FRAME Living within means to support family Real estate acquisition Financial independence Financial security into retirement Hispanic/ LatinX Asian/Pacific Islander Black/African American High Net Worth
  • 9. Define the sample frame BEFORE you segment • Assets of $250k+ • Must work with and value a Financial Planner • HHI of $75k+ & Liquid Assets of $100k+ • Primary/shared decision making for household PREVIOUS IR: 10.5% NEW IR: 33% FRAME Where We Started 2015 Qualifications Where We Landed 2021 Qualifications Exploratory Quantitative to Define Addressable Audience
  • 10. Zoom in vs. Zoom out FRAME Segment 1 Segment 2 Segment 3 Segment 4 Segment 5 Segment 6 Fits Now Future Opportunities Fits Current Business Model Low Hanging Fruit With Slight Evolution Extra Effort
  • 12. Take your segmentation to the market to gut-check it Validate It In the Market PROVE “I think you guys are dead on with your groups. I don't know how you guys did this. This speaks loud to how we structure our business... I could almost put each group in one of the four areas that we have created.” – Financial Professional
  • 13. CREATE ENERGY AROUND THE NEW MARKET VIEW ACTIVATE 3
  • 14. PRE-PLAN Create formal plan BEFORE you start. Define who, what where, when, why. House Rules for Activation BE FLEXIBLE Do not expect a perfect project with a bow wrapped around it. Go with the flow. SET EXPECTATIONS Tell stakeholders how this helps and that you’ll bring them along for the ride. INFORM Continuous touch points along the journey only benefit you in the end. ALIGN At critical junctures and decision points. DO NOT BE AFRAID Bring stakeholders in. They will feel invested. ACTIVATE
  • 15. Build anticipation • Communication plan. • Alignment conversations. • Insights teasers (example newsletter at right). ACTIVATE
  • 16. ACTIVATE Connect the dots • Be clear on what changed. • Connect to existing insights. • Infuse segments into future strategic work. Secure Confidants
  • 17. Make it relatable • Humanize the segment. • Analytic frameworks. • Storytelling devices. ACTIVATE
  • 18. ACTIVATE Capture attention • Use creativity. • Use design. • Use immersion.
  • 19. ACTIVATE Don’t Quit: Activation STARTS at the rollout SEGMENT WORKSHOPS SEGMENT IMMERSIONS INTERACTIVE DELIVERABLES SEGMENT PLAYBOOKS
  • 20. 20 PLUS OUR TOP TIPS THE OUTCOME "I am still getting comments today about how much people enjoyed yesterday's interactive presentation. People are telling me they left feeling energized and wanting to learn more. It doesn’t get any better than that. You all really set the bar on how to successfully introduce a ton of data to engage people with short attention spans. We’ll be using this approach as a case study “best practice” going forward." - Head of Insights
  • 21. Tips to Refresh Your Segmentation Know when it’s time. Consider these two questions: Has your business changed since your segmentation was done? Have market conditions evolved? Embrace the process. Flexibility, openness and continuous alignment are needed as you infuse a refreshed segmentation into your organization. Frame your potential market. Examine market trends, characteristics and consumer needs to determine whether to zoom in or zoom out. Test drive your new segments. Segments should feel like common sense. Gather feedback to make sure they pass the sniff test. Create an activation plan. Having an activation plan that’s adapted to your company’s working culture is critical. Use creative formats and tools to break the information down, to show what’s changed, to build energy and to create staying power.