What is Market Segmentation?

For more information on Market Segmentation visit OpenView Labs:
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OpenView takes a deep dive on Market Segmentation.

Luke Hohmann: The classical definition of market segmentation, it's the
process of dividing a target market into smaller and smaller markets to
understand them and be able to target your products and your services and
your messages to reach the buyers in that segment and have a product that
meets their needs. The reason that you do this is it enables you to sell
products faster. So it shortens your sales cycle, and it helps you sell
more thoroughly, meaning once you sell a customer on your product or
solution, you're able to sell more of them.

Isaac Garcia: We're looking for ways to be more efficient with the
dollars we spend and to really build something that's
scalable in a large sense and not just selling to a few
people that are interested in our product.

Luke Hohmann: The act of segmentation is both understanding the problem
and ensuring I have the core technology that solves that
problem. But it's also in communicating that problem and
our solution to that problem in a way that people who want
to buy it can understand it.

Theis Søndergaard: Market segmentation can help you focus your energy
and your resources, and by that, you will increase your
revenue. You will lower your cost of acquisition, and
especially, you will have a higher retention rate on your
customers, because you make sure that what you do is
something that your customers actually want.

Arnulf Hsu: We serve lots of different people in lots of different markets.
It's very difficult to prioritize road maps and backlogs
and things of that nature, as well as also go out and
target your customers. So, if you're able to segment more
specifically, it really gives you an opportunity to laser
focus your opportunity, as well as improve the general
economics of your business.

Luke Hohmann: Many people think that segmentation is this hard and
daunting task. We think it's fun because you get to
understand your customers, and eventually, you get to talk
to your customers.

Theis Søndergaard: It will take some work. It will take some phone
calls. It will take some customer visits, but in the end,
what you get back from it is worthwhile.

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