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Segmenting SMBs: Divide and Conquer (continued)
In the March issue, we reviewed the rationale for segmenting SMBs as a way to improve acquisition, retention and profitability. Here are a few key considerations in developing your segmentation plan:
- Sample size. With any segmentation research based on survey data, the sample size should be 600 or more. This is because a segmentation scheme typically yields five to eight segments, the smallest segment should have at least 75 members in order to be meaningful, and the largest segment is often two to three times the size of the smallest. The greater the complexity of your potential marketspace, the greater the sample size needed.
- Segment identification. In some cases, segments will become apparent through simple review of the cross-tabulated response data. In others, statistical techniques such as factor analysis may be required to determine the attributes of different segments.
- Test. To be useful, the identified segments must pass a three-question test:
- Is each segment different from the others in a meaningful way? If not, then it is not a segment and should be collapsed into one of the others.
- Are the segments big enough to be marketed to profitably?
- Can any given company easily be categorized in one of the segments?
- Watchouts. Two things typically frustrate segmentation efforts: failure to do the necessary pre-work (such as database preparation) to ensure an actionable outcome, and failure to simplify segmentation results to ensure they are usable by frontline employees.
- Actionability. A segmentation assessment should be actionable. For example, the segments should be defined in such a way that marketing tactics can be targeted effectively, such as through media planning, list purchases or onsite messaging, such as HP's Industry Solutions. Likewise, a screening guide can help sales representatives categorize prospects and present relevant offerings or messaging.
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>> Capital One Launches Local Social Network Site
Capital One has test-launched Slingshot, an online social network designed to connect local small businesses, in Denver, CO, and Raleigh, NC. Slingshot's goals are to encourage customers to shop at local small businesses, while providing small business owners with ideas, advice and support. Slingshot members can create pages to advertise their products and services, share their profiles with fellow members, and be listed in a directory of local businesses.
>> OPEN Pilots Meetup Sponsorship
American Express's OPEN is sponsoring small business networking groups with Meetup, a site that facilitates offline group meetings. OPEN's sponsorship currently covers over 30 groups in about a dozen markets. OPEN's support includes an organizer's toolkit with resources for holding successful networking events, and access to experts for advice on entrepreneurial success. Separately, American Express has added StubHub, the online ticket reseller, to its OPEN Savings program.
>> Sun Launches SMB Initiative
Sun Microsystems is targeting SMBs through a newly launched website. The featured solutions can be purchased through Sun's online resellers, Sun Authorized partners or through the Sun.com store. During the initial phase, CDW will be the featured online reseller.
>> Sam's Club Offers $100K Small Business Makeover
Wal-Mart's Sam's Club division is holding a $100,000 small business makeover contest in conjunction with SBTV.com and the NFIB. The contest is built around Sam's Club's initiatives that will be held during National Small Business Week, April 21-25. The makeover includes up to $25,000 in cash and merchandise from Sam's Club, mentoring from SBTV.com, a lifetime membership to the NFIB and a trip to the 2008 NFIB National Small Business Summit.
>> PaySimple Blogging on Electronic Payments for SMBs
To support its electronic payment solutions for small businesses, PaySimple has launched a blog on electronic payment industry trends and technologies. The blog is written by PaySimple executives; it is also on PaySimple's newly launched Facebook page.
>> Network Solutions Sponsors Local Events
Network Solutions sponsored local networking events in Charlotte, Miami and Orlando featuring author, entrepreneur and VC Guy Kawasaki. Powerful Solutions for Small Businesses features a keynote by Kawasaki and information on Network Solutions' e-business services.
>> E-Myth Allies with SCORE
Business coaching and training provider E-Myth has teamed with SCORE to create an online business skills workshop. Based on their responses to a short questionnaire, small business owners receive a point-by-point analysis of their business along with recommendations and resources. Participants are then invited to email their assessment results to SCORE counselors.
Send us your news.
>> Wells Fargo/Gallup Small Business Index: Small business optimism declines.
>> TargusInfo/Harris Interactive: Half of SMBs would pay for better online visibility and customer information.
>> National Association of Professional Employer Organizations: Small businesses outpace larger ones in planning for impact of aging workforce.
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