What Segmentology Looks Like
Segmentology looks different when applied to various industries. Here’s how I would do it if I were a financial advisor.
I'd start by diving deep into my client database. I’d export my list of clients, print it off and look through every name and every transaction. I'd reflect on which service I was best at and which clients I genuinely enjoyed providing. If I found a client I liked and had a service or product I loved delivering, I'd invite them out for a coffee, not just for casual banter, but to genuinely understand their perspective.
After a few pleasantries, I'd ask them these questions:
- What do they truly value in my services?
- Where do they feel the broader industry is letting them down?
- What's on their financial industry wish list?
- What aspects of my industry baffle them the most?
I'd repeat this process with several clients, keeping a detailed tally of their insights.
Let’s say that one recurring theme that emerges is doing their retirement planning right. As I was listening, I'd realize that it's not just about the financial advice or the products I offer, it's about the genuine care and empathy I have for this once-in-a-lifetime situation they’re in. Retirement is not something that a person wants to screw up. I would observe how the issues that cause them stress and anxiety are easy to solve with good, old-fashioned financial planning.
Taking these insights and revamping my website. I’d ensure my front-line marketing tool speaks to their confusion while giving them hope for a fantastic retirement.
I’d then start to talk about retirement planning more. I’d plant my flag on solving the anxiety of not having enough for retirement. I’d create a system that shows I’m the expert to talk to about retirement when its time to face it. That’s how I’d introduce myself at networking events, “I help you overcome the anxiety you feel when you think about retirement.”
I'd talk about it so much I’d become a familiar face in the business community. I’d show up at business conferences. I’d offer lunch-and-learn sessions and even start hosting open Zoom calls where anyone from around the province with the Zoom link and anxiety about retirement could drop in and talk to me about it. I’d host invitation-only dinners in the side room of a nice restaurant where clients could invite their friends who are considering retirement. Then I might launch a podcast with other industry experts about getting retirement planning done right.
With these activities in place, the flywheel of my practice would start turning faster and faster, not just bringing in more clients but deepening the trust and connection with the existing ones.
That’s the power of having a clear segment.
To effectively scale any service-based business, one must follow a roadmap. Here's a condensed guide to scale a practice:
- Client Audit: Dive deep into your client database, prioritizing those who bring the most value and resonate with you.
- Gather Insights: Engage top-tier clients in meaningful conversations over coffee, understanding their needs, concerns, and industry perceptions.
- Personalize Your Approach: Use the insights to tailor your services, ensuring genuine care and empathy are at the forefront.
- Enhance Visibility: Revamp your online presence, attend industry events, host sessions, and launch a podcast to establish authority.
- Build Momentum: Continuously engage, adapt, and refine your approach, turning the flywheel of your practice faster with each interaction.
Conclusion
In conclusion, the essence of segmentology is refining and focusing your business approach to cater to a specific client segment that resonates with your expertise and passion. It’s about understanding your clients' needs, desires, and anxieties and moulding your services to address those aspects effectively. By doing so, as the financial advisor example illustrates, you create a niche for yourself and become a beacon of trust and reliability in your industry.
This approach is not about broad strokes but about painting detailed, intricate patterns that resonate with your chosen clientele. It’s about becoming synonymous with solving a specific problem or addressing a particular need, creating a ripple effect of trust and authority in your domain. By meticulously applying the principles of segmentology, businesses can scale and foster more profound, more meaningful connections with their clients, ensuring sustained growth and mutual benefit. Carving out a specialized, empathetic, and client-centric niche is the key to standing out and making a lasting impact in a world inundated with generic, one-size-fits-all solutions.
