December 2016

CSA publishes report on effective market segmentation

Unfocused lead pipelines cause many language service providers (LSPs) to waste precious sales and marketing resources. Unsure as to which prospects to pursue, they market to a broad spectrum of buyers that cross company sizes, industries, geographies, and countless other attributes. As a result, sales are unpredictable.

 

Independent market research firm Common Sense Advisory (CSA Research) found even the largest translation, interpreting, and localization suppliers need guidance to develop a more strategic approach to targeting buyers.

 

LSPs without a segmentation model waste time and energy on unfocused marketing, pursuing the wrong accounts, or prospects that have a low potential and/or profitability. While you have to invest ahead of seeing results, this structured segmentation approach provides LSPs with a more consistent manner to obtain the type of revenue you are interested in rather than random campaigns and calling,” comments Don DePalma, Chief Strategy Officer at CSA Research.

 

To equip LSPs with the tools to succeed, CSA Research analyzed the methods used by sales and marketing executives at successful LSPs. The firm also drew on best practices from other fields to provide a step-by-step segmentation approach to guide anyone responsible for branding, marketing, sales, or account managementin the US$40 billion language services industry.

 

The 47-page report "Effective Market Segmentation" contains the following research-based tools and recommendations:

  • What market segmentation entails, why it is a must, and an outline of the general process
  • How-to descriptions of the segmentation stages to help LSPs qualify prospects in the segments they develop
  • Seven-step segmentation process plus four common concerns with segmentation
  • Guidance to refine results and identify the best targets
  • Marketing plan development and execution strategies

Market Segmentation Strategy” is available as part of the firm’s research membership.

www.commonsenseadvisory.com