Together, all of those factors can ultimately impede a company’s growth.
As with most business initiatives, the goals and outputs of customer segmentation research will likely depend on your company’s stage, market conditions, and myriad other variables.
However, there are some relatively standard schemes that coincide — or at the very least overlap — with most needs-based or value-based segmentation initiatives.
The key to doing so is through customer segmentation.
At its most basic, customer segmentation (also known as market segmentation) is the division of potential customers in a given market into discrete groups.
Ultimately, hypotheses should be formed around customer characteristics or factors that allow you to clearly separate your current customers into distinct needs-based or value-based segments.
While your hypotheses do not need to be complicated mathematical or statistical statements, they should be clear and logical enough to be testable and useful.
For example, a typical hypothesis might look like this: Using that example, the segmentation variables can be defined as the objective measures, factors, or characteristics that help you differentiate segments, whether they are needs- or value-based.
In the above scenario, those variables focus on financial information, but they could just as well pertain to the customer’s reputation, online presence, or business model, depending on what is most relevant to the segment.
Researchers can use group interviews as a more efficient use of resources and as a means of adding valuable insight to the interpretation of a social or behavioral event.
On the cautionary side, lessons from group dynmics tell us that the characteristics of the group (e.g. leadership style) can impact the interaction and response patterns within the group.
Still, the group interview has great potential for social research.