This summer, instead of tracking climate changes in degrees Fahrenheit, Americans are tracking them in dollars. Consumers are facing sinking home values, jumping food costs, and gas prices over $4 per gallon in much of the country; while businesses are seeing stock prices tumble, profits decline, and budgets shrink. Concerns about the economic climate come as no surprise.
Good market segmentation enables firms to target their limited resources on the most promising opportunities by putting customers into manageable groups based on behavior. But as the economic situation continues to change, I wonder: Are customer segments changing, too? Do consumers spend more time comparing prices online? Are mass affluent households putting less in savings and more on credit cards? Is the high-net-worth population still traveling in first class?
I’m speaking about the “Seven Habits of Highly Effective Segmenters” at the IIR SCOPE 2008 Segmentation 2.0 Conference in La Jolla, Calif., in a couple of weeks, and am interested to learn how (if at all) companies, financial or otherwise, are adjusting their customer segmentation strategies during these tough times. If you have any insights to share, please comment below. I hope to see you in sunny La Jolla!
—Sarah Tuttle of Bank of America
As a special offer to the eec community, SCOPE is offering 20% off the standard registration fee. Take advantage of that special rate now. If you register by phone by calling (888) 670-8200 or via email at firstname.lastname@example.org, be sure to mention discount code XM2045EECB.
SCOPE 2008 is being held at the Hilton La Jolla Torrey Pines in La Jolla, Calif., on Aug. 18-20.