Julia Rekamie

Develop Customer Needs–Driven Segmentation with Perspectives on Competition and Segment Economics Most companies have developed customer segments either by needs, usage, or affordability. Often the results are not particularly useful because they are not economically viable or actionable. Segmentation must be based on the existing or potential profitability of the targeted segments. Companies should segment customers with the in-depth perspective of future economics of their industry. This may include segment growth, behavior, price, and service requirements. Any time a company tries to look at future economics, there is uncertainty about assumptions. A scenario-based planning approach is likely to create a better picture to support decision making. This provides direction as to where the company can take its brand in the future.

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Five Domains of Strategy That Digital Is Changing

If electrification was transformative because it changed the fundamental constraints of manufacturing, then the impact of digital is even bigger because it changes the constraints under which practically every domain of business strategy operates. Digital technologies change how we connect and create value with our customers. We may have grown up in a world in which companies broadcast messages and shipped products to customers. But today the relationship is much more two-way: customers’ communications and reviews make them a bigger influencer than advertisements or celebrities, and customers’ dynamic participation has become a critical driver of business success. Digital technologies transform how we need to think about competition. More and more, we are competing not just with rival companies from within our industry but also with companies from outside our industry that are stealing customers away with their new digital offerings. We may find ourselves competing fiercely with a long-standing rival in one area while leveraging that company’s capabilities by cooperating in another sector of our business. Increasingly, our competitive assets may no longer reside in our own organization; rather, they may be in a network of partners that we bring together in looser business relationships.

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