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Market segmentation plays a crucial role in a customer acquisition strategy. It allows businesses to divide their target market into distinct groups based on specific criteria like demographics, behaviors, or needs. This enables companies to tailor their marketing and sales efforts to the specific needs and preferences of these segments, thereby increasing the effectiveness of their customer acquisition efforts. It also helps in identifying the most profitable segments and focusing resources on them for maximum ROI.
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When it's time to determine the market size, the top level denotes the total addressable market (TAM), which is the entire potential market despite the ability to reach and serve them. Then comes serviceable obtainable market (SOM), which is the part of the TAM that a company can actually be reached and served given the right marketing. Last but not least we have serviceable available market (SAM), which is the portion of the market that can realistically be captured after considering competitors in the same market space. Unique to this diagram is this innermost circle, which can be used to denote potential leads.
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How do you stand out and acquire customers in an increasingly oversaturated field? A strong customer acquisition strategy is more than just competing...
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