What is it?
The Market Segmentation Lab (MSL) is an interactive work session run by VisionEdge Marketing. Its purpose is to help organizations a) determine the criteria that define the ideal markets for their products and services, and b) identify those segments that best meet the criteria.
Why is it necessary?
MSL provides a market focus for the marketing, sales and product development efforts of your company. This effort results in faster execution and market traction, higher levels of inter-department coordination, cost efficiencies and improved effectiveness.
Who from my organization participates?
We have found that the lab serves as a terrific vehicle for aligning company strategies and tactics as well as aligning sales and marketing teams. The most productive labs are those that include senior management responsible for strategy and revenue goals and members of the sales and marketing organizations responsible for achieving the product/service revenue targets.
MSL sessions flow more smoothly with 4-10 participants.
What is the process?
The MSL process is based on the proprietary Accomplish methodology perfected by VisionEdge Marketing over many years in scores of consulting engagements. Participants tell us the labs are challenging, enlightening, fun, and rewarding. But the labs are also hard work. Participants should come to the MSL expecting to be fully engaged in the process. The process involves discovery, prioritization, analysis, decision-making, and creativity. Through fast-paced discussions, exercises and role-playing the critical elements for a model and action plan are assembled. The following ground is covered: product category, pain points, segmentation, criteria, ranking and weighting, and segment selection.
What preparation by my organization is required?
Prior to the lab, a pre-meeting will be held with the your companyís internal champion to discuss the labís outcomes and any key issues related to your company to ensure the lab meets your companyís specific needs. At this time we will want to clarify what product/service that will be the focus for the lab, and the companyís go-to-market strategy.
What are the deliverables?
Within 48 hours of the MSL you will receive a Word document containing notes from the lab that include the segmentation criteria, the weighting and ranking for the criteria, and initial segments to research and plot.
What are the outcomes?
As a result of the MSL, you will have a segmentation model suitable for use with each of your products/services. For the specific product on which the lab focused you will have:
- Identified the segmentation criteria,
- Determined ranking and weighting for the criteria,
- Selected segments to evaluate.
At the end of the lab you will also have a rough draft for an action plan to support a segmentation strategy.
Why VisionEdge Marketing?
VEM provides a very hard-nosed, experienced, and strategic viewpoint. The facilitator and assistant bring over 50 years of combined B2B marketing experience into the room with your team. This deep experience building brands and fighting for market share has honed their insights and instincts to a sharp edge.
The MSL methodology has proven time and again to achieve the customerís goals. The MSL is a highly efficient and effective use of management resources.
What other companies have used the lab?
Many companies ranging from early-stage companies to billion-dollar corporations have achieved higher levels of pipeline efficiency, collaboration, and manageability as a result of the guidance and tools revealed in the MSL. References can be provided upon request.
Who facilitates the lab?
The president of VisionEdge Marketing, Laura Patterson, leads the PEL. A senior member of the VEM team assists her.
How long does the lab last?
Typically, a MSL will last four-five hours.
How much does the MSL cost?
The cost is surprisingly affordable for companies of all sizes. For an estimate please send email to request a quotation.
Where is the location of the lab?
VEM recommends that the MSL be conducted in a neutral location away from your office. The facility arrangements are your responsibility, however VEM can recommend a number of suitable meeting locations.
Is the lab tailored to the needs of my organization?
Absolutely. VEM invests time prior to your MSL to become familiar with the subject company and tailor the lab exercises.
Are there any optional services to augment the lab?
Yes. The MSL is often combined with other services from our SmartStart Services Suite. The most common additions to an MSL is the JumpStart Service that addresses a positioning platform and QuickStart, a market research service. Another popular addition is the PowerStart Service that develops a comprehensive marketing plan to address revenue generation within the selected market segments. Click for more information about our consulting services.