Frost & Sullivan Uncovers How a Company Can Increase Market Share with Segment-Based Consumer Insights Frost & Sullivan's Growth Team Membership exposes BP's approach to driving marketing initiatives with a comprehensive segmentation study
MOUNTAIN VIEW, Calif., March 26, 2013 /PRNewswire/ -- New research from Frost & Sullivan demonstrates how a company can effectively harness segmentation research to reveal actionable consumer insights. Frost & Sullivan's Growth Team Membership's (GTM's) new best practice guidebook entitled: Embedding Segment-Based Insights within Marketing features BP, a global energy company, and the process it developed to incorporate segment-based consumer insights into the company's decision-making.
"A company's success hinges upon its ability to understand its consumers such that it can target the most profitable ones with compelling messaging, but how does a company gain actionable insights into various segments and their attitudes, preferences, and behaviors?" asked Keith O'Brien, vice president of global research for Frost & Sullivan's Growth Team Membership. "BP has demonstrated how a company — regardless of business model or industry — can develop a global, end-to-end segmentation process that uncovers critical consumer insights, prioritizes segments, and drives marketing initiatives."
Embedding Segment-Based Insights within Marketing is a detailed best practice guidebook that illustrates how BP:
- Conducted a balance of qualitative and quantitative segmentation research
- Used stakeholders' priorities to help shape the segmentation study
- Developed and prioritized consumer segments
- Embedded segment attributes with tailored study deliverables and global workshops
- Used segment-specific insights to shape marketing decisions
This approach allowed BP to surpass volume targets, increase market share, boost fuel transactions, and strengthen consumer brand ratings in a highly competitive category.
A complimentary Ask the Thought Leader webcast will be co-hosted by Frost & Sullivan's GTM and BP on Tuesday, April 2, 2013 at 11:00 a.m. EDT. This event will feature BP's development of its best practice in greater detail. During the webcast, Rajit Chakravarty, global customer insight manager at BP, will participate in a live question-and-answer session.
The Embedding Segment-Based Insights within Marketing best practice guidebook and the complimentary Ask the Thought Leader webcast are part of Frost & Sullivan's Growth Team Membership™ (GTM) program, which provides case-based research, events, and consulting to address the internal challenges individual executives face within their respective functions. GTM (www.gtm.frost.com) is a part of the Growth Partnership Services, an annual subscription program that provides unlimited access to research, services, and events addressing the most pressing external and internal growth challenges faced by executives today.
The Growth Team Membership research team follows a rigorous methodology to define and identify best practices, profiling only those companies whose approaches:
- Are uncommon and creative
- Solve a critical growth challenge
- Demonstrate repeatable and measurable results
- Could be implemented at another organization (i.e., are not unique to one company's circumstances)
About Frost & Sullivan
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SOURCE Frost & Sullivan