What are the best practices in segmentation and territory planning

A segment, or territory, is a group of prospects and customers defined by a standard set of attributes, typically based on how you sell to those customers. There are several different ways to segment customers. The most common are: 

Firmographic Segmentation - uses characteristics such as geographic location, industry, and company size to create groups of customers. Additional attributes of the customer could be used to include details such as spending levels, budgets, active projects, and technology profiles.

Need-based Segmentation - is based on grouping customers that have expressed a need for a specific product or service. Need-based segmentation also incorporates how the customer chooses to buy - e.g., online, deep consultative sale, through an agency, etc. A need could also be based on a company's state of the customer journey. For instance, businesses in the awareness phase of the customer journey require different messaging than customers who are actively considering your product. This kind of customer segmentation is becoming very common among companies adopting Account-Based Marketing (ABM).

Value-based Segmentation - differentiates customers by their economic value to the company - measured through Account Scoring or a Customer Lifetime Value. Value could also be defined as "strategic" in nature even if the sales or revenue potential might be low based on the stage of the business growth. For example, penetration into the Fortune 500 list may be of strategic importance to the company.