We help organizations answer the following questions:
- What are my customer segments and what are the features of each segment?
- How many different customer segments do we serve – and how are they different from each other?
- Which customer segments give the maximum profits?
- Which product and/or services appeals to which customer segments?
- How can communicate with each segment to serve them better?
- How should I leverage customer loyalty program?
Data Segmentation is the process of dividing data into groups of segments based on their matching properties. Using segmentation or data profiling, allows firms to direct their campaigns more effectively by giving them relevant info to concentrate on the target group.
For example segmentation on customer data profiles customers on their gender, age, spending habits, credit card usage, interest, buying patterns etc. Demographics, attitudes, psych profiles can also be drawn from initial customer profiling.
Understanding the different characteristics of customers is imperative for organisation today for building an effective communications campaign. The insights received through segmentation can help firms to avoid hitting wrong target market or spend needlessly on communicating with unlikely prospects.
An organisation can face various problems in the absence of profiling such as:
- General lack of knowledge about their customer and prospect base
- Wrongly targeted communications producing low ROI
- Poor customer retention and customer acquisition.
- Incorrect messaging can lead to customer dissatisfaction