Divide and Conquer--Customer Segmentation
Are you struggling to get your message across to different types of customers? Are you using the same marketing materials for all customers? Is your marketing sales driven or behaviorally driven? The market continues to change and evolve. One of the most compelling learnings of the last several decades is the importance of customer segmentation.
Marriott International learned the importance of customer segmentation in terms of sales but even more importantly, in terms of building a brand. In the newsletter, Effectively Linking Customer Segmentation to Profitability, essentially, they’ve segmented their customers and built brands (even purchased brands) around each customer segment to maximize Marriott’s profits.
There is no doubt that segmenting customers by buying behavior is a very valuable tool that enables businesses to not only provide the right products but to build brands and products around specific customer needs, and requirements. It also helps companies to become more efficient and effective with advertising budgets, store sizes, layouts, displays, stock selections, and customer communications.
Simply put, customer behavioral segmentation groups customers by their demographic, personality, and buying characteristics. Knowing these characteristics provides your business with the keys to optimizing conversions within each group and building your business in a way that meets the needs of the diverse groups that make up your total customer base.
Statistics Solutions has the resources and expertise to help your company with a complete Customer Behavioral Segmentation Analysis that provides the number and description of each distinct segment of your customer base so you can effectively communicate your message in a unique and compelling way to each segment and develop products, services, and brands that meet the specific needs of each segment.