Segmentation
- 1. Segmentation and Profiling By Modak Analytics
- 2. Don’t you agree?? Customers are the foremost factor for the success of in business arena And so it is of high priority for the managers to work on their customers
- 3. Main question The prime question that managers get stuck at is: What customer to focus more on?
- 4. A simple solution! The answer for the managers dilemma can be found by Segmentation! To accomplish segmentation, first firms need to profile the details of the customers
- 5. What is Customer Profiling? Profiling is nothing but creating individual profiles of all the customers which consist of all the details.
- 6. What details? Profiles consist of, •The type of customers (Ex: age, sex, location, income range, lifestyle, shopping behavior etc.) •The frequency of client’s usage of a service (Ex: frequency of shopping, how much and when) •The perception of your products and services by the customers (Ex: a necessity, luxury, or an option)
- 7. What is Customer Segmentation? Clustering the customers under one single group based on a similar attribute is termed as Segmentation Each segment/group consist of the customers with a similar aspect like, spending range, frequency of shopping, age, etc.,
- 8. How does Profiling and Segmentation help? It helps you in picturing a detailed overview of your customers and thereby figure out fertile chunk of customers
- 9. How does Profiling and Segmentation help? Helps in evaluating the potential of each group i.e., analyzing the profitability of every segment
- 10. How does Profiling and Segmentation help? Assess the marketing budget and the apt group to target for your product using the segmentation result i.e. figuring out how much you want to spend on marketing and on who?
- 11. How does Profiling and Segmentation help? Targeting the right group of customer ensuring the substantial response. This can be easily done after the segmentation since the efficiency of each group is identified and so you can target only the particular segment that sounds beneficial
- 12. How does Profiling and Segmentation help? Review the reasons for customers moving away from your business and chalk out strategies to instigate them
- 13. Note!! Remember: Retaining a customer is more economical than earning a new customer And so never run after a new customer at the expense of an old one is better than
- 14. What do you need for Profiling & Segmentation process? First of all you need hoards of data regarding your customer to be studied and analyzed
- 15. Remember!! Now here ‘hoards of data’ means useful information. It may be unstructured, but it has to be meaningful, Because Garbage in = Garbage out
- 16. Requirements: Other thing you require other than data is the advanced analytic solution provider Modak Analytic provides segmentation and profiling services with a customized approach as per client specifics to a broad range of industries. We have expertise in managing and analyzing large datasets relating to customer transactions using high-level software and advanced statistical techniques.
- 17. Benefits: With Modak Analytics solution, you can identify: causes of customer churn, selling opportunities, customer groups based on range of factors, customer bias, sales trend, impact of promotional tactics in sales.
- 18. So, to make effective and profitable business decisions choose Modak Analytics Profiling & Segmentation solution