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Retail Customer Segmentation
Retail customer segmentation is an invaluable tool to identify consumers whose needs have not yet been met. When a company effectively determines those segments of its consumer base, the company can use that data to make positive changes in service offerings and create distinctive products that appeal to the specific needs and interests of these individuals.
Strategic Retail Customer Segmentation
The driving force behind the purpose of customer segmentation is understanding consumers' needs, interests, and values. Marketing professionals can catapult company growth to the next level simply by dividing their customer base into various groups with shared characteristics, such as:
- Interests and needs
- Gender and age
- Spending history
An important factor in using segmentation effectively is to identify the most profitable consumers and focus tailored, 1-to-1 marketing strategies on that specific segment. A fluid data analysis must be applied to ensure that the consumer information received is relevant to changes in the market and individual purchase history.
Companies that implement an accurate retail consumer segmentation analysis program will reap several benefits, which include the following:
- Assessing Value – Segmentation data can assist in the process of listing products and services at the optimal selling price for both the company and the consumer.
- Product Expansion – Companies can streamline research and development time for new products by effectively analyzing and integrating consumer segmentation data.
- Individualized Strategy – Consumers will be more engaged through the delivery of data-driven content, site personalization and tailored marketing strategies.
- Effective Highlighting – Analysis of segmentation data assist in choosing which products and services to feature across all marketing channels to optimize sales.
- Consumer Experience – Creating the right consumer benefits package maximizes satisfaction and cultivates long-term patronage of the company.
Application of Retail Customer Segmentation
Today’s savvy consumers demand individualized attention that makes their experiences memorable. The retail customer segmentation process is made easier through a streamlined communication approach that effectively merges the analytics process with integrated content to open the door to positive experiences for the consumer base. There are a variety of benefits to utilizing this type of streamlined system approach:
- Accurate Profiling – High performers with comparable profiles are identified.
- Unique Tracking System – The consumer base and anonymous visitors to the company website are tracked and analyzed for targeted strategies that assist in maximizing a prospect’s profitability potential.
- Online Communication – Consumers can engage in real-time, online communication on mobile devices, through the web or via social media venues. The message is personalized for that specific moment in time to maximize the consumer experience and purchasing potential.
- Maximize the Brand – The mobile shopping experience is enhanced by the incorporation of push and SMS. These design content tools make the consumer brand experience more positive.
- Consumer Loyalty – Every personalized message the consumer receives through this consumer-first marketing strategy cultivates the seed of long-term patronage. A good example of this is motivating consumers to post reviews online.
With Selligent Marketing Cloud's help, marketing professionals can better understand their consumer base through user-friendly customer segmentation tools that enable them to communicate effectively in real time.
Contact Selligent Marketing Cloud today for more details on how to implement retail customer segmentation strategies.