Two decades ago, marketers and business prognosticators began to envision a world of one to one marketing, essentially where businesses would communicate with - and cater to - their customers one at a time.
We're not there yet, but new and evolving marketing and media channels now allow firms to target small, coherent groups or segments of customers and prospects with unprecedented precision.
But how do you define or identify the right segments to target in the first place? While geographic, demographic, ethnic and other 'simple' segmentation schema are appropriate in some cases, we typically advocate that customers be grouped according to the fundamental needs and attitudes that drive their purchase and/or consumption decisions. Grouping customers according to their core/basic needs, as well as enduring personal characteristics, can lead to powerful - and sometimes unexpected - insights for not just marketers, but also product designers, customer relationship managers and business strategists.
It's often said that market segmentation is both an art and a science, and we don't disagree. The science side is about selecting and applying the right clustering techniques to give shape and order to your market data. Our analysts are experts in understanding and using these tools.
The art of segmentation - from working closely with clients to identify the right mix of potential segment drivers, through to selecting and interpreting the right segment solution - comes from experience, and we have that too. Over the past decade Advanis has designed and implemented segmentation studies in wireless and wireline telephony, retail, agriculture, and many other industries.
Please contact us to find out how we can help you with your market segmentation needs.