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
Main question The prime question that managers get stuck at is: What customer to focus more on?
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
What is Customer Profiling? Profiling is nothing but creating individual profiles of all the customers which consist of all the details.
What details?Profiles consist of,•The type of customers (Ex: age, sex, location,income range, lifestyle, shopping behavioretc.)•The frequency of client’s usage of a service(Ex: frequency of shopping, how much andwhen)•The perception of your products and servicesby the customers (Ex: a necessity,luxury, or an option)
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.,
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
How does Profiling and Segmentation help? Helps in evaluating the potential of each group i.e., analyzing the profitability of every segment
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?
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
How does Profiling and Segmentation help? Review the reasons for customers moving away from your business and chalk out strategies to instigate them
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
What do you need for Profiling & Segmentation process? First of all you need hoards of data regarding your customer to be studied and analyzed
Remember!!Now here ‘hoards of data’ means useful information.It may be unstructured, but it has to be meaningful,Because Garbage in = Garbage out
Requirements:Other thing you require other than datais the advanced analytic solutionproviderModak Analytic provides segmentationand profiling services with a customizedapproach as per client specifics to abroad range of industries.We have expertise in managing andanalyzing large datasets relating tocustomer transactions using high-levelsoftware and advanced statisticaltechniques.
Benefits:With Modak Analytics solution, you canidentify:causes of customer churn,selling opportunities,customer groups based on range offactors, customer bias,sales trend,impact of promotional tactics in sales.
So, to make effective and profitable business decisions choose ModakAnalytics Profiling & Segmentation solution