1) Occasional customer segmentation analyzes customer behavior under different circumstances like weekends, holidays, or personal occasions. This provides a more complete understanding of customers than traditional segmentation.
2) Companies should define occasion types, identify occasions for each customer, analyze customer behavior separately for each occasion, and continuously re-score customers. This allows companies to develop customized campaigns and value propositions for each customer-occasion combination.
3) Implementing occasional segmentation provides insights into hidden customer potential and opportunities to stimulate customer behavior in different circumstances.
Are you struggling to create content that engages your audience? Content marketing success relies on your ability to understand and target the customer context. This guide helps you do just that.
Today small businesses are facing a number of unique challenges when trying to grow business.
From shorter attention spans, higher expectations, and a need for instant gratification amongst customers ― even down to market clutter from the waves rising competition.
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Turn Every Moment into Opportunity with Psychographic SegmentationCleverTap
Every single one of your users is unique. Their behaviors and interests change frequently. For marketers, it is more critical than ever to identify micro-segments of users based on their changing needs and pivot their marketing efforts to bring timeliness, context and relevance.
See how CleverTap is staying at the cutting edge of innovation to help its customers reinvent segmentation strategies in ways that were unthinkable before with Psychographic Segmentation.
Are you struggling to create content that engages your audience? Content marketing success relies on your ability to understand and target the customer context. This guide helps you do just that.
Today small businesses are facing a number of unique challenges when trying to grow business.
From shorter attention spans, higher expectations, and a need for instant gratification amongst customers ― even down to market clutter from the waves rising competition.
Here's a few big tips every small business should know to help you rise to the challenge and grow business.
Turn Every Moment into Opportunity with Psychographic SegmentationCleverTap
Every single one of your users is unique. Their behaviors and interests change frequently. For marketers, it is more critical than ever to identify micro-segments of users based on their changing needs and pivot their marketing efforts to bring timeliness, context and relevance.
See how CleverTap is staying at the cutting edge of innovation to help its customers reinvent segmentation strategies in ways that were unthinkable before with Psychographic Segmentation.
A Study on Customer Relationship Marketing in Banking Sectorpaperpublications3
Abstract: Modern Marketing Philosophy advocates the concept of customer relationship marketing that creates customer delight. In the banking field a unique relationship exists between the customers and the bank. Due to various reasons like financial burdens, risk of failure, marketing inertia etc., many banks are still following the traditional ways of marketing and only few banks are making attempts to adapt customer relationship marketing. The role of custom er relationship marketing is very vital in leading the banks towards high level and volume of profits. So there is a need to study the role of customer relationship marketing in development and promotion of banking sector through the side-lines of the practices, problems and impact of CRM on banking sector all the time.
This Blue Paper® discusses the evolution of market segmentation, its benefits and
potential pitfalls and how it serves as the foundation of any marketing strategy. It
also offers an in-depth, six-step guide to help organizations get started.
Market Segmentation, its Types and Benefits Naheed Mir
Market Segmentation is a process of dividing market into smaller and more defined categories. It divides the customers and audiences into small categories according to their location, interests and needs etc.
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The document discusses techniques financial institutions can adopt to retain their customers, particularly microfinance institutions using the group lending methodology. It explores reasons why customers leave the financial institution or the groups they belong to, examines challenges relating to the group methodology and proposes strategies to retain group members.
When it comes to advertising your business, it's imperative that you know who your "target audience" is, and how to reach them. While it's important to reach as many people as possible, and it often seems like focusing only on certain segments of the population is limiting, you need to be "direct." Directly reaching those interested in your product or service will ultimately put more money in your pocket. Therefore, before you decide what your message is, and how to deliver it, you need to understand your target audience.
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Afinium.com Big Data Big Sales White Paper 2014 Afinium
Customer centricy drives sales, and real time data analytics allows creation of uniquely personalized buyer experiences to convert even casual browsers into loyal customers.
A Study on Customer Relationship Marketing in Banking Sectorpaperpublications3
Abstract: Modern Marketing Philosophy advocates the concept of customer relationship marketing that creates customer delight. In the banking field a unique relationship exists between the customers and the bank. Due to various reasons like financial burdens, risk of failure, marketing inertia etc., many banks are still following the traditional ways of marketing and only few banks are making attempts to adapt customer relationship marketing. The role of custom er relationship marketing is very vital in leading the banks towards high level and volume of profits. So there is a need to study the role of customer relationship marketing in development and promotion of banking sector through the side-lines of the practices, problems and impact of CRM on banking sector all the time.
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potential pitfalls and how it serves as the foundation of any marketing strategy. It
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Market Segmentation is a process of dividing market into smaller and more defined categories. It divides the customers and audiences into small categories according to their location, interests and needs etc.
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The document discusses techniques financial institutions can adopt to retain their customers, particularly microfinance institutions using the group lending methodology. It explores reasons why customers leave the financial institution or the groups they belong to, examines challenges relating to the group methodology and proposes strategies to retain group members.
When it comes to advertising your business, it's imperative that you know who your "target audience" is, and how to reach them. While it's important to reach as many people as possible, and it often seems like focusing only on certain segments of the population is limiting, you need to be "direct." Directly reaching those interested in your product or service will ultimately put more money in your pocket. Therefore, before you decide what your message is, and how to deliver it, you need to understand your target audience.
For every pound you spend, you have to make more than one pound in return. To do this you have to target customers who are most likely to respond, with a product or service they are likely to buy, through a media they are likely to buy from. In our guide, 6 steps to effective segmentation you’ll learn how segmentation can be used as a key tool to help you achieve your business goals.
Afinium.com Big Data Big Sales White Paper 2014 Afinium
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Retailers need to become savvier every year, as consumers demand better inventory, prices and customer service, delivered consistently across channels. Additionally, shoppers continue to make purchase decisions with a more frugal outlook, following the 2008 recession — putting even pressure on retailers during the holidays.
In 2012, for example, more than one third of consumers spent less money than budgeted on holiday gifts, according to TrendSource in its Holiday Shopping Outcomes report. Additionally, the majority of shoppers purchased more than half of their gifts on sale.
To help retailers prepare for the challenging and busy holiday season, Retail TouchPoints has compiled the 2013 Holiday Outlook Guide, featuring insights from a number of leading industry experts, case studies, and a variety of tips and tactics that will help deliver a joyous holiday season to retailers, brands and consumers.
This year’s guide is focusing on 11 different topic areas, including:
1) Omnichannel
2) Mobile Commerce
3) Mobile Apps & Sites
4) Social Channels
5) Pricing
6) Inventory
7) Personalization
8) Outbound Marketing
9) Showrooming
10) Workforce Management
11) Payment
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https://www.datatobiz.com/blog/customer-analytics/
Corporations across the globe are trying their best to look at the business from a customer-centric view. This exercise opens for them a window to peek into the interests of their clientele and create policies accordingly. But in today’s volatile business environment judgments built simply from past experience or intuition is increasingly unreliable. Customers today are more connected and empowered. Access to the internet all the time has allowed them to become more specific about their needs. They are aware of everything that is trending in the market.
In such a scenario it becomes important for a business owner to predict a customer’s response with respect to his organization. The deeper businesses understand their customers’ preferences and lifestyle habits, the more they are able to attract potential buyers. However, it is not as simple as it seems. It is a big challenge for organizations to understand customer feedback, behavior and needs, well enough so as to make data-driven decisions about what customers are likely to respond to or what they are likely to purchase.
Customer analytics or customer data analytics is that significant insight gained with the help of data science, that allows businesses to use customer data in order to make key business decisions. The information obtained from the process is used for designing effective marketing campaigns, site selection, customer relationship management, and secure decisions for the future.
Insights pertaining to the customer’s feedbacks and responses drive the organizations to directions that help them outperform their competitors. Strategizing everything beginning from their production to their supply far before the demand arises, helps them improve their key performing metrics.
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Digital Transformation and IT Strategy Toolkit and TemplatesAurelien Domont, MBA
This Digital Transformation and IT Strategy Toolkit was created by ex-McKinsey, Deloitte and BCG Management Consultants, after more than 5,000 hours of work. It is considered the world's best & most comprehensive Digital Transformation and IT Strategy Toolkit. It includes all the Frameworks, Best Practices & Templates required to successfully undertake the Digital Transformation of your organization and define a robust IT Strategy.
Editable Toolkit to help you reuse our content: 700 Powerpoint slides | 35 Excel sheets | 84 minutes of Video training
This PowerPoint presentation is only a small preview of our Toolkits. For more details, visit www.domontconsulting.com
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
Improving profitability for small businessBen Wann
In this comprehensive presentation, we will explore strategies and practical tips for enhancing profitability in small businesses. Tailored to meet the unique challenges faced by small enterprises, this session covers various aspects that directly impact the bottom line. Attendees will learn how to optimize operational efficiency, manage expenses, and increase revenue through innovative marketing and customer engagement techniques.
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It is crucial for the taxpayers to understand about the TDS Return Filing Due Date, so that they can fulfill your TDS obligations efficiently. Taxpayers can avoid penalties by sticking to the deadlines and by accurate filing of TDS. Timely filing of TDS will make sure about the availability of tax credits. You can also seek the professional guidance of experts like Legal Pillers for timely filing of the TDS Return.
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Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
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Treating The Same Customer Differently In Different Occasions
1. Treating The Same Customer
Differently in Different Occasions
March | 2010
2. Treating The Same Customer Differently in Different Occasions
As traditional customer segmentation has become blasé, with occasion
segmentation the hot trend, it’s a hybrid model of the two – occasional customer
segmentation – that companies seeking to “be there” for their customers need
to examine.
What?
A recent survey conducted with 120 leading companies on the topic of customer
segmentation and its uses highlighted that:
97% of companies rely on segmentation in strategy development
77% use demographics, 66% use needs and 63% use value as their
segmentation dimensions
All these facts demonstrate that, by today’s standards, customer segmentation
using traditional dimensions has moved beyond being a tool for competitive
advantage and has become a must-have, recognized and already utilized by
many. Companies looking to get ahead of the competition need more innovative
and effective ways of using their customer data.
Occasion-based segmentation, which is used by only 21% of the same companies
surveyed, is a potential step towards this, but is not complete, unless married
with the customer-based segmentation models. Occasion segmentation focuses
on analyzing occasions, independent of the customers, such as considering Coke
for occasions of being thirsty, having dinner or going out, without taking into
consideration the differences an affluent and middle-class customer would have
during these occasions.
‘Occasional customer segmentation’ merges customer-level and occasion-level
segmentation models and provides an understanding of the individual
customers’ needs, behavior and value under different occasions of usage and
time. Unlike traditional segmentation models, this approach assigns more than
one segment to each unique customer, depending on the current circumstances
they are under.
But, Why?
First came mass marketing, with companies developing and promoting products
to all. Next came one-to-one marketing, with companies developing and
promoting the right products for the right customers. Occasional customer
segmentation takes it one step further in the same direction and brings in the
concept of many-to-one marketing, by developing and promoting more than one
value proposition for the same customer, based on its relevance for the ‘current’
needs of the customer.
Companies need to realize that their customers are not only different from each
other, but are also different from themselves at different times. People have
different needs when they are at work vs. when they are at home or socializing.
3. They act differently during holiday seasons vs. regular days. They even have
different expectations momentarily, based on their feelings and mood swings.
A customer, who would be willing to spend a fortune when buying a gift, could
be the most tight-fisted person on earth when it comes to shopping for his or her
own self. A mobile phone service customer who is spending hours on the phone
after work could be the same person keeping it to only short conversations
during work-hours.
Without understanding the occasion, and averaging out all of the customer’s
activities and transactions into a model that puts one label on that customer
needs and behavior, companies can never achieve 100% relevance for their
customers. Looking only at the occasion without the customer, on the other
hand, neglects the background of the individual customer, destroying
consistency. This is why occasional customer segmentation is a must-have for
companies looking into maximizing their customer value, merging these two
concepts into a powerful tool.
Let’s analyze what this means for a leading producer of sun care products, which
offers a range of items with varying levels of sun protection. If the company
looked only at the customer-level segments, based on their needs and behavior,
it would end up promoting an SPF 4 product to John Doe, who is identified to be
in the ‘careless tanner’ customer segment.
If, on the other hand, the company focuses only on one given occasion for which
John Doe will be using the protection (i.e. a desert safari where he needs
extreme protection), the offer would be an SPF 50 product. In the first case, John
would not buy the product since it will not be relevant to his circumstantial
needs. In the second case, he would not buy the product either, because it is not
a consistent offer for his general attitude towards sun protection. It would
require the producer to put the customer and occasion facts together to come
up with the right offer for the specific circumstances and the specific customer.
So, How?
We recommend three main steps towards building occasional customer
segmentation models:
Define Occasion Types and Identification Means: There exist three main
types of occasions, which can affect the needs and behavior of customers,
creating different circumstances. The first step in occasional customer
segmentation is to define what occasions are relevant for the specific industry
and product offerings, and how they can be identified for each customer:
Universal Occasions: These are highly identifiable occasions, which are
applicable to almost all customers with similar demographics. Holiday seasons,
weekends, working hours and special days are such times which can affect
customers’ occasional segment. For example, a businessman’s weekend
grocery shopping can be much different than his time-squeezed weekday
shopping behavior, and thus, need to be analyzed separately when deciding
which segment a customer belongs to.
4. Regular Personal Occasions: These are personal occasions, which are related
to the customer as an individual, yet, keep repeating over time. Some
examples would be the birthday of a customer, his or her wedding anniversary,
or simply the specific habits of the customer such as driving to work between
8:00 and 9:00 AM. These occasions can be identified through analyzing
patterns in the customer’s behavior or gathering more detailed information
about each customer. The ability to customize offerings based on these
occasions for individual customers provides the most relevance, in as such as
they are designed around the customer’s personal life. For example, a
customer would be using his credit card with a significantly different pattern
before his wife’s birthday, compared to rest of the year, and similar to the
above scenario, such occasion-based behaviors need to be analyzed
separately.
Rare Personal Occasions: These are personal occasions, which are generally
non-repetitive in nature and usually unforeseeable by companies. Events such
as a trip abroad, a car accident, or a night-out on town (which can affect the
customer’s behavior and needs suddenly, and are effective usually for a short
period of time) are in this category. Although these events are not highly
predictable, companies can identify them to a certain extent by analyzing the
irregular activities in customer’s behavior over time. Identifying such
irregularities and keeping them aside from customer’s regular behavior
provides a more accurate overall understanding. More importantly,
researching the reasons behind such irregularities can reveal untapped niche
areas. If a customer suddenly spends twice the amount his regular behavior
suggests, understanding the trigger (e.g. honeymoon, celebration) can
facilitate promoting relevance of offerings for such triggers over time.
Analyze Customers Under Different Occasions: After the occasions are
defined and identified for each customer, the second step is to isolate them from
each other and analyze customers under each occasion separately. This step
resembles a traditional customer segmentation modeling work in terms of
technical steps, the main difference being the fact that analyses are done at the
customer-occasion level, having more than one set of data for each customer
and as many segmentation models as there are occasions. The outcome would
be the set of rules, defining which customer is assigned to which occasional
segment, during what time of day, day of week, or course of events.
Continuously Score Customers: Similar to traditional customer
segmentation, occasional customer segmentation requires scoring and re-scoring
of customers, to understand their current needs and behavior. Yet, since
occasional segments are time-dependent, its scoring requires the ability to assign
segments to individual customers almost in real-time, especially if the occasions
are identified to follow short cycles, such as hours of day.
Occasional segmentation follows a different mind-set than the traditional ‘one-
segment-per-customer’ approach, which can make it relatively difficult for
traditionalists to develop and implement. However, the benefits are great, as this
moves companies closer to their customers than ever, as if they are sitting next
to them and observing changing needs and behavior through day and night.
5. What Next?
Once a company implements occasional customer segmentation, it will provide
endless insight, uncovering hidden gems in their customer base. The next
obvious step would be digging in, customizing campaigns for different occasions
of customers, developing new value propositions for promising occasions, and
offering bundles of products that would appeal to the same customer under
different occasions. Additionally, companies can benefit from identifying the
mismatches between customer behavior under different occasions – such as a
customer having high spending during one and low in another – to come up with
activities that would stimulate their behavior under certain conditions.
6. About Forte Consultancy Group
Forte Consultancy Group delivers fact-based solutions, balancing short and long term
impact as well as benefits for stakeholders. Forte Consultancy Group provides a variety
of service offerings for numerous sectors, approached in three general phases -
intelligence, design, and implementation.
For more information, please contact
info@forteconsultancy.com
Forte Consultancy Group | Istanbul Office
www.forteconsultancy.com