Insights from Customer and Shopper Segmentation Studies can help marketers take better Data Driven decisions. If you’re new to this concept, here’s a quick guide on commonly used practices.
First, Demographic Segmentation provides information on the #population construct of a country in terms of Gender, Age, Region, Average Family Size, Ethnicities, and more. This is key to understanding the market size and building from there.
Next, Psychographic Segmentation helps understand Customers in terms of Mind Measures and creates segments that represent different Need States based on aspirations & inhibitions, triggers and barriers, behaviours and preferences. This enables the marketer to prioritize which segments to win and which to deprioritize.
Finally, #Behavioural Segmentation forms customer segments based on usership, frequency, basket size, spends, promo-hunting tendencies, basket of brands, place/date of purchase, etc.
With these methods, a marketer can get a complete picture and strategize with confidence.
Fun fact — There is a principle in segmentation called “Mutually Exclusive and Mutually Exhaustive”. It means that the segments created need to be distinct, however together all segments must also cover most of the overall population!
If you found this interesting, please do reach out to us to see how we can help you drive data driven business growth.
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