Your market is made up of lots of people – customers, prospects, users – call them what you will. The bottom line is that they’re not all the same. They have different needs, different behaviors, different attitudes, different demographic profiles, etc. If you don’t understand these differences, you are left with a one size fits all approach to marketing to them, which we can all agree wastes time and money and does not yield the results you need. Call it a Market Segmentation, a Customer Segmentation, Segmentation Analysis, or Segmentation Modeling; all these techniques are similar in that they define targetable groups to help you better market your product or service.
Market Segmentation Profiles Different Types of People
Understanding both purchase drivers as well as demographic characteristics is important to understanding how to increase sales in targeted groups. Targeting can become even more precise by adding elucidate’s “Conversion Score”. As part of a segmentation analysis, we calculate a composite score that guides clients to where they can get “the most bang for their buck”. The conversion score takes the size of the segment, weights those that are compatible prospects, and includes their likelihood to buy a product. Having this conversion score helps prioritize which group(s) to target first.
For more information about how we can help you better target the best possible prospects, contact us at email@example.com.