Business Goal
Customer Segmentation functionality is required to drive better campaigning and purchasing predictions based on user demographic, behavioral, transactional, and geographic data captured through various campaigns and promotions systems.
This solution can help identify the behavioral patterns of various households. The goal is to create useful customer clusters to target different promos and offers and identify new markets and acquire new customers.
Challenges
It’s very difficult to keep customers loyal to the brand.
Customers won’t trust us, if we don’t understand their needs, price sensitivity, and frustrations.
Industries spend a lot more money trying to market to everyone, but most products aren’t even suitable for many people.
ROI is reduced by trying to market to people who don’t even need what is being sold to them.
Demographic Segmentation
Demographic Segmentation uses customer demographic information in segmenting the customers. Sparkflows provides quick data ingestion, attribute extraction, profiling, quality analysis, and processing of the below features used in Demographic Segmentation. This is a very popular segmentation process as it is fairly easy to collect user data through website analytics and surveys and easy to measure metrics :
Age
Gender
Income
Education Level
Religion
Professional Designation
Sparkflows allows the development of Clustering Models to segment Customers by demography so that Marketers can get the following benefits :
Great for monitoring trends and social shifts
Easy to find potential markets and propensity to buy
Geographic Segmentation
It is the process of grouping customers based on the locations where they live and the places where they shop. Sparkflows offers powerful data preparation workflows to ingest, profile and process various features like :
Climate
Culture
Language
Population density
The clustering algorithms of Sparkflows provide extremely useful Segmentations which in turn help :
Identify people with common needs
Concentrate spending in specific areas which can improve brand visibility
Find new regions for investment and potential customers
Behavioral Segmentation
Behavioral Segmentation looks at the buying process of customers and then grouping them based on similar behaviors they demonstrate when they interact with your brand. Sparkflows provides the workflows to collect data, and process the key attributes required for efficient modeling :
Spending patterns
Interactions with brands
Purchasing behaviour
Brand Loyalty
Product feedback
Sparkflows provide sophisticated algorithms for clustering which help Industries take critical Business decision as follows :
Prioritization of spending efforts
Forward plan based on buyer’s journey
Make predictions and tune Business performance
Effective personalization
Business Impact
By segmenting the market, one can target the right groups of people with the right products which saves lots of unwanted costs.
With segmentation Industry can use a different strategy for each group, tailoring the approach so that customers can avail of better choices.
It can give an Industry brand a stronger identity.
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Segmenting the market can illuminate new areas for innovation that one may have missed otherwise.
Marketing department will be able to create campaigns and leverage channels that are much more tailored to their audience.
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A company can drive international expansion for its brands.