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Segment Customers or Products
Divide your customers into segments based on common characteristics and approach them more effectively.
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The Challenge
Customer or product segmentation helps companies laser focus their marketing strategies on their target audience. Businesses can allocate their marketing and sales budgets in the most efficient and productive ways because they can target the right audience segment with a specific product they will likely purchase.
Good segmentation gives companies a deeper understanding of their markets. And once they understand their audience, they will gain an edge over the competition.
However, effective segmentation largely depends on data quality and sources. To properly assess customer and product segmentation, specific parameters are required regarding demographics, psychographics, and behavioral and geographical data.
This data can be collected through surveys, transaction histories, and customer information.
However, relying solely on past historical behavior with only limited data will result in inaccurate segmentation that will not benefit the business.
So what is the best way to segment products and customers in a way that helps companies meet their goals and gain a competitive edge?
The Solution
Customer and product segmentation requires extensive data covering behavior, sales history, and customer background.
Using Graphite’s no-code machine learning system for segmentation will make it easy for companies to categorize relevant metrics.
With Graphite, sales and marketing teams can develop campaigns that address their audience’s specific needs and desires. The system can be used to design a business case and then collect valuable data.
Graphite’s no-code machine learning system performs the critical steps of segmentation with the parameters set by the business. With the results, companies can visualize the crucial segments that must be targeted.
The Impact
Segmentation has always been an essential factor in determining the kind of customers that marketing and sales efforts reach. It also helps businesses match customers with relevant products they are more likely to purchase.
With an AI-generated system, businesses can collect and assess the data points needed for customer and product segmentation automation.
This elevates customer understanding, which is crucial for marketing campaigns that will address their needs and increase revenue.
Further Reading
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