Customer Segmentation
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Learn how to conduct market research and create customer segments in order to better target your product and increase revenues. This deck includes how to define target markets, create buyer personas, and integrate these customer segments across the company. Slides from a Customer Cegmentation class taught at Intelligent.ly by Jill Cartwright.
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Customer Segmentation
- 2. Nothing makes you learn like getting stripped of your acorn cap
- 3. What customer segmentation is I don't know the key to success, but the key to failure is trying to please everybody. - Bill Cosby Customer segmentation is a means of identifying and prioritizing current and future customers in a way that is actionable and relevant to your business
- 4. B2C Manufacturer of ergonomically safe travel products for parents B2B Provider of digital publishing of ecommerce enabled catalogs Products: diaper bags, dry bags, changing pads, etc. Services: Development and deployment of catalogs, catalog apps for mobile, etc. Let’s meet our subjects:
- 6. § Age § Disposable income § Activity level § Price sensitivity § Number of kids § Marital status § Sexual orientation § Where they live Go GaGa What’s relevant
- 7. § Age § Disposable income § Activity level § Price sensitivity § Number of kids § Marital status § Sexual orientation § Where they live Go GaGa § Type of business § Ecommerce enabled § Size of marketing budget § Size of company § Company goals § Distribution channels Zmags What’s relevant
- 8. Not only does it make you sound smart, but it can save your business. §Focuses the entire team on the same target §Gives you a touchstone for making decisions §Prioritizes where to invest your resources §Increases customer retention §Identifies new market opportunities Why segmentation matters
- 9. There’s no bad time to be thinking about your customers §Before launch §With 6-12 months of sales data §When expanding into new markets or segments §When decisions become tough because you’ve lost common vision §Every 12-18 months after roll out When to do it
- 10. Hint: do not go to the library and check out 7 books on marketing research 1| Gather data 2| Analyze 3| Create segments 4| Validate 5| Roll out 6| Reassess It’s not all about Excel Now it’s all about Excel What’s actionable Talking with your front line This is the fun part Checking accuracy and relevance How to do it
- 11. This will be determined by what’s relevant and available §Demographics §Needs §Values §Purchases §Personality §Decision Making Who they are Why they buy What’s important to them What they buy (vs. what they say) What shapes their interactions How they shop and buy §Alternatives §Interests What their options are What brings them joy What types of data to leverage
- 12. Hint: you will have to talk to people, just try not to get arrested Interviews Crowdsourcing Site analytics Order info Customer svc. On the street, on the phone, but best done while fully clothed Polls and surveys are often done first but are more effective later Traffic sources, flow, hang time, return visits to name a few The most valuable because based on action, not intent Great for capturing qualitative info while strengthening customer loyalty How to get it
- 13. You’re simply looking for trends – correlation versus causality is irrelevant 1| Dump everything into Excel – survey results, purchase data, demographics, etc. 2| Begin by picking two features – age and gender, for example 3| Then add another layer – items purchased, repurchase rate, etc. 4| See if it’s meaningful – if not, go one step back up your tree What to do with it
- 14. Identifying new markets for Go GaGa Gender Kids? How use their bag? Examples Male Female Yes No Kids Self Work Fun Diaper bag Laptop Gym bag Commute Courier Photogr. Yoga Picnic Yes No Self Work Fun Diaper bag Laptop Gym bag Commute Courier Photogr. Yoga Picnic Kids Time to try
- 15. Identifying new markets for Go GaGa Gender Kids? How use their bag? Examples Male Female Yes No Kids Self Work Fun Diaper bag Laptop Gym bag Commute Courier Photogr. Yoga Picnic Yes No Self Work Fun Diaper bag Laptop Gym bag Commute Courier Photogr. Yoga Picnic Kids Enthusiasts §Photography §Wine/picnic §Birders Professionals §Couriers §Photographers Commuting §Bike §Public transit 3 new markets emerged Time to try
- 16. Shaping Go GaGa’s product roadmap Kids? 1st time parents? 1st purch. 2nd purch. Yes No Yes No Accessory Diaper Bag No “Diaper” Bag Acquisition §Accessories get our foot in the door for the second purchase, which was typically a diaper bag Retention §Customers who love our bag will continue buying products if the price is accessible Accessories play two important roles Diaper Bag Accessory Accessory Another example
- 17. You’ll reach a lot of dead ends in the pursuit of actionable correlations, just like Isle Nine did Gender Age Married? 1st purch. Male Female 30-45 60+ Yes No Yes No Shirt Shirt Shirt Shirt 30-45 60+ No Yes No Kids Shirt Shirt Shirt Yes How worn? Leisure Work Leisure Leisure Leisure Leisure Leisure Leisure Segments not sufficiently differentiated Segments were evenly distributed across age and weighed heavily towards the purchase of men’s shirts to be worn for leisure. The takeaway: just sell men’s Hawaiian shirts to anyone who will buy them. Sometimes it doesn’t work
- 18. Zmags identifies a new service offering Brand or retailer Published catalog before Sell direct/online Brand Retailer Yes No Yes No Yes No Yes No No Yes NoYes Let’s give B2B its due
- 19. Zmags identifies a new service offering Brand or retailer Published catalog before Sell direct/online Brand Retailer Yes No Yes No Yes No Yes No No Yes NoYes Examples Incr. content ROI Test ecom Drive sales Test ecom Incr. content ROI Test ecom Drive sales Test ecom Simple ecommerce engine run virtually by Zmags that enables retailers and brands not selling online to test New service possibility Let’s give B2B its due
- 20. Forming the segments After you’ve lost all perspective, five key questions can get you on the right track 1| Are there meaningful differences between these groups? 2| Can I identify people based on these characteristics? 3| Can I market to them based on these characteristics? 5| Can I offer different products or services to meet the needs of different segments? 4| Can these segments peacefully coexist?
- 21. Building out the personas These two factors will lead to impactful segments What’s relevant to your business What will help your team to connect with them §Are they the decision maker ? §What alternatives do they have to your offering ? §How price sensitive are they ? §What’s on their playlist ? §Where do they live ? §What’s their marital status ? §What brand of coffee do they drink ? §Do they have kids ?
- 22. Go GaGa’s personas Age Gender Income Where live? Activity level Christine Hannah Alan David Kids Sexual orienta. Relationship status 37 Female $250,000 (HH) Downtown Chicago Attends yoga 3x a week and jogs Girl, 3 mos. Straight Married 31 Female $42,000 Jamaica Plain, MA Teaches 7 x a week & bikes to work No Lesbian Single 42 Male $150,000 (HH) Suburb of Bethesda, MD Jogs 3x a week Boy, 2 yrs & expecting 2nd Straight Married 28 Male $100,000 Brooklyn Works out 6 days a week in the gym No Gay In long term relationship First time parent? Yes No No No Education Masters Ugrad w/ certifications Ugrad degree w/ grad classes MBA at night
- 23. Go GaGa’s Personas Hobbies/Areas of interest Music Research process Price sensitivity Personal style Hiking & architecture Madeline Peyroux Online first then in store Low Rocks DKNY Rock climbing & ceramics Kate Bush Word of mouth Medium Lives in Athleta Punk rock & NPR The Ramones & Stones Wants to see & feel it Low Roxy shirt & cargo shorts Pop art & travel Passion Pit Very thorough – mostly online Medium Hipster Personality Occupation VP at an ad agency Upbeat but easy going Yoga instr. & massage ther. Loves being a dad Sr. Dir of Finance Intense at work & play Development officer Uptight
- 24. Zmags personas Age Gender Position Years in role Personality Peter Blake Decision maker Sentiment about job Culture 35 Male Dir. of Marketing 4 High energy, high maintenance Influencer but CMO decides Wants a promotion but needs a win to stand out Competitive – running of the bulls at Pamplona 42 Female CMO 6, 13 with the company Demanding but protects her team Yes Confident but under constant pressure to deliver Pressure cooker, struggles to prioritize Company challenge Incr. revenue from house brands Build their direct channel for better margins Employer Nieman Marcus Baby Phat
- 25. Avoiding the pitfalls Run these filters before finalizing the segments 1| Too many segments 2| Too narrow a focus 3| Divergent groups 4| Not actionably different
- 26. Validating the segments Don’t get bogged down trying to be certain – test ‘em instead! Pull another data sample Talk with your front line Place small bets Pull another data set and see if the trends are consistent Your customer service and sales team knows your current customers best Run a targeted email test, experiment with Google AdWords, try a promotion
- 27. Rolling it out to the team Now it really gets fun §Play their playlist §Create a facebook page for them §Develop a mood board §Start a book club §Have a guest appearance §Keep them top of mind every day
- 28. What your segmentation should impact It can (and should) touch every facet of the business Branding Customer service Hiring Tagline, marketing messages, word choice, phone greeting, etc. Policies, hours of operations, methods of contact Personality, diction, energy level, hobbies Product roadmap Future features, service/product offerings, pricing User experience Site design, sales process, store layout and more
- 29. Course Title Course Title INSTRUCTOR NAME