You’ve nailed the objective for #CustomerSegmentation

Primary & Secondary data has been gathered and analyzed.

Quantitative & qualitative research is commissioned

So what should you now expect the research agency to come back with?

Persona

Name of the cohort followed & demographic details of who it comprises of.

A description which creates an archetype of background, experience, education, income, roles & responsibilities etc.

Needs & Goals:

What does the user want to achieve, personally & professionally.

Frustrations:

What are the obstacles in achieving those goals?

Motivations:

What are they thinking? Attitudes that help or hurt, perceptions & beliefs they follow…

Segmentation is a strategic & intensive engagement that can build a competitive advantage.

Personas are created based on one or a combination of demographic, psychographic, behavioral, life-stages, affluence segments. Refer to 11 types & attributes here: https://bit.ly/3fr9dzY

The idea is unlock more & better business.

However to unleash this potential power, there must be clarity on the objective.

Example:

Identify latent customer needs

Generate Revenue

▫ Acquire New Customer

▫ Improve Rate of Renewal/Retention

▫ Sell more to a customer: Cross-sell /Upsell

▫ Increase the customer lifetime value

Customer Experience

▫ Create Integrated Customer Journey

▫ Define Path to purchase

…

What are the various types of customer segmentations and their respective attributes that help define target audience?

Geographic: Where are they located?

• Region/State/Cities/Town/Village
• Rural/ Urban
• IP (internet)
• Language

Demographic: Who are they? Census Data

• Age.
• Gender.
• Marital status.
• # of children
• Occupation.
• Income.
• Education

Psychographic: What are their Needs?

• Interests
• Personality
• Lifestyle
• Social Status
• Activities, Interests, Opinions (AIO)
• Attitudes
• Values
• Tech Savviness

Behavioral: What drives their Buying Process?

• Usage
• Benefits Sought
• Loyalty
• Actions Taken Online
• Stages
• Timing/ Occasion
• Buyer Readiness

Affluence: Household Income:

• Globals: >10L
• Strivers: 5–10L
• Seekers: 2–5L
• Aspirers: .9–2L
• Deprived: <.9L

Life Stage:

• Teenagers & Students
• Single Adults
• Childless Couple (rented Home)
• Childless Couple (Own Home)
• Young Families
• Single Parents
• Well Established Families
• Empty Nesters
• Retired
• Solitary Survivors

Predictive: Historical Data

• Supervised Learning
• Unsupervised Learning
• Reinforced Learning

Financial:

• Financial…

I begin with stating the obvious — we are natives of globalization. The why’s of brands investing in internationalization and consequent localization is staid knowledge. This draws attention to the growing intensity of cross-cultural marketing. Language, is one amongst many yet, a critical variable in the success of such marketing campaigns.

However, there have been epic fails by some of the leading brands in what may seem like a simple exercise of translating taglines and slogans in international markets. This compilation of brand failures to mind their language is a fun and light read, but one with some takeaways nonetheless.

…

The year 2020, akin to other years, began with some retrospection and some goals. I enjoy the process immensely. When looking back at the year gone-by I recount my happy moments. My endeavor then is to do more of those things that made me feel good. It is a powerful exercise and I strongly recommend trying it. In business parlance, it helps with prioritization, but to me it helps me live my life in a fuller way. It empowers me to be, more me. …