Content can be tailored by segmenting customers based on purchase patterns and behavioral motivations — what the consumer has responded to before — and then creating messaging for each.
Suppose your analysts segmented your customer base by deciles for lifetime value (where decile 1 is the most valuable).
Since a high customer lifetime value doesn't necessarily predict high referral value, segment customers based on how they measure up on both forms of value.
Instead, with data from OfferLink, the company can segment customers based on the types of places they shop, their location and how much they spent.
While most for-profit companies start with product and then subsequently segment customers based on profit potential (higher lifetime value and lower acquisition costs), the most successful nonprofits commit first to reaching an underserved population, which often includes higher acquisition costs and lower lifetime value.
It can be helpful to segment customers based on different factors in their journeys, such as size, market, product or service type.
"That's evolved into an industry that's really segmenting its customer base, since different customers have different needs," Rich Rzasa, vice chairman of TD Waterhouse, said.
A Harvard Business School marketing professor named John Deighton once came up with a vivid analogy to illustrate this and show why a business should sub-segment its customer base.
The challenge is to get them to give it their investment business too.Citigroup has grown big in Asian private banking and wealth management by rigidly segmenting its customer base.
And more importantly, you can also segment your customer base to target them with a customized email to make them come back, give them a promo code and more.
And DreamQuark can also segment your customer base and detect some patterns.
