Segmentation and Laser Focused Marketing
"GISbanker's data enhancement and segmentation services have been instrumental in helping us stay ahead of the competition. By using their platform to analyze our customer data, we have been able to create highly targeted segments that are more relevant and engaging than ever before, resulting in increased customer engagement and loyalty." California Casino
What is Segmentation?
Market Segmentation is Segmentation is the process of dividing a larger market or audience into smaller groups or segments based on similar characteristics or needs. By segmenting a market, businesses can better understand their customers and tailor their marketing efforts to meet the specific needs and preferences of each group. One of the most effective ways of segmenting the market is by using customer data enhancement, Geographic Information Systems (GIS), and statistical modeling.
Customer Data Enhancement involves consolidating and analyzing customer data from various sources to create a comprehensive and accurate customer profile. This includes data such as demographics, enhanced location data, purchase history, and online behavior. By enhancing this data, businesses can gain a deeper understanding of their customers, their needs, and their preferences.
GIS is a powerful tool that enables businesses to visualize and analyze data in a geospatial context. By mapping customer data onto GIS, businesses can identify patterns and trends in customer behavior based on their location. This can help in identifying areas with high potential for sales, understanding the impact of location on customer behavior, and targeting specific geographic regions with tailored marketing messages. Some of the GIS tools that can be used include: drive time analysis, Cluster analysis, and hot-spot analysis.
Statistical modeling involves using mathematical models to analyze customer data and identify patterns and trends. This can help in predicting customer behavior, identifying customer segments, and developing targeted marketing messages and offerings. Statistical modeling can also be used to test the effectiveness of marketing campaigns and optimize marketing strategies. Some of the statistical analyses that can be used include regression analysis, cluster analysis, and multiple regression analysis.
The combination of customer data enhancement, GIS, and statistical modeling can provide businesses with a powerful tool for market segmentation. By segmenting the market based on customer data, location, and statistical modeling, businesses can create targeted marketing messages and offerings that appeal to specific groups of customers. This can result in increased customer engagement, higher conversion rates, and increased revenue.
If you want to improve your segmentation strategy – follow these five easy steps
- The first step of conducting a Segmentation analysis is to visualize your market by using GIS mapping software like Maptitude Mapping Software. The GIS software helps identify patterns and trends that may not be immediately apparent when looking at raw data.
- As part of this visualization we need to define you Primary Service Area(PSA). This is the area where the majority of your customers originate. We often use a Drive Time Analysiswhich looks at uses actual street networks and approximate driving times to the office facility.
- Next we'll use statistical software to analyze correlations and other relationships between different enhanced customer variables. This allows us to identify patterns and trends present in the data more easily.
- Cluster Analysis in GIS, is a technique used to group similar companies together based on their company characteristics and visualize where the concentration are geographically. This can help to identify patterns and trends in the data and can be useful in developing targeted marketing and sales strategies.
- Regression analysis, a statistical method, that allows us to analyze the relationship between two or more variables. This can help to identify trends and patterns in the data and can be useful in predicting future outcomes based on past data .
Benefits of Customer Segmentation and Customer Data Enhancement
Now that you know what segmentation is about, let's talk about how it can be used to improve your marketing strategy:
- Targeted marketing: Understanding a who are your customers are and how they groups together, it can be used to create targeted marketing campaigns that speak directly to their needs. For example, retired couples may respond to different incentives, compared professional individuals and need messaging and marketing materials should reflect that.
- Customized offerings: Businesses can use segments to create customized offerings that cater to the unique needs of different segments. For example, a bank may offer specialized lending products for startups or tailor their cash management services to fit the needs of mid-sized businesses.
- Location-based targeting: As long as there is no discrimination in the service offerings, businesses can also use Segments to target households based on their location. For example, a casino may offer specialized programs or gaming offers to households located in a particular region or city.
- Improved customer experience: By using degmentation to segment their customers, banks can provide a more personalized customer experience. By understanding a customer's unique needs and preferences, banks can provide more relevant recommendations and solutions
GISBanker offers Customer data enhancement services that can help you understand your best customers better.
Here is a summary comparing GISBanker and the market segmentation analysis companies mentioned earlier:
- GISBanker Market Segmentation Analysis Focus based on Geographic Information Systems (GIS) and statistical analysis combined with customer data enhancement
- GISBanker Market Segmentation Core Services using GIS mapping, statistical data analysis, and visualization
- GISBanker Focus Financial service industry, hospitality industry and Casinos. Real estate, urban planning, government agencies
- GISBanker offers Various industry Data Sources to integrates with external data sources and offers a customizable solution
- Pricing varies based on project scope and requirements
- Key Differentiators Specializes in GIS and location-based data analysis, offers a user-friendly range of research methods, has expertise across various industries
- GISBanker has established relationships with several third party data providers, including Equifax, Claritas, Data Axle, Hoovers D&B, TransUnion, and Alesso Data.
Moreover, we have the experience and knowledge to select the best data for your project, and provide statistical and analytical assistance to help you create market driven segments, build profiles and models that describe your best customers and the relationship to your products and services.
Segmentation can definitely be used to improve a business's marketing strategy in various ways, such as:
1. Targeted messaging and campaigns that speak directly to the needs of each segment.
2. Customized offerings that cater to the unique needs of each segment.
3. Location-based targeting that can help businesses reach customers in specific regions or cities.
4. Improved customer experience by providing personalized recommendations and solutions.
By using GISBanker's data enhancement and segmentation services, businesses can enhance their customer data and gain deeper insights into their customers' behavior, preferences, and needs. This, in turn, can help businesses create more effective marketing strategies that target the right customers with the right message, resulting in increased customer engagement and loyalty.
If you are interested in knowing more about our service, please contact us here:
Steve Bouton, Director (619)917-7596 for more information. Or Click here to email for more details