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Customer segmentation

 

You can improve your marketing strategy in several ways. But segmenting your customers is perhaps one of the easiest ways to improve it. Your customer database probably consists of a lot of people and splitting these up is logically better for setting goals.

Different needs

Today, the key to success is to better understand the customer. It helps you to not only do more business with your customer but more importantly, better. When you understand the different needs your customers have, you will be able to better define the growth areas and address them with targeted campaigns.

Segment purchase data

Segmenting your customer data can be done in several ways. In RFM analysis, we segment purchase data by recency (last purchase), frequency (how regularly) and monetary (how much). This data speaks for itself and thus leaves no room for misunderstanding. On each of these elements the customer is given a score, in this way you can then assign an average score to each customer and then allocate him or her to a category.

This analysis can save you a lot of money. Just think about that discount code you sent out to your entire customer base a short time ago. For a large part of your customers, this code had little use and, of course, that costs you money. Address only the customers who need the discount to ensure your customer retention.

RFM Analysis

Making your company a data-driven business is a process that requires several steps. Segmenting customer data based with the well-known RFM analysis is a great first step. Gaining deep knowledge of your customers ensures that targeting will be much better and allows for a higher return on investment.

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