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Consumer Segmentation

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Embrace the different characteristics of your customer and cater to each of them in a unique manner.

Consumer segmentation can help you divide your target audience into groups based on common characteristics. Through our experience, we at Bizcon have recognised that this will help you create strategies that are more focused which will end up yielding better results. Primarily, this acts as an extension of your audience research and needs to keep the goals and vision of your business in mind while creating meaningful segments and dividing the audience into them in a standardized manner.

Customer segmentation can be more in-depth, which factors in the entire customer journey and takes their psychology into account for more refined customer segmentation. Always remember to establish the purpose for which this customer segmentation is being done and accordingly create buckets that are more suited to the needs.

Our customer segmentation analysis involves conducting data-backed research on your target audience and creating the most accurate segments based on their usage. Our aim is to give your business the much-needed clarity through this customer segment, based on which you can draw up effective strategies.

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    The common segments that the customers are usually divided into are as follows. Customer segments based on who they are:

    If the target audience falls between 18 to 40 years of age for FMCG products, it might help to divide them into two segments. The younger segment could be captured through social media and influencer marketing, while the older segment could be captured through offers running in stores, both online and offline.
    A customer’s geography has a huge impact on how the business can approach them. These segmentations are especially important to understand which location is contributing to the most amount of sales. Geographies play a huge role in determining business strategies, especially for seasonal items.
    When customers are segmented based on their urbanisation, the tone of voice and language used could be different to target the respective audiences in a much more focused manner. For instance, the prices for a courier or delivery-based platform would also differ based on this metric. It would be crucial to track the revenue from both segments separately for better analysis.
    Customer segmentation based on income can help businesses plan their sales and marketing services, keeping the spending capacity of the customers in mind. Different products can be curated for different customer segments keeping their income in mind, and this can also drive the pricing strategies of the business. This will also help you factor in how much of their wallet is dedicated to your products and if there is a scope to increase it.
    Having an insight into who the customers are living with can help more targeted sales efforts that build a buyer persona to fine-tune different strategies. For instance, someone living with family is more likely to spend on home decor that looks good, whereas someone living alone might want more practical home decor items.

    Customer segments based on what they do:

    How customers interact with your business is an important basis for performing customer segmentation as well.

    Customer retention activities are often carried out to increase the customer life cycle for the customers which could potentially show long-term loyalty to your business. Knowing these details and then dividing the customers into segments will help you plan a more focused approach to how to deal with each segment individually.

    The amount of products or services that each customer takes from you is an important metric for segregating customers into different segments. Though it may feel like the customers with the larger basket size are more important to the brand, offering a good service to the customers with a smaller basket size has a higher potential of converting them into regular customers.
    How much is each customer contributes to your revenue needs to tracked along with the basket volume to distinguish the high ticket customers from the regular customers. The average spend of each customer through a pre-defined time period could help you assess whether customers prefer purchasing at once or more regularly. This could then build towards developing a more attractive pricing strategy.
    Dividing customers based on the tenure they stay associated with your brand is an important metric to keep track of. This will help you create strategies that will convert more customers into the segment that stays with your business for a long duration of time through customer retention activities.
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