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What is Customer Segmentation and How is it Used?
From The Buxton Co
Segmentation is one of the most powerful customer analytics tools in marketing, however, it is also the most misunderstood.
What is segmentation?
Segmentation is the process of dividing customers and prospects into different groups, each of which share characteristics and behave similarly within a segment, but look and behave differently across multiple segments.
How will segmentation improve my business?
Not all customers are the same. Segmenting allows you to more precisely reach a customer or prospect based on their specific needs and wants. Segmentation will allow you to:
Better identify your most valuable customers
What are the different types of segmentation?
Selecting the approach thats right for your business depends on your business objectives and the data at hand. No matter which option you choose, segmentation will better allow you to target your ideal customers and reduce the costs spent targeting those outside of your ideal customer segments.
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