Give the first 3 steps on how to segment your customers.

Tabulate your data, Cross-Tabbing, Cluster Analysis

Customer personas are function customer based on real data obtained from customer segementation analyses, ethnographic,_________ ,_______ , and ________ .

Research, Surveys and Interviews

These will Constitute your “set character” the product or marketing teams should focus on.

Identifying and Refining Personas

Collecting the appropriate data

Be sure you know that the data you need exists, or that you’ll be able to collect and analyze it.

✓Analytics that focus on the customer:

To do the most with customer analytics, you’ll want to gather data for each customer, not aggregated data at product or company levels.

✓Analytics that focus on the customer:

Planning, collecting, and analyzing data is only good if something is going to be done about the insights.

✓Analytics that focus on the customer:

Total revenue by product is often at too high a level to understand what’s driving purchases. In many cases, you want to obtain customer transaction data at the product level.

Transaction data at the right level of detail:

Tips for successful customer segmentation

Start with the end goal in mind, Be open-minded, Use existing data, Use multiple sources of data

When your data is organized, you can estimate how many customers are in a particular segment.

Estimate the value of each segment

 Conducting a new survey  Interviewing customers  Observing  Usability testing  Secondary research

COLLECTING THE APPROPRIATE DATA

IDENTIFYING AND REFINING PERSONAS

How much is it going to cost to acquire new customers?

✓ Explore investment acquisition cost:

✓ Explore allowable acquisition cost:

How much can you afford to spend to get a customer who will continue to return for repeat business?

✓ Explore allowable acquisition cost:

✓ Explore investment acquisition cost:

However, the method is quite easy and you can get a good estimate of your CLV with relatively little data. It’s a three-part process:

Estimate revenue, Calculate the CLV, Identify profitable customers

These will constitute your “set character” the product or marketing teams should focus on.

IDENTIFYING AND REFINING PERSONAS

COLLECTING THE APPROPRIATE DATA

Look for themes and patterns that are relevant and based on behaviors and goals. Look for patterns around:  What they expect to accomplish with your product?  How they go about achieving their goals?  What their technical background or product proficiency is?

IDENTIFYING AND REFINING PERSONAS

COLLECTING THE APPROPRIATE DATA

GETTING MORE PERSONAL WITH CUSTOMER DATA STEP

COLLECTING THE APPROPRIATE DATA, DIVIDING DATA, IDENTIFYING AND REFINING PERSONAS

To determine which customer segments are economically the most important to you, estimate the percentage of customers in a specific segment who are going to purchase your product within a specific time period and the amount of revenue you expect from each sale.

Estimate the value of each segment

A more advanced technique used to identify segments is based on clustering algorithms such as cluster analysis, factor analysis, and multiple regression analysis. These techniques identify statistical patterns that are hard to detect intuitively.

Estimate the value of each segment

analyzing the data to segment your customer

Tabulate your data, Cross-Tabbing, Cluster Analysis, Estimate the size of each segment, Estimate the value of each segment

Segmenting by the Five W’s Okay, it’s actually five W’s and an H.

WHO, WHERE, WHAT, WHEN, WHY, HOW

CA (Reviewer)

Quiz

•

Professional Development

•

University

•

Practice Problem

•

Hard

Nicole Locsin

Used 8+ times

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100 questions

Show all answers

1.

FILL IN THE BLANK QUESTION

1 min • 1 pt

The purpose of business is to create and keep a customer. This statement
was made by

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This is data that has equally split intervals
between each value.

Interval

Ratio

Ordinal

Nominal

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

One of the first steps to take in customer segmentation is to think about what
makes sense for your organization.

True

False

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All customers are created equal.

True

False

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

If you’ve ever watched a show on Netflix or purchased a book on Amazon, then
you’ve seen the value of segmenting to predict and encourage future purchases.
This practice is called predictive analytics.

True

False

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the purpose of customer segmentation?

To collect customer data

To analyze customer data

To organize customer data

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it important to estimate the size of each segment?

To identify potential growth opportunities

To determine market competition

To improve marketing strategies

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CA (Reviewer)

100 questions

The purpose of business is to create and keep a customer. This statement
was made by

This is data that has equally split intervals
between each value.

One of the first steps to take in customer segmentation is to think about what
makes sense for your organization.

All customers are created equal.

If you’ve ever watched a show on Netflix or purchased a book on Amazon, then
you’ve seen the value of segmenting to predict and encourage future purchases.
This practice is called predictive analytics.

What is the purpose of customer segmentation?

Why is it important to estimate the size of each segment?

Give the first 3 steps on how to segment your customers.

Are fiction customer based on real data obtained from customer segmentation
analyses, ethnographic, research, and interviews.

Unusual scenarios that include all the things a customer might do with software but
probably wouldn’t do most of the time are called what?

Create a free account and access millions of resources

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Professional Development

CA (Reviewer)

100 questions

The purpose of business is to create and keep a customer. This statementwas made by

This is data that has equally split intervalsbetween each value.

One of the first steps to take in customer segmentation is to think about whatmakes sense for your organization.

All customers are created equal.

If you’ve ever watched a show on Netflix or purchased a book on Amazon, thenyou’ve seen the value of segmenting to predict and encourage future purchases.This practice is called predictive analytics.

What is the purpose of customer segmentation?

Why is it important to estimate the size of each segment?

Give the first 3 steps on how to segment your customers.

Are fiction customer based on real data obtained from customer segmentationanalyses, ethnographic, research, and interviews.

Unusual scenarios that include all the things a customer might do with software butprobably wouldn’t do most of the time are called what?

Create a free account and access millions of resources

Similar Resources on Wayground

Popular Resources on Wayground

Discover more resources for Professional Development

The purpose of business is to create and keep a customer. This statement
was made by

This is data that has equally split intervals
between each value.

One of the first steps to take in customer segmentation is to think about what
makes sense for your organization.

If you’ve ever watched a show on Netflix or purchased a book on Amazon, then
you’ve seen the value of segmenting to predict and encourage future purchases.
This practice is called predictive analytics.

Are fiction customer based on real data obtained from customer segmentation
analyses, ethnographic, research, and interviews.

Unusual scenarios that include all the things a customer might do with software but
probably wouldn’t do most of the time are called what?