Know your customers better and target them in the most relevant way
Simply put, the main idea behind customer segmentation and profiling is to know your customers better and then break them into specific groups that share unique characteristics. Having a full understanding of customers and knowing their transaction/behavior patterns will help businesses take informed decisions. Eventually, this helps businesses to deliver enhanced customer service and boost customer satisfaction.
Though ‘customer segmentation’ and ‘profiling’ are two sides of the same coin, there’s a subtle difference between them. While customer segmentation is all about dividing a company’s customer base into different groups that share specific characteristics based on demographics, geographies, buying behavior, and interests; customer profiling aims to know customers better and describe their types (persona).
Customer facing companies need to reposition their brand and target a niche customer segment. Focusing on the right target market is the key to increase sales and to make their brand as a de facto for that particular customer segment. To achieve these goals, SIA, Softweb’s Intelligence and Analytics platform, provides insights attained after categorizing different customer segments and profiles.
With AI-driven analytics, the existing data is analyzed and divided into respective product lineup for different customer segments.