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BiPM ENCYCLOPEDIA →
Functional Management →
SECTION - Customer Management →
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CHAPTER - Customer Segmentation and Profiling
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Customer Segmentation and profiling is the first step before we decide on how to retain, satisfy and maximize their profitability.
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Topics
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Customer segmentation firstly has to define on what do we mean by the customers, and also what should be and should not be done in customer segmentation.
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Customer segmentation can be done on multitude of parameters, This is just an indicative list. The key is to make sure that you are focusing on the parameters which are important for your business. One should avoid the trap of making customer segmentation too complex an exercise.
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A customer segment can drive actions across various functions like product development, sales approach and services management. However, one does not need to come with lot of independent actions.
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This is just a high level statement on the approach, and some cautions along with. In customer segmentation, one has to be prudent to maintain a balance on the level of segment. One also has to know early on the invalid or irrelevant segments.
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Customer segmentation analysis has to manage the internal data on existing customers as well as the external data on prospects. The external data has a challenge of being dirty and in diverse formats. Most of the data management issues are linked to managing the external data.
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Customer segmentation related analysis does not have an urgency of running a business. Therefore, it may be missed out in comparison to sales analysis or supply chain analysis. Once segmentation is done, it is done again after a gap of at least a year. A regular analysis, will help you to validate your assumptions and also throw some signals on how the customers are moving across the segments.
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All Chapters in "Customer Management." Section
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