Collected customer data is precious when we can use it. That’s why we perform data analysis. Analyzing data we can understand that some customers or their behavior is similar to each other and, therefore, can be grouped or segmented together. Even in case with million customer records we may identify just a few segments. These segments may represent similar customers, e.g. grouped by gender, age, location, etc. and it can help perform a comparative segmentation analysis. If you would like to do a deeper data mining you may want to analyze each segment separately. Inside each segment you may see different behavioral patterns. By defining similarities and differences you can segment and cluster inside each segment.
Clustering methods are based on two types of observations: when we can define what is similar and what is different within the same segment. These observations are the main part of cluster and segment analysis.
Segmentation analysis is very useful for market surveys. If you want to look at customers who may represent possible consumers of your product or service you may perform a segmentation analysis. For example, you would like to understand what age and gender group would have an appeal for a new product you are planning to launch. Incorporating specific, well-directed questions into your questionnaire will allow you to reveal the varying appeal to men and women of different ages. Follow up segmentation analysis will make it possible to build a pinpoint marketing strategy based on actual findings/insights and not on instincts. You will be able to adjust market size and select correct target group. Segmentation analysis may help increase your chances for higher response rate, better ROI, and improve upcoming marketing strategies. Segmentation analysis for survey data may be a rewarding tool for product/service development, concept evaluation, market research.
Customer satisfaction represents another type of market surveys. To keep a prosperous business it is vital to know how happy your customers are. In other words, you need to get customer feedback on products/services that you offer. Customers experiences may differ. Therefore, including correct questions in your survey will let you segment your clients and reveal the issues. It may help understand how to improve your product/service to drive sales and maintain your company reputation.
Segmentation analysis of survey data may be employed by various departments and trades. HR departments might segment survey data by positions in the company or management performance. Universities might be interested to understand the differences in courses’ taken and post university employment. These lists might be unlimited.
Prior to compiling a survey, it is vital to see clearly the objectives, goals of segmentation analysis. You need to foresee how you will segment. Your survey questions should be right, definite and well addressed. It will simplify post analysis and ensure accurate and complete segmentation analysis of the collected survey data. Correct and timely segmentation analysis of survey data is essential for successful marketing campaigns and overall company’s prosperity. It may help sell to a precisely selected customer group, deliver better services to individual customers or other businesses, refine and pinpoint marketing strategies.
If you have conducted a survey that you want to analyze, StrategicDB can help.