Businesses seek segmentation and profiling services for many reasons, but the first step is understanding your goals. From there, we can build a segmentation model tailored to achieve those objectives.
At StrategicDB, we focus on understanding the purpose behind segmentation, exploring the types of goals you may have, and showing how we can partner with you to take your business to the next level.
Demographic segmentation groups leads, customers, or prospects based on characteristics such as age, gender, race, income, marital status, homeownership, and more. This is the most common type of B2C segmentation and can be used in scoring models and marketing campaigns to better target your audience.
Behavioral segmentation groups your audience based on their actions, such as purchasing a specific product or downloading a particular whitepaper. If you want to identify segments based on user behavior and interactions with your brand, we can help build and run a segmentation model
Geographic segmentation divides your audience based on location. This can include targeting specific states, focusing on rural versus urban populations, or localizing your app into different languages. If you’re looking for a segmentation model to identify the best geographies to target and which products to promote, we’d be happy to help.
Psychographic segmentation groups your audience based on lifestyle, values, and interests. For example, marketers can target individuals who travel with travel deals, or create ad campaigns that resonate with people who share specific values.
Price segmentation involves offering different prices for the same or similar products and services. For example, dentists may charge different rates based on insurance or cash payments, or car dealerships may offer special discounts to loyal clients. StrategicDB can analyze different segments and perform price elasticity calculations to determine optimal pricing.
Firmographic segmentation groups companies based on their characteristics, similar to how demographic segmentation groups individuals. This can include factors such as industry, revenue, number of employees, geographic location, technology usage, and other company traits. Firmographic segmentation is especially useful for B2B marketers who want to target companies based on their specific attributes.
Segmentation analysis will help increase ROI, improve marketing communications, increase conversion, help establish new markets and opportunities, improving customer retention, having a competitive advantage and improve customer experience. There are many pros to doing a proper segmentation analysis.
Firmographic data requires information about your current customers as well as prospects. If this data isn’t available, it can be obtained from third-party data providers that specialize in appending firmographic information. The more data you have, the more effective your segmentation will be.
Running a segmentation model involves gathering data and then analyzing to see what groups behave similarly based on psychographic, demographic, behavioral, firmographic and geographic traits. Once those groups can be identified you can then define profitable and less profitable groups and utilize it in your marketing campaigns.
As a segmentation agency, there are risks with segmentation, mostly related to price segmentation which could impact the brand’s reputation. For example, providing different mortgage rates based on geographic location could impact the rate of low risk customers that live in a high risk area. However, when done right, and with proper testing, it has more upsides than downsides.
The cost of running a segmentation model, is based on what is needed and the amount of data available. To get a custom segmentation model cost, contact StrategicDB a segmentation company.
As a digital marketing company, we utilize segmentation model anywhere from lead scoring for B2B (typically using firmographic and behavioral segments), deploying different emails based on segments, running marketing campaigns based on demographic and psychographic traits, we establish pricing bundles and sales based on pricing segmentation especially for loyal customers or win-back promotions.