Best Practices in Segmentation
We have posted in the past about syndicated segmentation frameworks for Marketing (Time for a Segmentation Reset? & Segmentation and Big Data). All sorts of companies, big and small, have found that applying segmentation best practices can help drive improved marketing and sales performance, as well as operational efficiency. It can also help to create a better, more personalized customer experience across multiple functions, channels and touchpoints.
In a new Best Practices for Segmentation eBook, we explore common segmentation pitfalls and share fresh ideas, tactics and resources. These can help you create a more dynamic segmentation strategy that performs well for your broader organization to help measurably improve marketing efficiency, performance and business profitability.
Download the eBook – Best Practices in Segmentation today!
Many Equifax clients have used syndicated segmentation frameworks to help implement best practices, overcome departmental silos and better utilize their internal data.
Here are some key points to consider:
- Better leverage the data you collect – In the era of big data it is sometimes hard to identify what you have that is the most relevant to marketing campaigns. It is important not to let a “just because you can collect it – you should” mentality drive your consumer insights efforts. But it is important to leverage in-house data in your segmentation.
- Tie your data to third-party data to augment and enhance your consumer insights – While you typically have great insights about your customers and their relationship with you (what they bought, how much, how often, where, etc.) you may not know what they do or buy elsewhere, how much they spend or what their predicted financial capacity is to buy your products, etc. Household economic data can help provide an augmented view of customer spending and – potentially a huge benefit – can be expanded to prospects as well.
- Consolidate insights across the enterprise – Rather than having data languishing in departmental silos, a syndicated segmentation framework can help your data and insights contribute to decisions across the enterprise – from merchandising to location planning to branding. In addition, it helps provide consistency across all consumer touch points.
A framework should help augment what you already know about your customers, it can facilitate looking at your data assets through one “lens” across the enterprise and provides a vocabulary for everyone to be on the same page.
Personalized marketing is possible – It goes a long way towards creating customer satisfaction and brand loyalty. Many organizations start with leveraging their data and insights to apply to email and direct mail and then build from there. The ultimate goal is to have one consistent and holistic view of each customer, and treat them consistently across channels.
Flexibility is key – What’s more, as business needs evolve, a syndicated segmentation framework can be adjusted to help realign all the moving parts—internal data, third-party sources and customer segment groups—to address fast-changing conditions, emerging marketing practices, and demands in the consumer market.
And, having the flexibility to view all customers across an organization through a single lens, while still being able to drill down and identify unique groups by department, channel and more, helps empower teams to improve the customer experience and outcomes at every touchpoint.
Learn more about syndicated segmentation and how it can help marketers and their organizations.
Download the eBook – Best Practices in Segmentation
Recommended For You
If your organization handles consumer data, it’s time to start working on compliance with the California Consumer Privacy Act (CCPA). […]
Did you know that 35% of U.S. households live in rental housing? It’s true.  But most renters’ on-time housing […]
Financial institutions are struggling to keep up with evolving fraud tactics. They tell us their top areas of concern are […]
Since the last U.S. recession in 2008, financial risk management has seen significant changes. Lending requirements are tighter, verification procedures […]