What is customer segmentation?

Let us summarise the 5 key takeaways from this video:

1. Few organisations have the resources to target large global markets.

2. Customer segmentation is defined as the art of defining meaningful differences between group of customers to form the foundations of a more focussed marketing effort.

3. Some of the key approaches to segmentation are: demographic, geographic, geodemographic, psychographic, behavioural, multi-variate.

4. The implementation of segmentation can be concentrated, differentiated, or undifferentiated amongst others.

5. A key benefit of customer segmentation is that customers can find products that meet their needs more fully.

We will look at these point in more detail during the next 3 weeks.