MWI boasts a marketing analytics staff not only with extensive Marketing Research analytics expertise, but with Database Marketing experience as well. In no analytic discipline are we better served by this experience than Market Segmentation.
We delve into any client inclinations or opinions on the appropriate criteria to be used to segment customers. Is a needs/benefits most appropriate, or is segmentation based on value most beneficial? We leverage our expertise to highlight the strengths and weaknesses of each segmentation approach.
Although we favor Latent-Class segmentation methods (also termed “Finite Mixture Modeling”) because segment definitions are more readily transferable to underlying populations and model assumptions are less rigid, we can also pursue a K-means clustering approach for deriving segments, if deemed more appropriate.
Listed below is a depiction of MWI’s Strategic Approaches to Segmentation. This is the foundation of our consulting-based meetings we hold to kickoff the requirements gathering for our clients’ customized segmentation solutions:
Exhibit A – Strategic Approaches to Segmentation
We like to emphasize that we can develop creative ways to segregate customers by less tangible criteria, such as customer value. In looking at customer value, we’ll not only gauge customer spending, but important measures such as years of patronage and likelihood to recommend to other customers.
To learn more about MWI’S Market Segmentation capabilities, click click here to request more information.
