Customer satisfaction is the secret sauce for businesses to succeed. But to truly understand customer interests and behavior, businesses need to devise customized approaches that can help them satisfy the needs of different market segments. This is where most companies tend to struggle as they find it difficult to comprehend customer buying preferences and drive customer loyalty. Market segmentation analytics turns out to be the key to building that understanding and gaining detailed insights into various market segments. Also, with the proliferating marketing platforms in today’s business landscape, market segmentation analytics has become a prerequisite for companies looking to reduce attrition, improve customer engagement, streamline mass customization and grow niches marketing capabilities.
The client is a beverage manufacturer based out of Canada. With years of specialization in offering excellent customer service, the client wanted to assess customer perceptions through a market segmentation strategy, before the launch of their new drink. This is when they approached Quantzig to leverage its expertise in offering market segmentation analytics that would help them drive customer loyalty and improve profitability.
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The client, a leading beverage manufacturer, was planning to launch a new energy drink. Before the launch, they wanted to understand the perception of customers towards their brands. They were finding it difficult to better understand business performance and improve resource allocation to achieve business goals. Also, the beverage manufacturer was looking to identify areas of improvement and drive performance consistently across businesses, products, channels, and customer groups. Additionally, the client wanted to integrate data visualization dashboards to gauge and analyze different market segments. This is when they approached Quantzig to leverage its expertise in offering market segmentation analytics solutions that would help them understand different market segments, predict their behavior and effectively engage them well in advance for improving sales.
Solution Offered and Value Delivered
Quantzig’s market segmentation analytics experts adopted a comprehensive three-step approach to help the client tackle its core business challenges, launch new products and promote existing products to trade-up low-tier consumers.
The first phase of the market segmentation analytics engagement focused on building a consolidated data visualization dashboard for effective market segmentation analysis and improve decision-making.
In the second phase of the market segmentation analytics engagement, experts focused on the integration of disparate data sources including campaign data, customer data and competitor research data.
The third and final phase of market segmentation analytics engagement revolved around using market segmentation models to help the client improve performance at the granular levels and enable them to mitigate risks in real-time.
Talk to our market segmentation analytics experts who can help you gain a 360-degree view of customer behaviors and devise suitable strategies to categorize them into homogenous segments.
The solution offered helped the client to identify opportunities for global campaigns and product innovation and create a customized market segmentation dashboard to track customer behavior in real-time. Also, the client was able to do comparative data analysis about different market segments.
Quantzig’s market segmentation analytics engagement also helped the client to:
- Improve profitability by 39%
- Analyze KPIs and key drivers of customer satisfaction
- Devise suitable market segmentation strategies to counter the decline in sales