This is how brands can successfully leverage customer data.
When I began working in CRM and analytics, brands segmented audiences in a highly rigid, top-down way. To attract high-value customers, for example, retailers might simply target consumers living in high-income zip codes. Two decades into my career, I still see many brands approach customer segmentation this way.
And yet in the digital age, brands no longer need such guesswork. Instead of a top-down model based on assumptions, they can work from a bottom-up approach based on reality. With the right tools, they can quickly identify who their HVCs really are. Then they can discover the key attributes these HVCs share, e.g. product affinities, online and off-line behaviors, demographics, etc.
I have worked with a number of top fashion retailers who have embraced modern segmentation. To help you do the same, I propose:Modern segmentation does not rely on a single type of behavior or demographic attribute. Rather, it takes into account the customer’s holistic interactions with your brand over time in order to identify profiles and preferences.
Just as important as behaviors, modern segmentation also takes into account “context.” In other words, is the customer in buying mode right now , and if so, what products and offers are attracting their attention in the moment? It is by combining the two that you can deliver the right message to the right person at the right time, via the right channel.To make “behavioral and contextual targeting” possible, marketers must be able to creatively combine datasets across four dimensions of first-party data, including:How do you jumpstart your journey to modern segmentation? Don’t try to drink the ocean — or petabytes of data — in a single gulp.
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