Stay Ahead with with Updated Customer Segmentations
Are your customer segmentations both inspiring and current? Are they driving new product development that meets your customers' needs? Do these segmentations actively guide your marketing strategies? If not, rest assured, that you're not alone in this challenge!
Many companies invest in crafting segmentations but fall short when it comes to utilizing them effectively. At CPH Strategy, we redefine and update your segmentations by leveraging the insights of qualitative data.
The Importance of Enriching and Updating Customer Segments
Initially, segmentations feel invigorating, offering fresh insights and value to the business. They appear operational and promising, rooted in quantitative data like geographic, demographic, behavioural, and psychographic consumer knowledge. However, over time, and just as humans evolve, so do customer segments.
The key lies in regularly updating and enriching your customer segments to align with current trends and dynamics. This not only provides a more accurate picture for employees crafting strategies and products but also breathes new life into these segments, making them relevant and appealing once more.
At CPH Strategy, we offer businesses qualitative data on their existing segmentations, ensuring they are updated and relevant for use in strategy, product development, marketing, and more.
Suggested Process for Updating Customer Segmentations
Our process is customized for each specific company, but the general steps typically follow this outline:
Assessment of Existing Segments: Understanding and uncovering the existing segments within the company. How were they developed, and what data forms the basis for them?
In-depth Qualitative Exploration: Delving into each segment through focus groups, individual interviews, diaries, observations, or other methods.
Analysis and Refinement: Analyzing all qualitative data and refining/updating the segments with new insights.
Presentation of Full Report: Offering a comprehensive report on the updated segments.
Co-Creation Workshop (Optional): Conducting a collaborative workshop where segment representatives actively engage to generate new ideas, initiatives, services, and more, tailored to meet the specific needs of each segment.
Updating your segments isn't just about data adjustments. It's about reinvigorating your understanding of your customers' ever-evolving personas. It's about turning these segments into vibrant, actionable insights that drive innovation and cater to genuine customer needs.
Contact us if you're considering updating and enriching your customer segments. We're here to assist you in unlocking the complete potential of your customer base.
