IQR helps businesses segment their current and/or new customer bases into specialized smaller groups that are distinct in their needs, demographics and behavior. These customer segmentation models prove very useful when planning specialized offers for different segments. That’s because they are proven to dramatically increase response rates for a wide range of marketing campaigns.
These segmentation models are extremely useful for product development because they help business clearly understand the product and service needs of various segments. Every segment contributes differently to the business profitability; these models help make an informed decision on which segments to pursue (as opposed to the costly decision to pursue all segments). This helps a business to grow its bottom line more rapidly.
Segmentation models are also a great tool for strengthening and deepening existing customer relationships, as they provide valuable information for formulating cross-selling and customized management strategies.
To find out how IQR can assist your organization, please contact us.