Profiling is a word that may initially make you feel uncomfortable based on what you might read or see on television. However, profiling can also be a great tool for marketers. Profiling is key in better understanding and marketing to customers and prospects.
One of the keys to success in sales and marketing is the ability to uncover the needs and wants of prospects and customers. Without that insight, you might as well be standing on a street corner barking your pitch to anyone within earshot!
So how do profiling, segmentation, or persona creation help and what do they do?
A customer profile is created to compare and contrast the differences between a customer base and the general population using statistical methodology that will indicate significant similarities and differences. For example, if the the general population for a geographical area had 20% of their homes valued at $300k to $400k and your customer base had 40%, (assuming sample size and other criteria are relevant) this would be a significant difference. Conversely, if the customer base was in the general range of 20%, that would not be significant. Considering this information and similar comparisons of additional attributes will begin to paint a picture of your client base and what makes them unique.
Customer segmentation is similar in some ways, but very different in others. Segmentation analyzation will group people into similar groups within your customer base. These groups will have enough similarities to create specific segments. It is not a comparison to the general population, but a comparison within the customer base as a whole. Additionally, it is not unusual to see three to five distinct segments formed by a segmentation analysis. Further segmentation may be possible based on customer base size, number of attributes, and completeness of data.
Personas are also different but often referred to when discussing a profiling and segmentation. Developing a customer persona involves having enough information to attach or define to a persona. These personas are then assign to each customer or prospect in order to classify them in some manner for some reason. It is important to remember that personas can change over time and people may move from one persona to another.
Altair Customer Intelligence partners with clients to better understand prospects and clients. Our data science team takes pride in understanding the statistical algorithms and applications. Use of Altair's extensive consumer databases to uncover thousands of data points is the starting point. Insight is key in your initial campaign, and the continued measurement and refinement only brings greater clarity and ROI over time.
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