customer segmentation Archives - Business Intelligence

Tag: customer segmentation

market segmentation

A Consumer Electronics Company Personalized Marketing Advertisements for Different Target Audiences by Leveraging Market Segmentation Analysis

Market Segmentation Analysis

The global consumer electronics industry is undergoing a rapid phase of change as leading brands are increasingly focussing on developing personalized product and service offerings for their customers. Also, with the proliferating marketing platforms today, making marketing and promotion more organized and targeted is becoming pre-requisite for businesses. This is where the real power of leveraging market segmentation analysis comes into play. Market segmentation analysis helps businesses to enhance customer retention, establish brand identity, better customer relationship, and increase sales conversion.

Market segmentation analysis can help you to efficiently group customers with similar characteristics together and create better value for them. Request a FREE proposal today!

Business Challenge

The client is a consumer electronics company based out of North America.

The client, a consumer electronics company, was looking to devise a sound marketing strategy to market their new digital cameras. They wanted to efficiently utilize their marketing budget to focus the most lucrative customer segments. To do so, they wanted to understand their customers’ needs and demands and categorize customers with similar requirements together. By doing so, they wanted to personalize marketing advertisements for different target audiences. They approached the experts at Infiniti Research to leverage their expertise in offering market segmentation analysis.

Other key objectives that the client wanted to achieve by leveraging Infiniti’s market segmentation analysis were:

  • Focus the most profitable customer segments and enhance customer retention
  • Better reach out to the target audiences and enhance competitiveness
  • Devise personalized product/service offerings for their customers and better customer relationship
  • Identify the right marketing channels to reach out to the target customers’

Contact us to know how our solutions can help you build an ideal market segmentation strategy.

Our Approach

To help the client tackle the above-mentioned challenges, the experts at Infiniti Research conducted a four-phased approach that involved:

Customer needs assessment to analyze the evolving needs and demands of target customers

Customer satisfaction survey to understand the satisfaction level of customers regarding the client’s product and service offerings

Sales assessment to evaluate the market potential for the new product in the next five years

Customer segmentation analysis to group customers with similar characteristics and needs together

Results Obtained

By segmenting customers into different sub-categories, the client was able to gain detailed insights into their customer segments. This helped them to devise personalized offerings for them. By leveraging Infiniti’s market segmentation analysis, the client was also able to create targeted advertising and marketing campaigns for different subsets of customers.

In addition, with Infiniti’s market segmentation analysis, the client was able to:

  • Increase competitiveness
  • Enhance customer retention and reduce churn rate
  • Enhance sales and revenue
  • Efficiently utilize marketing budget

Our market segmentation analysis will help you assess changes in customer behavior and measure the effectiveness of a marketing campaign. Request for more info here!

Market segmentation

Streamlining Marketing Initiatives and Increasing Sales by 33% for a CPG Company | Market Segmentation Approach

Market Segmentation Analysis for a CPG Company

The consumer packaged goods (CPG) market landscape has changed dramatically over the past few years, and so have the expectations of customers. Today, modern customers value businesses that identify their individual needs and meet their expectations. As such, CPG companies will need to restructure their business models and adopt a more personalized strategy. This is where companies realize the real power of leveraging market segmentation analysis.

Our target market segmentation analysis can help you to introduce products that truly matches the demands of your target customers. Request a FREE proposal today!

Business Challenge

The client is a CPG company based out of the United States.

Our client, a retail firm, faced difficulties in differentiating its brand from its competitors. Also, the client’s inability to reach out to the right customers through targeted marketing initiatives resulted in huge losses for the company. As a result, the client had limitations with their budget for marketing and advertising. The client, therefore, realized the need to segment their target customers and personalize offerings for them. To do so, they approached the experts at Infiniti Research to leverage their expertise in offering market segmentation analysis.

With Infiniti’s market segmentation analysis, the client also wanted to:

CapturePersonalize product and service offerings – With Infiniti’s market segmentation analysis, the client wanted to categorize their customer segments into various groups based on their spending patterns, buying behavior, interests, and value for the brand. By doing so, the client wanted to make marketing, product development, and customer service more effective by devising personalized approaches for different groups.

Enhance marketing campaign – By leveraging Infiniti’s market segmentation analysis, the client wanted to analyze their customers’ needs and requirements to personalize marketing initiatives for them. Also, they wanted to determine ways to acquire new customers, build brand loyalty, and build awareness around specific products.

Increase customer engagement – By leveraging Infiniti’s market segmentation analysis solution, the client wanted to constantly track customers’ activities within various groups. By doing so, they wanted to restructure their business models to meet their customers’ rising needs.

Our market segmentation analysis can not only help you to increase your competitiveness but also allows you to accurately set product prices for your different customer segments.

Our Approach

The experts at Infiniti Research conducted a three-phased approach that involved:

A customer needs assessment to analyze the evolving needs and demands of customers. This phase of the market segmentation process also involved categorizing customers with similar needs and demands together.

A customer satisfaction analysis to identify how well the client’s products and services satisfied the changing needs and demands of customers. This phase of the market segmentation engagement also involved identifying reasons for customer churn.

A marketing strategy engagement to devise a solid marketing plan for product promotion.

Results Obtained

Infiniti’s market segmentation analysis helped the client to segment customers into various groups based on their spending patterns, buying behavior, interests, and value for the brand. This helped the client to make marketing, product development, and customer service more effective by personalizing initiatives for different groups. Also, customer segmentation analysis helped the client to constantly track customers’ activities within various groups and restructure their business strategies to meet their rising needs and demands.

Also, by conducting a customer satisfaction survey, they were able to identify dissatisfied customers and provide them with products or services they’re looking for. Market segmentation analysis also helped the client to identify the best prices to target new customers and set profitable prices for their products and services. The client was also able to streamline their marketing initiatives and achieve huge savings on their marketing budget. The CPG company increased sales by 33% within one year of leveraging our market segmentation analysis.Capture

Want to gain more insights into our market segmentation services portfolio and their benefits for your business? Request a FREE brochure here!

benefits of market segmentation

Infiniti’s Retail Customer Segmentation Strategy Elevates Sales by 17% for a German Retailer

Retail customer segmentation

Today, with a multitude of choices available for customers, personalization of shopping experience has become vital for retailers to increase sales and customer retention. Also, retail companies are under the pressure to efficiently segment their customers base and devise targeted marketing campaigns to attract lucrative customer groups. This is where companies realize the real power of leveraging retail customer segmentation analysis. Consequently, retail companies are partnering with firms like Infiniti Research to leverage their expertise in offering retail customer segmentation analysis.

Are you looking to tailor your marketing strategies for your high-value customers? If yes, our customer segmentation analysis can help. Request a FREE proposal today!

Business Challenge

The client is a retail company based out of Germany. The client’s unstructured approach to product marketing turned out to be costly for the company. Also, the company started losing their valuable customers to their competitors. This impacted the company’s sales rate and subsequently affected the overall sales rate. The client, therefore, realized the need to improve personalization with advanced retail customer segmentation strategy. To do so, the client approached the experts at Infiniti Research.

Furthermore, by leveraging Infiniti’s expertise in offering retail customer segmentation analysis solution, the client also wanted to tackle challenges such as:

Segmenting based on touchpoint engagement

With Infiniti’s retail customer segmentation strategy, the client wanted to categorize customers based on how they interact with the business post-purchase. By doing so, they wanted to devise marketing campaigns based on their customers’ behaviors and demands.

Segmenting based on purchasing patterns

With Infiniti’s retail customer segmentation analysis, the client wanted to analyze their past sales data to identify most frequent customers, identify highest value customers, and understand their needs and demands. By doing so, they wanted to devise value maximization strategies to enhance their market share and customer retention.

Rising need for customization in marketing

Today, with customers having more choices than ever before, major retailers have already started segmenting customers based their shopping patterns and spending behavior. Therefore, by leveraging Infiniti’s retail customer segmentation analysis, the client wanted to efficiently segment their customers to customize offerings based on their needs and demands.

Reach out to our experts to learn more about how our retail customer segmentation strategy can help you efficiently segment your customer base and devise targeted marketing initiatives.

Solutions Offered

To help the client tackle the above-mentioned challenges, the experts at Infiniti Research conducted retail customer segmentation and need analysis. By combining the best data gathering approaches, our experts helped the client to segment their target customers into various groups based on factors such as shopping patterns, spending behavior, and their demands.

Also, as a part of the retail customer engagement, the experts conducted sales assessment for the past five years. The experts also analyzed the sales data of the client’s key competitors. The analysis of the past sales data helped the client to identify their frequent customers and also products with the highest demand.

Furthermore, by leveraging Infiniti’s expertise in offering customer satisfaction and loyalty assessment, our experts helped the client to understand the satisfaction level of customers. Also, by conducting trial marketing campaigns, the experts helped the client to identify the right channel to promote their product offerings.

Results Obtained

This helped the client to efficiently devise targeted marketing and promotional campaigns for specific segments. This subsequently helped the company to effectively engage customers and enhance customer retention. Also, the client was able to efficiently utilize their marketing budget and elevate sales by 17% within a year.

Retail customer segmentation

Request for more information to know how our retail customer segmentation analysis can help you gather detailed insights into your target market and measure the effectiveness of your marketing campaign.

product marketing strategy

The Perks of Using Customer Segmentation Analysis in Retail

The retail industry is undergoing a rapid phase of change as brands are increasingly focusing on developing highly personalized customer experiences. Furthermore, the rising market competition has resulted in increasing customer expectations. Customers expect brands to understand their individual needs and provide an exceptional customer experience. To achieve this, retail companies must move on from the one-size-fits-all approach to a more personalized approach in order to cater to different customer needs. This is where the role of customer segmentation analysis comes into play. Customer segmentation analysis in the retail industry involves arranging a broad customer base into smaller subgroups. These subgroups represent a common customer need or goal. Retailers can then formulate strategies to satisfy the needs of each of these customer segments.

It is increasingly important for marketers to send relevant messages that are tailored to the appropriate stage of the purchase funnel. Infiniti’s customer intelligence solutions combine the best data gathering approaches to identify the most profitable customer segments, measure the effectiveness of a marketing campaign, assess changes in customer expectations, and devise value maximization strategies to enhance their shares. Request a free proposal to know more about our customer intelligence solutions.

Benefits of customer segmentation analysis in retail

Customer segmentation analysisRetail marketers are constantly on the lookout for ways to attract more customers by improving the effectiveness of their campaigns. Customer segmentation analysis can help them better plan their marketing strategy. Additionally, having a customer segmentation model also helps retailers understand what offers or product customizations will work with each group of customers.

Individualize customers

Marketing, customer services, and even product development can be made more effective with the help of customer segmentation analysis by giving retailers comprehensive insights about their specific customer groups. Not every shopper has the same expectations from a brand. Without a customer segmentation model that reflect the needs of customers more accurately, retailers often struggle to meet customer expectations.

While most retailers know they need a sophisticated approach to customer segmentation analysis, many still struggle to understand their customer with a 360-degree view. Get in touch with us to know how we help our clients identify target customers, realize factors that drive customers to competitors, gain a clear understanding of budgets and timelines, compare product or service pricing, and also understand customers’ decision-making process.

Collecting smarter data

Customer segmentation analysis not only helps retailers gain a better understanding of their customers, but it also helps them evaluate their own performance. Different metrics relating to marketing campaigns, sales, and other incentive programs can be broken down into different segments based on the customers’ transactional data. Additionally, most cloud-based POS solutions record and update customer data automatically whenever they make a purchase. This information is then synced across all retail locations and connected devices. When grouped into different segments, customers’ spending history can be used to pinpoint the strengths and weaknesses of the marketing campaign and business model as a whole.  Moreover, customer segmentation analysis also provides retailers with a better idea of who buys what, which can be used when expanding products or adding new merchandise.

Enhancing marketing campaigns

One of the biggest advantages of customer segmentation analysis is that it helps in enhancing the marketing campaigns of retail companies. By tracking different customer groups, retailers can analyze different variables that will help them determine ways to attract new customers, build brand loyalty, and create awareness around specific products.

Customer segmentation analysis

Gain more insights on Infiniti’s customer intelligence solutions

You may also like : 

Market segmentation analysis

Infiniti’s Market Segmentation Analysis Helped a CPG Company Focus on Lucrative Customer Segments and Drive Profitability

Market Segmentation Analysis for a Consumer Packaged Goods Company

Due to growing ethnic diversity and broadening income disparity, consumers are becoming increasingly heterogeneous in their product preferences. This has severely impacted various market sectors, especially the consumer packaged goods (CPG) sector. With this, the need to identify subsets of a market based on demographics, needs, priorities, common interests, and other physiographic or behavioral criteria is becoming imperative for CPG companies to better communicate with their customer segments. To do so, companies are partnering with firms like Infiniti Research to leverage their expertise in offering market segmentation analysis solution. The insights obtained from Infiniti’s market segmentation analysis has helped various global giants identify the most lucrative customer segments and personalize business strategies for them to achieve maximum profits.

Are you facing difficulties in breaking down your market into targetable groups? Our market segmentation analysis solutions can help. Request a FREE proposal today!

Business Challenge

The client is a consumer packaged goods supplier based out of Germany. The client’s unstructured approach to marketing and promotional strategies resulted in huge customer churn. Also, as the client’s key competitors had already adopted a more focused approach by understanding the needs of their target customers, the client was losing ground to their competitors. Also, the client was not able to meet their customers’ needs and demands. This subsequently increased the customer churn rate by 13%. The client, therefore, realized the need to create small segments comprising of like-minded individuals and devise personalized business strategies to meet their needs. To do so, they approached Infiniti Research to leverage their expertise in offering market segmentation analysis solution.

With Infiniti’s market segmentation analysis solution, they also wanted to:

Better serve customers’ needs and wants – By leveraging Infiniti’s market segmentation analysis, the client wanted to categorize their customers into various segments based on their needs and requirements. By doing so, the client wanted to personalize their marketing and promotional strategies to efficiently serve their customer base.

Increase chances for up-selling and cross-selling – By understanding their customers’ purchasing patterns, the client wanted to recommend other relevant products matching their requirements and increase the chances of up-selling and cross-selling.

Differentiate product prices by segment – As managing customers’ price perception has become important for businesses, the CPG company wanted to differentiate their product’s prices by segments to sustain higher margins.

Attract additional customer groups – By employing a target market segmentation analysis approach, the client wanted to devise targeted marketing plans for different customer segments and differentiate their products according to their customers’ demands.

Focus only on target audiences – The client noted that promoting their products across wide customer segments resulted in huge loses for the company. This even increased the churn rate. The client, therefore, wanted to leverage Infiniti’s market segmentation analysis to identify their lucrative customer segments and focus on personalizing their business strategies for profitable customer segments to achieve maximum profits.

CONTACT US to know how our market segmentation analysis can help you efficiently categorize your customer segments and create compelling marketing and promotional strategies for them.

Solutions Offered and Value Delivered

To help the client segment their customers into various groups, the experts at Infiniti Research followed a four-phased approach to customer segmentation.

  • The initial step of market segmentation analysis involved conducting preliminary research. As a part of preliminary research, the experts conducted customer surveys. The factors such as highest purchased consumer packaged goods, customers’ shopping patterns, and their preferred channels of purchases were analyzed.
  • In the second phase of market segmentation analysis engagement, the experts segmented customers into various categories considering factors such as their age, geography, income, lifestyle, and behavior.
  • The next phase of the market segmentation analysis involved filtering lucrative customer segments from the target market. For this, the experts conducted manual and statistical analysis.
  • The final phase of the market segmentation analysis involved conducting demo marketing and promotional campaigns for the categorized customer segments to gauge the effectiveness of different segments.

The insights obtained from Infiniti’s market segmentation and customer analysis solution helped the client to understand their customers more efficiently and craft compelling marketing and promotional strategies for them. This helped the client to influence their customers’ buying decision. This targeted marketing approach even helped the client to better match their lucrative customers’ needs and attract new customers. Also, the market segmentation analysis engagement helped the client to recommend products to their customers according to their needs and demands. This increased up-selling and cross-selling and further resulted in an increase in the company’s sales rate.

By understanding the needs and demands of specific customer segments, the client was also able to create their own niche products to attract wider customer segments. This further helped the company to utilize their marketing budget on their lucrative customer segments. Also, with Infiniti’s market segmentation analysis solution, the CPG company was able to reduce customer churn and attract new customers.

By leveraging Infiniti’s market segmentation strategies, the client was able to achieve sales growth by 19%.

19% Increase in Sales Rate

Want to gain more insights into the benefits of leveraging our market segmentation analysis solution? Request for more info!

What is market segmentation analysis?

Market segmentation analysis is the process of segmenting customers into smaller groups based on their unique characteristics including age, income, requirements, behavior, and purchasing patterns. Market segmentation helps marketing professionals to personalize marketing and promotional activities for each segment to gain maximum traction. This also enhances customers response rate for products and services.

How to do market segmentation analysis

How to do market segmentation analysis

Want to gain more insights into our services portfolio? Request FREE brochure.

Here are some other examples of market segmentation analysis. Read the below articles to know how Infiniti’s market segmentation analysis solution has helped companies across other industries.

https://www.infinitiresearch.com/white-papers/target-market-segmentation-infiniti-research-success-story

https://www.infinitiresearch.com/casestudy/market-segmentation-strategies

https://www.infinitiresearch.com/casestudy/market-segmentation-sporting-goods

Customer segmentation analysis

Customer Segmentation Analysis Increases Sales Conversion and Reduces Customer Churn for a Retailer – Infiniti Research’s Latest Success Story

Retail Customer Segmentation Analysis

The retail industry has changed dramatically over the past few years. This rapid pace of change has put immense pressure on retail companies to keep up with ever-changing customer expectations. Retail companies have also been forced to identify lucrative customer segments and devise value maximization strategies to boost profitability. This is where customer segmentation analysis comes into play. Customer segmentation analysis helps retail companies to gather comprehensive insights to deepen customer loyalty and pinpoint their marketing strategies.

Customer segmentation analysis can help you precisely define your customers’ needs and create better value for them. Request a FREE brochure to gain detailed insights into our services portfolio and to learn how our customer segmentation analysis will help you assess changes in customer behaviour and measure the effectiveness of a marketing campaign.

Business Challenge

The client is a retail company based out of North America. As the client was new to the US retail market, they were facing difficulties in understanding their customers’ buying preferences, likes and dislikes, and shopping patterns. However, before investing huge capital into the business, the client wanted to gather deeper insights around their target customers to tailor personalized strategies. They also wanted to customize their marketing activities based on their customer behaviour. To do so, the client approached the experts at Infiniti Research to leverage their expertise in customer segmentation analysis.

By leveraging Infiniti’s customer segmentation analysis, the client wanted to:

Improve product and service offerings – By leveraging Infiniti’s customer segmentation analysis, the client wanted to gather relevant data on their customers’ needs to differentiate their product and service offerings. By doing so, the client wanted to enhance customer experience and outpace their competitors.

Enhance revenue – The client realized that putting efforts into the wrong segment can prove to be costly for the company. This can even increase the churn rate and lower upsell potential. The client, therefore, wanted to identify the profitable customer segments and promote their products and services.

Increase sales – With Infiniti’s customer segmentation analysis, the client wanted to specifically target their profitable customers and establish a perfect strategy to drive sales.

Focus on marketing activities – By efficiently segmenting customers into different sub-groups, the client wanted to create customized and focused marketing messages to capture customers’ attention.

Our Approach

To help the client segment the customer base, the experts at Infiniti Research performed customer segmentation analysis. Customer segmentation analysis approach involved segregation of the client’s customer groups into three categories namely – geographic, demographic, and psychographic segments. Also, the experts grouped customers into different segments using insights gathered from the research. The factors such as customer spend, frequency of purchases, channel usage, categories in which customers purchase, discount vs full price shoppers, and margin per customer was taken into consideration while grouping customers into various segments.

Results and Key Offerings

By segmenting customers into different sub-categories, the client was able to gain detailed insights into their customer segments. This helped them to differentiate their products according to customers’ needs. By leveraging Infiniti’s customer segmentation analysis, the client was also able to create targeted advertising and marketing campaigns for different subsets of customers. Furthermore, with customer segmentation analysis, the client increased sales conversion and reduced churn rate by 23%.

KEY FINDINGS AND OUTCOMESInfiniti’s customer segmentation analysis also helped the client to:

Increase competitiveness – By categorizing customers into various sub-categories based on their needs and requirements, the client was able to efficiently cater to their requirements and capture their attention by providing personalized offerings. This helped them to gain a leading edge in the market compared to their competitors.

Increase customer retention – Customer segmentation analysis helped the client to better serve their customer base. This helped the company to increase customer loyalty. Furthermore, this increased customer retention rate and reduced customer churn.

Optimize product price – By gathering detailed insights into the target customer segments, the client was able to efficiently price their products. By optimizing the product price, the client was able to ensure that customers get the most value for their dollars. Also, the client was able to enhance sales and revenues.

Customer segmentation analysis can help you precisely define your customers’ needs and create better value for them. Request a FREE brochure to gain detailed insights into our services portfolio and to learn how our customer segmentation analysis will help you assess changes in customer behaviour and measure the effectiveness of a marketing campaign.

What is customer segmentation analysis?

Customer segmentation analysis is defined as the process of categorizing a company’s customer into various sub-groups based on their characters and requirements. By grouping customers with similar characteristics, companies can easily devise value maximization strategies and create personalized marketing campaigns. Customer segmentation solutions have helped several companies to make strategic business decisions and thereby boost their revenue.

BENEFITS OF CUSTOMER SEGMENTATION ANALYSISWhy customer segmentation is the key to marketing?

In today’s customer-oriented world, the right customer segmentation can help businesses determine the most valuable customers and build marketing campaigns that suit them. In the long run, this will improve your brand loyalty and increase customer engagement. This success story from Infiniti Research describes how a leading transportation services provider was able to achieve these goals with our customer segmentation strategy.

Customer segmentation analysis can help you precisely define your customers’ needs and create better value for them. Request a FREE brochure to gain detailed insights into our services portfolio and to learn how our customer segmentation analysis will help you assess changes in customer behaviour and measure the effectiveness of a marketing campaign.

Market Assessment

A Leading Fashion Retail Brand Curtailed Losses and Increased Revenues by 20% – A Customer Segmentation Case Study

Business challenge

Over the last decade, the retail industry has undergone incredible disruption, largely impacting how customers shop and what they expect and demand from retailers. Fashion retail is one of the most dynamic segments in retail, wherein companies have to keep a constant watch on the changing trends. A failure to do so would result in a considerable decline in their market share. Although fashion retail is a highly united industry, the owners of fashion brands may find it difficult to thrive in the fiercely competitive industry due to its ambiguous nature. As the pace of change in the fashion retail industry accelerates, the need to have an innovative and sustainable customer segmentation models have become imperative.

Recently, a fashion retailer based out of Central Europe faced a decline in their overall sales rate. They also noted a substantial reduction in the number of frequent and repeat buyers. The company, therefore, approached Infiniti Research to undertake a detailed analysis to better understand the European fashion retail industry. The client wanted to leverage our customer segmentation solution to examine customer behavior, identify segments with a high potential for losses, and devise a mechanism to better understand the changing customer needs.

Building a customer segmentation strategy is no easy task, but within the retail sector, it is quickly becoming a necessity. Request a FREE brochure to know how our solutions can help you build an ideal customer segmentation strategy.

Solutions offered and value delivered

Infiniti’s customer segmentation analysis included a study based on a combination of factors such as customer needs, purchase patterns, attitudes, and behaviors. The customer segmentation solution offered to the client helped them uncover lucrative, under-served customer segments. Furthermore, gleaning insights into the potential customer segments helped the fashion retailer to determine the profit potential of each segment by analyzing its revenue and cost impact. The unique customer segmentation strategy also empowered the client to differentiate their brand from the global competition. This, in turn, helped them break through the cluttered market space with a unique and convincing proposition.

Targeted and focused strategies are the key to survival in today’s competitive world. Learn how we can help you devise an ideal go-to-market strategy. Request a free proposal.

In a span of eight weeks, the client was able to transform their operating model into a more segmented, customer-relationship based structure. This helped them to improve their wallet share and increased their overall revenue by 20%.  Moreover, with the help of Infiniti’s customer segmentation solution and recommendations, the client was able to increase their customer retention rate by 2X.

Importance of customer segmentation

customer segmentation

Facing similar predicaments in your business? We’re here to help! Get in touch with us.

Analyzing Customer Behavior and Understanding Purchasing Drivers and Barriers for a Food Industry Client with the Aid of a Customer Needs Analysis Engagement

Identifying Unmet Needs and Customer Perceptions 

About the Client 

For over 7 years, the client has been a leading firm in the food and beverage industry, serving customers throughout the Western United States and South America.

Business Challenge:

With rising competition, latest technological advancements, and changes in customer preferences, companies in the food industry need to embrace new models and strategies to compete in the marketplace. This makes it vital for companies in the food industry to gain detailed insights into the competitors, understand customers’ needs and preferences, latest market trends, and consumer buying patterns to better position their products and services in the target markets.

A leading firm in the food and beverage industry wanted to assess customers’ perception of their current offerings and strength of competing brands. The client realized that as technology improves, and the customers’ need advances, identifying the unmet customer needs was the only way to keep up their market position. Moreover, without a strategic approach to customer needs analysis, they encountered costly risks from demand and supply mismatch, which affected their customer satisfaction and resulted in revenue losses for the company. By leveraging Infiniti’s customer needs analysis, they wanted to define current and future customers’ unmet needs and understand customers’ buying criteria.

Are you looking to identify and meet your customer needs? Well, this can be a daunting task if you haven't paid close attention to customer needs before.

Learn how Infiniti’s customer needs analysis can help. Request a FREE brochure.

Top Challenges Faced by the Food Industry Client 

Problem Statement 1: Demand for convenience

Tech-driven delivery systems have disrupted the traditional business model. With technological advancements in the food industry, customers have become more demanding. This compelled the client to leverage Infiniti’s customer needs analysis solutions to meet customer demands and ensure convenience.

Problem Statement 2: More discerning tastes

Today, customers have become more discerning. They are seeking out exciting and higher-quality meals. Due to this trend, the client realized the need to leverage customer needs analysis to better meet customers’ demand and sustain their market position.

Problem Statement 3: Opting for healthier foods

The modern customers’ emphasis on health has extended beyond the gym, leading to healthy eating habits. Hence, the client’s unstructured approach to customer needs assessment resulted in revenue losses for the company, leading to a sharp decline in their market position. With the help of Infiniti’s customer needs analysis solution, the client wanted to continuously improve the quality of their products by monitoring the initiatives undertaken by their competitors.

Problem Statement 4: Retaining profitability

Owing to commodity price shifts and dynamism in the market, the client found it challenging to retain their profit margins. By leveraging our customer needs analysis solution, they wanted to develop a standardized set of processes and competitive benchmarking metrics.

Customer needs are dynamic, and most companies often lose track of their changing customer needs. Are you finding it challenging too?

Get in touch with our experts to leverage our customer needs analysis.

Solutions Offered and Value Delivered 

The experts at Infiniti Research recommended a two-phase study to meet the client’s challenges.

Phase 1: Qualitative analysis

The initial phase of the customer needs analysis engagement focussed on identifying customers’ unmet needs, understanding purchasing drivers and barriers, and assessing customers’ perceptions of current offerings. By conducting interviews, surveys, and discussions, the experts figured out the needs of the customers and the market. This helped the client to implement better branding strategies and marketing initiatives to enhance their service offerings for the target market.

Phase 2: Quantitative analysis

The second phase of customer needs analysis engagement revolved around quantifying market perceptions, evaluating the most preferred product features, and the introduction of new products. The experts at Infiniti performed a thorough internal sales data assessment and an extensive customer survey to segment customers by needs, to compare performance against competitors, and develop value propositions to stay ahead of the competition.

With the help of Infiniti’s customer needs analysis, the client was able to increase their sales and market share by focussing on upgrading their product features. This further helped the client in successfully implementing the new customer segmentation approach and realigning their delivery system, as well as distribution and sales process based on customer needs.

The customer needs analysis solution further helped the client to understand their customer needs and their position in the overall market. They were able to introduce new products in the market, which subsequently enhanced the customer experience and improved profit margin by 13% in a year.

Finding it difficult to identify unmet customer needs? Our customer needs analysis solution can help. Request a FREE proposal!

What is a customer needs analysis?

A customer needs analysis is used in product development and branding to provide an in-depth analysis of the customer to ensure that the product or message offers the benefits, attributes, and features needed to provide the customer with value. To find the right customer priorities, businesses need to create buyer personas and uncover consumer trends, look at customer’s long-term retention patterns, establish a clear company vision, provide premier customer service to valuable customers, and communicate with the ideal customer in their preferred social media space.

How can you identify customer needs?

To be good at marketing you need to be good at understanding and satisfying the most important needs of your customers in relation to your products or services.  By understanding their most important needs you can tailor your product and service offering and shape your brand to meet their needs. Given our expertise in performing customer need analysis for various businesses, we’ve listed out the customer needs analysis methods.

  • Identify what your customers need through research, focus groups, or social listening.
  • Mapping customer journey is a great way of undertaking the customer need analysis. It is a visualization of processes that a customer encounters with a product or service.
  • Knowing what your competitors are doing will help evaluate where you stand in the market and identify gaps in your offerings.
  • Analyzing cause-effect relationship ensures better customer need analysis and helps in addressing root-cause problems, thereby enhancing user experience.

Request for more info to know how our customer needs analysis can help your business.

Market Entry Strategies

Customer Segmentation Strategy: 3 Key Challenges That Every Business Faces

A customer segmentation strategy is an invaluable tool for companies seeking to boost market share. However, most companies fail to implement an effective customer segmentation strategy. Modern companies know that they need to meet customer demands, but what they do not know is how to do this. Without precision, rich granularity, dynamism, and the context in the digital age, companies will be unable to meet the changing needs of their customers. Squeezed on one side by growing markets and on the other by merciless price-cutting, many companies are struggling to compete in today’s post-mass-market arena. The result can be undifferentiated offerings that yield no result and fail to please anyone. For businesses looking to improve the cash conversion cycle and bottom-line results, it is inevitable to do an effective customer segmentation analysis. In this article, we have discussed in detail about such challenges and many others that businesses face while devising their customer segmentation strategy and have suggested a few measures to deal with those challenges effectively.

Why IoT in Healthcare is the New Trend_ (4)Challenges in Customer Segmentation Strategy

Challenge #1: Understanding the scope of customer segmentation

For businesses, understanding the scope of segmentation is one of the most difficult challenges while formulating their customer segmentation strategy. If the scope is defined too broadly, it can lead to a very generic segmentation approach. On the other hand, segmentation of a very narrowly defined audience will result in very precise segments, but it would be of minimal relevance for other products or markets. This challenge requires businesses to think about several questions such as

  • What are the different degrees of scope at which currently segmentation is done?
  • How feasible are the variables of segmentation in customer segmentation analysis done for different business groups?
  • If standardizing segmentation across business groups is feasible or not?
  • What can be learnt from the competitors’ customer segmentation strategy?
  • What is their approach to customer segmentation analysis?

banner IR

Challenge #2: Comprehending inbound and outbound segmentation

Customer segmentation analysis reveals the fact that many businesses fail to understand the importance of inbound and outbound segmentation. They fail to decide how a customer segmentation strategy can be transitioned over the product life cycle so that there is a consistent view of segments and value propositions. This challenge requires companies to think about a few questions such as:

  • What are the uses of segmentation at the inbound stage?
  • What are the uses of segmentation at the outbound stage?
  • Can both the sets of variables be reconciled?
  • Can there be one “end-to-end” segmentation approach?

Challenge #3: Lack of Differentiation

A customer segmentation analysis asserts the fact that differentiation between the quality of products and their customers is very important for targeting the right customer for the right product. On a product level, without clarity in differentiation, businesses end up investing in products that are not aligned with profitability goals and current market trends. Differentiation facilitates businesses to make more strategic investments in products and customer service.

Gain more insights about our solutions for business and how we can help you formulate effective go-to-market strategies: 

Get More Info

Infiniti’s Solution

Infiniti Research, with its years of expertise in customer intelligence solution and customer segmentation analysis, is helping businesses to engage customers with confidence and gain unprecedented clarity on establishing individualized experiences in real-time. Infiniti helps businesses to measure the effectiveness of a marketing campaign in each of the customer segments, identify the most profitable segments of the customer, analyze changes in expectations of the customer, and also formulate value maximization strategies to improve their shares. Additionally, Infiniti helps companies to analyze their customers based on various variables at inbound and outbound stages like end-user behavior, usage scenarios, skill level, audience demography, price sensitivity, channel preference, and goals and outcomes.


Do you want to devise an effective customer segmentation strategy or want to gain more insights into our customer intelligence solutions? Contact us now!

Contact US

Close
Infiti Logo

Hello there!

Contact us to know more about our cost-effective custom market research offerings to support efficient market penetration, new product launch, and devise strategies to monitor and outperform your competitors.

Cookie Policy

The Site uses cookies to record users' preferences in relation to the functionality of accessibility. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice