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GeoLytics News: Market Segmentation and Customer profiling

Thursday, February 17, 2011

Market Segmentation and Customer profiling

SPECTRUM Marketing Segmentation is now available from GeoLytics. Market Segmentation is the process by which you break the entire market place into smaller subsets of the culture that share common characteristics (age, income, race, household structure, education, etc). This is the flip side of profiling your customers. In order to expand your market you need to know who your customers are and then where to find more people just like them. Spectrum gives you the power to answer both of these and
several other important marketing questions. The four components of the Spectrum analysis are designed to answer four different sorts of questions:

- What kinds of people live near a given address (store location), and how many of these sorts of people are there?

- What kinds of people live in a given geographic area, and how many are they? This is useful when trying to decide where to locate a new store.

- Where do certain kinds of people live? Used when trying to figure out where to market to find your kind of customer.

- Who are my customers, what types of people are attracted to my different offerings?

For more information about our Spectrum segmentation products click here

We have built 48 multi-variate profiles that are based on defining a particular group of people based upon multiple shared factors (ie Middle Class Suburban Small Families). In addition we have built 30 single variable definitions. These may be interesting in and of themselves or you can use them to build your own cross-tabulation in the “Find People” component of our Sprectrum profiling product. Click here to see a full list of all of the profiles.


        

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