Definition: This is the process of dividing a customer base into smaller groups with similar needs, wants, or behaviors. This allows a business to tailor its marketing and sales efforts to specific groups and provide more personalized and relevant products and services. Customer segmentation can be based on various factors, such as demographics, geographic location, purchasing history, or lifestyle.
By segmenting its customers, a business can better understand its target market, identify areas for growth, and increase customer loyalty and satisfaction.
Use It In a Sentence: By segmenting its customers, a business can better understand its target market, identify areas for growth, and increase customer loyalty and satisfaction.
Related Definitions: Remarketing, Retargeting, Sales Cycle, Opportunity
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