Key takeaways:
Customer segmentation is the process of dividing customers into groups based on common characteristics. This practice is as old as sales itself and is particularly vital for businesses that rely on customer loyalty or repeat purchases.
Luckily, as businesses have digitized their practices, it's easier than ever to gain insights about your customer base and customer segments. Customer segmentation dashboards can help with your data visualization and give you valuable insights into your customer base.
Baremetrics offers robust, intelligent customer segmentation tools. As you begin assessing your audiences, take advantage of a free trial of Baremetrics to get started, and read on to learn everything you need to know about customer segmentation dashboards.
Customer segmentation is a critical consideration of any business invested in offering a great customer experience, and the customer segmentation process assists a wide range of departments.
Effective customer segmentation can offer the following benefits:
Businesses can leverage customer and market segmentation to gain full insights on their user base.
A customer segmentation dashboard is a segmentation tool that syncs customer data from multiple sources into a single location
and allows you to view insights based on distinct audience segments..
You can also create segments based on traits, like location or device type, or leverage behavioral segmentation using tools like Baremetrics.
These dashboards include visualization tools to give you a sense of who your audience is, giving you the ability to gain insights on a granular level.
You can, for example, see whether audiences who first purchase through a mobile app store or your website retain longer and spend more, or assess revenue churn by product use. (Check out more customer segmentation examples here for more.)
By having all of your customer data from your CRM, eCommerce tools, website, and payment processor in a single location, you'll be able to conduct detailed customer analysis that helps improve your business processes. You'll have a clear sense of the behaviours each of your customers and always know the type of content and communication they prefer along their customer journey.
A great customer segmentation dashboard will also calculate key segmentation metrics that help you set your marketing budget and maximise your marketing efforts with a clear sense of your target audience. You will also be able to support your sales efforts better and adjust your product pricing to improve your overall profitability.
It is entirely possible to manage your customer segmentation strategy manually, without customer segmentation dashboards. Within most CRM tools, you'll have the ability to separate your audience into separate lists that you define.
However, this is a highly manual effort and will involve the following steps:
Using a tool like Baremetrics, which automatically imports customer transaction data, helps you centralize all your information and creates a simple dashboard to view your customer segments and KPIs in a single place. Check out how to segment customers in Baremetrics to see the difference between manual and automated approaches. (Spoiler: it’s fast and easy!)
Because this effort is manual and doesn't leverage intelligent software that helps you drill down your data, you won't have the audience visualization capabilities that only a dashboard has. You also won't be able to easily combine data from multiple data sources, meaning you will spend more time inputting data than further developing your marketing efforts.
When you're defining your audience segments and aiming to optimize them with the help of a customer segmentation dashboard, you need help from a tool that makes your life easier. Centralizing all of your customer data, transaction information, and marketing KPIs into a single analytics tool lets you always have the clearest picture of your business.
Baremetrics doesn't only use current transaction data for its customer segmentation features. It also takes historical data, allowing you to look back and drill down which efforts work best to support your various audience segments. Plus, with forecasting tools designed with SaaS and eCommerce businesses in mind, you'll have a clear picture of where your business is heading based on your current marketing and sales trajectory. With this forecast in hand, you can identify which customer segments have the highest value to improve your growth further and position your sales team and marketing efforts for success.
Tired of wasting time on spreadsheets? Get a free trial of Baremetrics today!