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.
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Why is customer segmentation important?
Customer segmentation is a critical portion of any business invested in offering a great customer experience, and the customer segmentation process assists a wide range of departments.
From a digital marketing perspective, it's beneficial to understand the mindset of each group of customers. With the ability to gain insights on the customers you have, their common behaviours, and the characteristics they share, you'll be able to improve your targeting on search engine ads and social media and improve your content marketing strategy.
These customer segmentation efforts are also critical for customer support and sales teams in businesses that rely on loyalty to improve retention and reduce churn. SaaS and eCommerce companies, for instance, need insights on their customers in order to enhance their sales with personalisation and tailor their customer support to the specific wants and needs of each customer.
On the house's product development and pricing side, understanding your customers helps you develop features and updates that meet their expectations and needs, further enhancing loyalty and making your product indispensable. If you have a sense of what each of your audience segments is interested in, their average spend, and their customer lifetime value, you'll be able to appropriately price your product and focus your efforts on retaining your most valuable customers.
What is a customer segmentation dashboard?
A customer segmentation dashboard is a tool that automatically combines customer data into a single location. Within a customer segmentation dashboard, you'll be able to access customer insights in multiple ways, with visualisation to give you a sense of who your audience is and the ability to drill down to a more granular level.
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 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.
Baremetrics has a customer segmentation dashboard with robust capabilities for customisation and visualisation based on real-time data from multiple sources. Sign up for a free trial of Baremetrics to see how these tools can help your business.
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What happens when you don't use a customer segmentation dashboard?
It is entirely possible to manage your customer segmentation strategy manually, without the help of automation. Within most CRM tools, you'll have the ability to separate your audience into separate lists that you define.
However, choosing to divide your audience into segments without a customer segmentation software is a highly manual effort. You need to have a detailed understanding of each different customer, their unique demographics, and their behaviours. You then need to manually add them to all appropriate tags and develop segments on your own. Using a tool like Baremetrics, which automatically imports customer transaction data, helps you centralise all your information and creates a simple dashboard to view your customer segments and KPIs in a single place.
Because this effort is manual and doesn't leverage intelligent software that helps you drill down your data, you won't have the audience visualisation 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.
How Baremetrics can help
When you're defining your audience segments and aiming to optimise them with the help of a customer segmentation dashboard, you need help from a tool that makes your life easier. Centralising 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.
Ready to take your customer segmentation efforts to the next level with a powerful dashboard? Start with a free trial of Baremetrics to enhance your customer segmentation efforts.
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