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Customer segmentation is defined as “the process of dividing customers into groups based on common characteristics so companies can market to each group effectively and appropriately.” By using the correct attributes to define the customer segment, it allows companies to identify the right customers for targeted and relevant offers. Those who successfully define and maintain customer segmentation can derive a competitive advantage from the implementation by improving customer experience.

However, there are potential pitfalls that can reduce the effectiveness of a customer segmentation initiative. This article will identify the pitfalls and propose solutions in order to improve the chances of a beneficial customer segmentation project.

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Press release issued by Forbes Corporate Communications; Ironside comments on how to capitalize on data

NEW YORK, May 31, 2017 — Corporate leaders consider data and analytics capability a top investment priority. Yet despite this, faith in the data businesses rely upon is low. According to the Forbes Insights and KPMG “2016 Global CEO Outlook,” 84% of CEOs are concerned about the quality of the data they’re basing their decisions on. Read more