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1、Author:Laird Reed,Contributors:Barbara Bilodeau,Dorie Krawiec,bc,Segmentation,Customer,March 1998,Copyright 1998 Bain&Company,Inc.,2,customersegmentation.PPT,The customer segmentation conceptApplicationsCustomer segmentation steps segment customerschoose target segmentscreate value propositions for
2、target segmentsdetermine profit potential of serving target segments with value propositionsExamplesneeds-basedbehavioralKey takeaways,Agenda,3,customersegmentation.PPT,The customer segmentation conceptApplicationsCustomer segmentation steps segment customerschoose target segmentscreate value propos
3、itions for target segmentsdetermine profit potential of serving target segments with value propositionsExamplesneeds-basedbehavioralKey takeaways,Agenda,4,customersegmentation.PPT,Competitors,Customer SegmentationPurchase Criteria Rating(Importance Analysis)Company Positioning(Effectiveness Analysis
4、)Attractiveness Analysis Value Proposition DevelopmentCustomer Retention and LoyaltyCustomer Acquisition,Customers,To identify cost reduction opportunities,Customer segmentation is an important tool for customer analysis.,Cost,Capabilities,Strategic Purpose:,Tools:,To identify revenue and profit max
5、imizing strategies,To achieve differentiation and to preempt competitors moves,To determine the strategies that fit best with a companys core competencies,Context,5,customersegmentation.PPT,*In some cases,there will be only one target segment,Customer segmentation is a process of identifying homogen
6、eous groups of customers.Once customers have been segmented,a company chooses target segments and approaches each segment with a value proposition that meets the segments needs.,Each customer segment describes a homogeneous group of customers,Segment customers(existing and potential),Choose target s
7、egments*,Create value propositionfor each target segment,Determine profit potential,Target segments are the most attractive customer segments for a given company to focus on,A value proposition is the combination of product,service,and delivery offered to the customer,The potential profit from servi
8、ng the target segments with proposed value propositions must be determined,The Process,6,customersegmentation.PPT,Customer segmentation is valuable because all customers are not created equal.,Each customer segment has a unique set of needs and requires its own value propositionThe profit potential
9、differs by customer segment,Customer segmentation helps companies focus scarce resources where they can be most leveraged,Why Do Customer Segmentation?,7,customersegmentation.PPT,The customer segmentation conceptApplicationsCustomer segmentation steps segment customerschoose target segmentscreate va
10、lue propositions for target segmentsdetermine profit potential of serving target segments with value propositionsExamplesneeds-basedbehavioralKey takeaways,Agenda,8,customersegmentation.PPT,Customer segmentation is useful for both customer retention and customer acquisition.,Segment customers,Choose
11、 target segments,Create value proposition for each target segment,Retain target customers,Acquire target customers,Retention and Acquisition,9,customersegmentation.PPT,Bain caseteams have used customer segmentation to:,Identify gaps or redundancies in the product portfolioScreen out unacceptable new
12、 productsChoose product featuresDetermine product pricingEstablish appropriate service optionsDetermine optimal distribution strategyAdvise on advertising strategy,Applications(1 of 2),10,customersegmentation.PPT,A large European beer manufacturer was faced with increasing competition and low market
13、 growth.Bain used segmentation to identify product portfolio gaps and determine optimal positioning for new and existing brands.This resulted in an 8%market share increase.An international cosmetics company wanted to identify opportunities in the high growth skin care market.A Bain team identified u
14、nmet consumer needs for anti-aging creams and proposed an optimal strategy for targeting the appropriate customers.This resulted in approximately$145MM in value creation.,Bains customer segmentation work has brought significant results for many clients.Examples of Bains work include:,Applications(2
15、of 2),11,customersegmentation.PPT,The customer segmentation conceptApplicationsCustomer segmentation steps segment customerschoose target segmentscreate value propositions for target segmentsdetermine profit potential of serving target segments with value propositionsExamplesneeds-basedbehavioralKey
16、 takeaways,Agenda,12,customersegmentation.PPT,Choose segmentation method(needs-based,behavioral,or demographic)based on underlying issues,Process:,Tips:,Choose target segments based on attractiveness and ability to serve in a differentiated way(in some cases,there will be only one target segment),Cr
17、eate value propositions based on customer needs(each target segment requires its own value proposition),Determine the revenue and cost impacts of offering the proposed value propositions to the target segments,Segments should bemeaningfulMECE(only one segment per customer)measurablesubstantialaction
18、able,Attractiveness is based on profit potential(revenue potential and cost to serve)Ability to serve in a differentiated way recognizes both the clients and the competitors core competencies as well as regulatory factors,Each value proposition should address:productservicedistribution,Profit potent
19、ial should include profit as well as“hidden costs”(e.g.,increased training and marketing costs for new products),Segment customers(existing and potential),Choose target segments*,Create value proposition for each target segment,Determine profit potential,*In some cases,there will be only one target
20、segment,Customer Segmentation Steps,13,customersegmentation.PPT,The customer segmentation conceptApplicationsCustomer segmentation steps segment customerschoose target segmentscreate value propositions for target segmentsdetermine profit potential of serving target segments with value propositionsEx
21、amplesneeds-basedbehavioralKey takeaways,Agenda,14,customersegmentation.PPT,Customer needs(e.g.,preferences for low price vs.high service)psycho-graphicsattitudes,Needs-based,Behavioral,Demographic,Type of data used to segment:,Examples:,Value high service over low price Value low price over high co
22、nvenienceValue brand name over low priceBuy on sale only vs.at full price,Behaviors(e.g.,purchasing patterns,usage patterns),Use ATM vs.use branchShop weekly vs.monthly for groceriesDrink coffee vs.do not drink coffee,Demographics(e.g.,age,income,home ownership),Young vs.oldHigh income vs.low income
23、Home owners vs.renters,There are three main types of segmentation:,Segmentation Methods,15,customersegmentation.PPT,Primary research necessary,Needs-based,Behavioral,Demographic,Segmentation process:,Usefulness in creating value propositions:,High(shows causation)Descriptive and actionable(describes
24、 customers and drivers of purchase),Primary research necessary only if behavioral data not available from client database,Moderate(shows correlation,not causation)Descriptive,not actionable(describes purchasing behavior,but does not address drivers or purchase),No primary research necessaryDemograph
25、ic data sometimes readily available from client,Low(occasionally shows correlation,never causation)Descriptive,not actionable(describes customers but does not address drivers of purchase),Needs-based segmentation is the most time consuming to execute,but also the most valuable.Most of Bains work inv
26、olves needs-based segmentation.,Comparison of Segmentation Methods,16,customersegmentation.PPT,Make a complete list of potential customer and non-customer needsfocus groups or a small number of unprompted customer interviewsbrainstormingprevious client work or Bain research,Create a needs list,Colle
27、ct data,Conduct Factor/Cluster analysis to determine statistical segments,Steps:,Ask a representative sample of customers and non-customers a battery of questions designed to gauge their needs concerning a product/service,Customers and non-customers are placed into segments based on their responses
28、to the key variables that drive purchase behavior,Defining customer groups in a needs-based segmentation begins with identifying the likely customer and non-customer needs.,Needs-Based Segmentation,17,customersegmentation.PPT,The Bain Research and Data Analysis Group in Boston should be contacted wh
29、en running a needs-based segmentation to ensure proper,statistically valid analysisThese tools could generate a number of statistically valid answers.In that case,the segmentation options must then be screened using business judgement.,Factor Analysis and Cluster Analysis are statistical tools used
30、to determine appropriate needs-based customer segments.,Factor/Cluster Analysis,18,customersegmentation.PPT,There are two methodologies for segmenting a database of behavioral or demographic information.,CHAID-an analytical tool that uses the Chi-Square statistic to find the drivers of a dependent v
31、ariable,80/20,Process:,Statistical validity:,Drawbacks:,Divide customers according to their profitabilityHypothesize as to the variables that drive profitability.Combine variables to create segments.,Low,Iterative,manual processRequires solid intuitionRisks leaving out important variablesDoes not ad
32、dress causation,Choose dependent variable(e.g.,profit),hypothesize as to the segmentation variables,collect data on variables,run CHAID,reality check results,and create segments based on the CHAID,High,Process requires contacting the Bain Research and Data Analysis Group in Boston for software/stati
33、stical expertise in conducting CHAID analysis,Behavioral and Demographic Segmentation,19,customersegmentation.PPT,CHAID analysis determines and ranks all of the statistically significant drivers of a chosen dependent variable(e.g.,profit,retention,productivity)Specifically,it groups independent vari
34、ables into subgroupsindependent variables are categorized according to their statistical significance(e.g.,store location,age)CHAID identifies interactions/effects between variablesCHAID yields subgroups which are statistically significant and MECE,CHAID is a statistically robust method used to segm
35、ent a demographic or behavioral database.,CHAID,20,customersegmentation.PPT,Meaningful-there should be enough differentiation among segments such that each segments seems uniqueMECE-each customer should belong to one,and only one,segmentMeasurable-clearly defined with a market share that can be quan
36、tifiedSubstantial-there should be enough volume in a segment to merit analysisActionable-we should be able to design a value proposition for each segment,Regardless of the type of segmentation used,the customer groups determined by the segmentation process must have the following characteristics:,Se
37、gmentation Requirements,21,customersegmentation.PPT,The customer segmentation conceptApplicationsCustomer segmentation steps segment customerschoose target segmentscreate value propositions for target segmentsdetermine profit potential of serving target segments with value propositionsExamplesneeds-
38、basedbehavioralKey takeaways,Agenda,22,customersegmentation.PPT,Note:In some cases,there will be only one target segment,The target segments should be chosen based on their attractiveness to a given company and that companys ability to serve the target segments in a differentiated way.,Attractivenes
39、s(profit potential),Ability to serve in a differentiated way,Revenue potential,Cost to serve,Clients core capabilities petitors,External factors,SizeGrowth potential,Buyer powerProduct requirementsPrice sensitivityAdvertising requirementsChannel preferenceService requirements,Strategic objectivesAbi
40、lity to leverage:technologycostsskillsexisting resourcesExisting market perceptionsExisting base in segment,Legal restrictionsRegulatory requirements,Target Segment Selection,23,customersegmentation.PPT,Develop Capabilities to Serve this Segment,Target this Segment,Avoid this Segment,Adjust Value Pr
41、oposition to Improve Attractiveness of this Segment,Low,Low,High,High,Ability to Serve Segment in a Differentiated Way(Lever=Capabilities),Segment Attractiveness(Lever=Value Proposition),Target Segment Selection Matrix,24,customersegmentation.PPT,The customer segmentation conceptApplicationsCustomer
42、 segmentation steps segment customerschoose target segmentscreate value propositions for target segmentsdetermine profit potential of serving target segments with value propositionsExamplesneeds-basedbehavioralKey takeaways,Agenda,25,customersegmentation.PPT,FeaturesPriceQualityBrandPositioningPromo
43、tion/advertising,Product,Service,Distribution,Before saleDuring saleAfter sale,Delivery channelsSpeed,After customers have been segmented and the most attractive segments have been chosen,a customized value proposition should be created for each target segment by trading off among the following elem
44、ents:,Actions should leverage strengths and optimize resources with the goal of increasing market share of the target segments,Value Proposition Development,26,customersegmentation.PPT,The customer segmentation conceptApplicationsCustomer segmentation steps segment customerschoose target segmentscre
45、ate value propositions for target segmentsdetermine profit potential of serving target segments with value propositionsExamplesneeds-basedbehavioralKey takeaways,Agenda,27,customersegmentation.PPT,Once the value propositions have been established,the potential profit to be gained from providing them
46、 to the target segments should be quantified.,Determine profit potential,Calculate revenue increase,Calculate cost to serve,Current customers,New customers,Current customers,New customers,Profit Potential Quantification,28,customersegmentation.PPT,The customer segmentation conceptApplicationsCustome
47、r segmentation steps segment customerschoose target segmentscreate value propositions for target segmentsdetermine profit potential of serving target segments with value propositionsExamplesneeds-basedbehavioralKey takeaways,Agenda,29,customersegmentation.PPT,*Disguised client case,Smiths Fashion Ce
48、nter is a large discount womens retailer in the Northeast that wants to understand its customer base to determine expansion options.,A list of the drivers of retail purchasing behavior was made,Customers were asked 20 questions to record their needs,Factor/Cluster analysis was used to determine the
49、segments,Segment size and revenue potential were calculated,An expansion market was chosen and the merchandise strategy was adjusted based on the segmentation results,Smiths Fashion Center*-Process,30,customersegmentation.PPT,A five segment solution was chosen from the Factor/Cluster analysis.,Femal
50、e apparel shoppers,Bargains,Utility,Fashion,Primary motivation:,Bargains,Efficiency/service,Fun(love to shop),Secondary motivation:,High quality bargains,Service,Fashion,Bargains,Not motivated by:,Fashion,“Fashion Forward Shopping Lover”,Segment name:,“Fashion Value”,“Fashion on a Shoestring”,“Unfas
