Customer segmentation plays a vital role while strategizing the Sales & Marketing of any brand/product. The conventional method of customer segmentation has almost reached everyone in the industry. Hence, this blog aims to focus on the evolution of advanced analytics and to foresee the future of segmentation.
The ultimate purpose is to study the customers of different segments and to formulate strategies accordingly for more conversions & profits.
Let us consider retail outlets:
Business happens in two ways, one is they need to attract customers through advertisements, promotions, etc., to bring them to their outlets.
The other is to make them buy their products by providing them good infrastructure, customer services, etc.
The fact is that most of the customers coming to the outlets leave without buying.
What can be done?
Mostly customers tend to go, to more than an outlet to purchase something which is out of their routine. So if some trained professionals can satisfy their expectations, then they can easily find a great hike in their sales.
The hiccup lies in the inability to figure out the customers who are more likely to buy. They treat both the spectators & buyers equally and eventually fail to utilize their potential customers.
With unimaginable advancements in analytics, they can identify/segment the prospective customers from others.
How it can be done?
The usage of CCTV camera has become mandatory in every outlet. By applying video analytics on the footages, one can study the behaviour of customers in the outlets with content, emotion and action recognitions.
Training those historical footages with those recognitions and outcome of the customer (bought or not), a multi-model can be built. This model will be capable of doing live segmentation and it will classify the potential customers before they leave the shop.
It is not just ending here, a similar thing can also be established in restaurants for knowing customer satisfaction in real-time and that will help you to fix things right before they leave.
So, it will all be in your hands whether you want to make them your customers or to show them the doors.
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