Customer Segmentation – What’s so right about it?

Customer segmentation is relevant and important in order to make or sell a product or service. It’s a precursor to any marketing plan. This article covers the phases of development of customer segmentation, from planning to implementation stage with various illustrations and segmentation matrix. Customer segmentation is the practice of dividing a customer base into groups of individuals that are similar in specific ways, such as age, gender, interests, spending habits. Segmentation helps businesses to understand markets effectively and allocate resources optimally.  NEED FOR SEGMENTATION? Segmentation helps one better understand various customer types and their relative importance to one's business. It gives the ability to differentiate the customers, to communicate, to target and t