Market Scoping

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If your business wants to get into a new market, or offer a new product in the same market, you’ve got to start by understanding the landscape.

Our detailed market scoping work focuses on helping you understand the two groups who will have the biggest impact on your success – the people who might buy from you, and the competitors who might stop those people buying from you.

So we start off by identifying key customer groups in your market and getting to know them. We take time to understand what they’re looking for and why, which of their needs are being met and by who, and what factors influence and motivate their purchases.

We then give you a comprehensive competitor map. This highlights key players in the market – including direct and indirect competitors – and lays out their offer, positioning, market share, and any opportunities they’re missing.

Companies we’ve helped grow

vision-express
bbc
quikfit
discovery-network
rnib

Customer Segmentation FAQs

What is customer segmentation?

Customer segmentation is a way of refining your customer base into smaller groups, based on a set of shared characteristics. These shared characteristics may include a range of attitudes, perceptions, and influences. You can use this information to create highly targeted marketing campaigns, sales strategies, and sell to specific audiences more effectively.

How can customer segmentation help my business?

There are many benefits to breaking down your customer base into similar groups for targeted marketing and sales strategies. Especially when this is outsourced to a specialist segmentation agency such as Clusters. Ultimately, customer segmentation results in more effective marketing and business growth. The insights that you gain will help you to answer key questions such as:

  • Will a particular group respond positively to an offer?
  • Which groups will deliver the most profit and growth?
  • Where can we find them?
  • What’s the best way to get their attention?
  • What will it take to convince them to buy in?
Which types of businesses need customer segmentation research?

All businesses can benefit from customer segmentation research, whether they are large or small, established or new, B2C (business-to-consumer) or B2B (business-to-business). However, the way in which this research is conducted might differ depending on their industry and their target market. For example, B2C businesses might prefer to segment their audiences based on factors such as lifestyle, beliefs, attitudes and values. Whereas B2B marketers may choose to focus on industry, location, payment terms or other factors. 

We can help you to determine which factors to use to segment your audience, based on the nuances of your business. Get in touch to learn more.

How reliable are customer segmentation tools?

There are many different customer segmentation tools available, some of these you may have come across before from ‘mainstream’ providers. The trouble with these is that they typically only have an accuracy rate of around 70%. Getting accurate data is essential to maximising the returns on your marketing investments, which is why we developed our own customer segmentation software which is much more reliable. 

HuPa, our deep-learning modelling tool, is specially adapted for segmentation-based market analysis and geo-modelling. It’s particularly known for its strong clustering capabilities (which is where we got our name from) and it's almost-complete lack of human bias. With a 98% accuracy rate, we believe it's still the most consistent, reliable customer segmentation tool in our industry.

Why choose Clusters to carry out your customer segmentation research?

With many different agencies and providers of customer segmentation software to choose from, why should you choose us to carry out your segmentation research? 

We’re a market research agency who specialise in customer segmentation. Our team is made up of experienced, perceptive data scientists with exclusive access to HuPa, the industry’s most accurate customer segmentation tool. We identified a problem with mainstream tools which did not deliver reliable data, so we developed a completely new approach with our custom-built software. Our experience, knowledge and tools are unrivalled when it comes to customer segmentation. 

Our research provides you with the most accurate (98%) results, so you can minimise wastage in your marketing budget and drive business growth. Get in touch today to discuss your customer segmentation project.

WORK WE’VE DONE

CUSTOMER SEGMENTATION FOR FWD INSURANCE

We conducted customer segmentation for FWD, who set out to change the way people feel about insurance​. The Asia insurance market is crowded so precise targeting is critical: the right people with the right brand proposition, products, services and communications.

market-scoping-fwd-insurance

Our market scoping work helps you answer questions like:

 

  • Which customer groups will be most receptive to our offer?
  • What customer needs aren’t currently being met?
  • Where are the gaps in the market?
  • Who are our biggest competitors, and why?
  • What might make a customer switch from a competitor to us?

Once you know the answers, you can develop your product, service, or brand to meet the needs of the customers you’re most keen to attract – stealing market share from your competitors and becoming unchallenged leaders in your field.

Think our market scoping work sounds like just what you need?

We’d love to talk with you about how our insights could help your business grow.

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GET IN TOUCH

Email us: hello@clustersinsights.com

Call us: +44(0) 20 3950 6624

Find us: 85 Great Portland Street, First Floor, London, W1W 7LT

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