Using Cluster Analysis for Market Segmentation
Introducing cluster analysis
There are multiple ways to segment a market, but one of the more precise and statistically valid approaches is to use a technique called cluster analysis. Cluster analysis is a tool that is used in lots of disciplines – not just marketing – basically anywhere there is … Read more...
Bring Your Own Persona
Knoweldge@Wharton originally defined the term BYOP as “identifying new segments by their digital engagement.”
According to Wharton, this persona is based on:
- digital capability and
- trust.
Using the Wharton definition, ‘digital capability’ is a consumers’ ability to maximise their usage of the latest technologies such as mobile apps, wearables, social … Read more...
Segmentation Critical to Data Analytics on Banking Consumers
… Read more...Age and income aren’t the only ways to break down financial consumers. This study’s segmentation model reveals some interesting differences in how people think about banking and relate to their primary financial provider.Saylent commissioned a study through Informa Research Services to assess consumer and small business banking preferences and the
An Example of the Segmentation, Targeting and Positioning Process
A good example of the STP process (segmentation, targeting, positioning) can be found during the Cola Wars in the 1980s between Coca-Cola and Pepsi-Cola. As you may be aware, Coca-Cola eventually took the dramatic act of reformulating their flagship Coca-Cola product and withdrawing it from the market to replace it … Read more...