Understand Market Segment Behavior

Customers' needs, opinions and behavior during the sales process differ by market segment, especially in the retail industries. Even though marketing departments spend large sums defining the attributes of each market segment, it is difficult to to capture the reasons why customers in different segments contact them, what objections and concerns are expressed, and what sales tactics work best.

In fact, knowing these customer opinions and behaviors may become the foundation for changing market segment definitions, since this information, especially when tied to customer events such as a new purchase or cusotmer churn.

Listening Methods designs solutions which determine and trend customers’ views, behavior and reactions by market segment, providing insight into behavior such as:

• Why do customers churn, to which competitors, for what reasons and how do they respond to rescue attempts?
• What are the varying reasons that members of each segment contact your company?
• What are the views of and reactions to your products or services?
• What is their customer experience?
• Are your market segments defined correctly for responding to your marketing programs?

This information is typically hidden to most companies. It often is found in contact center calls and face-to-face interactions in retail stores or branch offices. Listening Methods captures this information through a combination of speech analytics, analysis of text communications (email) and surveys as well as select manual audits. By training small groups of personnel to ask specific information, the data can be expanded quickly and efficiently.

A Credit Card Example

The two following tables illustrate the point above, and show the differing behavior by market segments. The first table shows data on why customers from different market segments contact the company. The second identifies how the segments reasons for churn and rescue vary.

Customer Support Needs, Behavior and Costs Vary by Market Segment

Reasons for Customer Churn and Rescue Vary by Market Segment