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How can you use AI to segment markets?

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Market segmentation is the process of dividing a large and diverse customer base into smaller and more homogeneous groups based on their needs, preferences, behaviors, and characteristics. By segmenting your market, you can tailor your products, services, pricing, marketing, and sales strategies to better meet the expectations and demands of each segment. However, market segmentation can be challenging and time-consuming, especially when you have to deal with large and complex data sets, multiple variables, and dynamic customer behavior. This is where artificial intelligence (AI) can help you segment your market more effectively and efficiently. In this article, you will learn how you can use AI to segment your market in four steps.

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Ina Nanda

1 Identify your segmentation criteria

The first step is to identify the criteria that you want to use to segment your market. These criteria can be based on various factors, such as demographics, psychographics, geographics, behavioral, or attitudinal. Depending on your business goals and research questions, you can choose one or more criteria to segment your market. For example, if you want to segment your market based on customer loyalty, you can use behavioral criteria such as purchase frequency, recency, and value. Once you have identified your segmentation criteria, you can collect and organize the relevant data from various sources, such as surveys, transaction records, web analytics, social media, or customer feedback.

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Ayasha Ali

Product Evangelist | Technical Product Marketing Management | AI, Data & Fintech
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This is a great example of where you can use generative AI to help you identify relevant segmentation criteria for new markets. By engineering your prompts appropriately, AI tools such as ChatGPT and Bard can be a good source for refining your segmentation approach. This age of AI is making it easy to sound board with bots trained on large amounts of data - this includes content that is generated from the queries of others. Plus, using relevant plugins can ensure you are leveraging up to date information.

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2 Apply AI techniques to segment your data

The second step is to apply AI techniques to segment your data based on your segmentation criteria. AI techniques can help you analyze and cluster your data into meaningful and actionable segments using advanced algorithms, such as machine learning, natural language processing, or computer vision. For example, if you want to segment your market based on customer sentiment, you can use natural language processing to extract and classify the emotions and opinions of your customers from their reviews, comments, or feedback. Alternatively, if you want to segment your market based on customer images, you can use computer vision to detect and categorize the features and attributes of your customers from their photos or videos.

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Veronika Nuretdinova

Extracting Pearls from Chaotic Data
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Another approach is to find out the segmentation criteria through unsupervised ML. For example, in one study we had 60 behavioural characteristics from customers' survey's and around 20 from CRM and we didn't know which of those would define the segments. We applied clustering and based on the resulting clusters we could see which criteria in fact separate segments and define their response to sales&marketing initatives. In fact, those were different ones than those we applied previously through persona-based segmentation. That's the beauty of AI - it can show you data-driven segmentation criteria vs your gut feeling.

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3 Evaluate and validate your segments

The third step is to evaluate and validate your segments to ensure that they are relevant, reliable, and consistent. You can use various metrics and methods to evaluate and validate your segments, such as cluster quality, segment size, segment stability, segment profile, or segment performance. For example, if you want to evaluate the quality of your segments, you can use cluster quality metrics such as silhouette score, Davies-Bouldin index, or Calinski-Harabasz index to measure how well your data points are grouped within each segment and how well each segment is separated from others. Alternatively, if you want to validate the profile of your segments, you can use descriptive statistics or visualization tools to summarize and compare the characteristics and features of each segment.

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4 Implement and optimize your segmentation strategy

The fourth and final step is to implement and optimize your segmentation strategy based on your segments. You can use your segments to design and execute your marketing mix, such as product, price, place, and promotion, to target each segment with the most suitable and appealing offer. You can also use your segments to measure and monitor your marketing performance, such as customer satisfaction, retention, acquisition, conversion, or profitability, to assess the effectiveness and efficiency of your segmentation strategy. Furthermore, you can use your segments to update and improve your segmentation strategy by incorporating new data, feedback, or insights from your customers or the market. By using AI to segment your market, you can achieve a more accurate, flexible, and scalable segmentation strategy that can help you increase your competitive advantage and customer value.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Ina Nanda
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I think this is force fitting AI into market research. It only makes sense to deploy AI if you have the right data set! This article is just a combination of different AI methodologies pasted together under the garb of helping with effective segmentation!

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How can you use AI to segment markets?

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5

1 Identify your segmentation criteria

2 Apply AI techniques to segment your data

3 Evaluate and validate your segments

4 Implement and optimize your segmentation strategy

5 Here’s what else to consider

Market Research

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How can you use AI to segment markets?

1

2

3

4

5

1 Identify your segmentation criteria

2 Apply AI techniques to segment your data

3 Evaluate and validate your segments

4 Implement and optimize your segmentation strategy

5 Here’s what else to consider

Market Research

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