Finding the Most Profitable Segments in Your Data

Published: 16 August 2024
on channel: Innovation Visual
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In this episode of Digital Marketing Answered™, Innovation Visual’s CEO Tim Butler meets with our MarTech Manager, Chris Watson-James. They explore unlocking the hidden value within your data and how to use it to drive business growth through segmentation.

Among other topics this episode explores:

• The importance of first party data
• Data lakes, pools and why they need to be in a single space
• Data centralisation and your customer journey
• Driving value from your data and improving conversion rates
• How to enrich your data in both B2B and B2C
• The value in your segments
• Understanding your customers and their behaviour
• The life-journey of a customer
• Why it’s easier to convert someone who already knows your brand
• Segmentation for reporting and improving your revenue
• Segmenting around behavioural insights

We would like to apologise for the signal quality in this video - we know the visual isn't perfect throughout due to some technical difficulties, but we couldn't resist sharing this great piece of content with you. We hope you enjoy it despite the signal issues!

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This video is part of our Digital Marketing Answered™ podcast and video series, with new episodes released every two weeks.

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Key moments in this video:

00:00 - 01:23 - Introduction to the episode.
01:24 – 03:16 – Specifically which data are we talking about and what is segmentation?
03:17 – 06:35 – Why is first party data so important?
06:36 - 09:35 – Implicit and explicit data.
09:36 - 11:35 – Why you need a CRM to service and segment your data.
11:36 - 15:17 – The importance of data centralisation and your customer journey.
15:18 - 18:06 – Auditing your data and the quickest route to driving value from your data and improving conversion rates.
18:07 - 19:54 – How do you audit and understand your data?
19:55 – 25:42 – What are you trying to achieve with your data? Looking at segment sizes.
25:43 – 28:27 – Enriching your data and the importance of frictionless touch points.
28:28 – 30:15 - How to enrich your data – B2B.
30:16 – 31:04 – How to enrich your data – B2C and behavioural data.
31:05 – 33:20 - B2C - The value in understanding where your high margins are with your products and product categories
33:21 – 38:04 - B2C - Discounting and why it’s important to understand your customers and their behaviours to establish value.
38:05 – 41:00 - B2C – Follow on purchases and the life-journey of a customer.
41:01 - 44:20 – B2B – Why lapsed and dormant customers are good opportunities for profitability.
44:21 - 46:05 - B2B – Segmentation for the purpose of reporting and improving your revenue driving decisions as a result.
46:06 - 47:10 – Symanto and segmenting around behavioural insights and emotional purchasing.
47:11 – 51:01– Recap, summary and critical information.

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About Innovation Visual:
Innovation Visual’s talented team of experts work in partnership with clients to solve the digital marketing challenges and provide ‘just the expertise you need’ to transform business growth and success.
Get in touch:
💻 Visit our website ➞ https://bit.ly/3HbHnVA
📞 Call ➞ 0333 772 0509 (+ 44 (0)1483 604256 - Outside UK)
📩 Email ➞ [email protected]
Connect:
LinkedIn ➞   / innovation-visual-limited  
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Twitter ➞   / innovationvis  

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