What is the difference between customer profiles, market segments, and predictive modeling? How are they used in marketing?

Michael Bayly
Mind Map by Michael Bayly, updated more than 1 year ago
Michael Bayly
Created by Michael Bayly over 5 years ago
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Mind Map on What is the difference between customer profiles, market segments, and predictive modeling? How are they used in marketing?, created by Michael Bayly on 06/16/2014.

Resource summary

What is the difference between customer profiles, market segments, and predictive modeling? How are they used in marketing?
1 Customer Profiles
1.1 Develop a profile of the ideal customer in any given situation
1.2 What they wear, drive, live, job, behaviours - when asked to create a profile on a site
1.3 Best Customer Analysis
1.4 Electronic targeting - identifying and targeting with individualised content
1.4.1 Birthday
2 Market segments
2.1 Different segments to handle and target
2.2 Statistical analysis to find the group of best potential customers based on characteristics and product-related behaviours
2.2.1 Regression
2.2.2 Assist with identifying relationships between variables that affect behaviour
2.3 Appropriate for the physical world as cost prohibitive
2.4 Suitable for conversion and retention programs - info on customers already in database
2.4.1 Online and offline
3 Predictive modelling
3.1 Predicting behaviour
3.1.1 Using programs to predict likelihoods
3.1.1.1 Can identify results of variable changes - price change, will demand change
3.2 Data burst - customer account information and products they’re likely to buy appear on the screen
4 They are analytical levels (compress data into summary statistics) used as individual data items to execute marketing programs
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