The key to doing so is through customer segmentation.
At its most basic, customer segmentation (also known as market segmentation) is the division of potential customers in a given market into discrete groups.
The Big Data-enabled possibilities are enormous, but we focus on three areas that can bring relatively quick wins. Increasing usage of text mining – The importance of text mining has grown with Big Data because much of that data is unstructured.
For example, a segmentation scheme that aligns high-level service with customers that provide the highest value to the company will be most effective at driving revenue goals by encouraging retention of high-value segments.
Big Data is like the population in some emerging countries. This has created unprecedented economic opportunity for businesses.
And it's growing at an extremely rapid rate (velocity).
That division is based on customers having similar enough: This guide will focus on the value-based approach, which allows expansion stage companies to clearly define and target their best prospects (based on its current knowledge of the market) and satisfy most of their needs for segmentation in the expansion stage, without consuming the time and resources of a traditional, descriptive segmentation research process.
While most companies possess enough market knowledge to predict or anticipate which customer segments are their most profitable, the leaders of those businesses also know that scaling a business is not best left to guesswork or instinct.