As an online store, the need to segment customers and provide customized product selection is now more important than ever. In this blog post, we will cover 3 use cases for how powerful BigCommerce segment product features can help personalize your store’s products for each customer visiting your site. Keep reading!
What is product segmentation?
When you offer many versions of your product to various groups of consumers, you are practicing product segmentation. Consider that your SaaS business produces project management software.
Your product’s user base of software developers may require bug tracking features. Tools may be required by a group of manufacturing experts to facilitate the organization of part lists. Your business may have a core product that serves as the foundation, with a number of variations constructed around it to serve different sectors.
Why is product segmentation important?
You could be debating whether or not product segmentation is worthwhile. Making these modifications to your product may wind up being quite an amount of labor, depending on your line of employment. It helps to see it more as a simple way to broaden your product offering rather than as a time-consuming development of one product.
- Cater to various buyer demographics. Without product segmentation, you’ll either provide them with less or more of what they want.
- Separate the data on willingness to pay. You can split your willingness to pay data by client segment, but that data won’t be particularly relevant if there is only one similar product available for purchase by everyone.
- Track each product’s performance. By keeping an eye on your product’s performance, you can effectively reduce churn and create a roadmap for future additions. You may examine each product individually and track its success when it is more closely aligned with a certain client category.
3 use cases for BigCommerce segment product feature
Analysis of how and why customers use your product
You may already learn a lot from your current consumer base about how to segment your offering, at least initially. Take a look at the product’s use by your existing consumers. Consider which industries they are in, which features each customer category uses most frequently, and how those features may be enhanced to target the aforementioned industries.
Effective marketing strategy and product positioning
Your marketing staff has to go to work now that the product segments have been developed, priced, and are ready for launch. That’s a terrific place to start because you’ll already be aware of the customer profiles your product categories want to draw.
Again, it may seem like a hardship to perform the extra effort of selling different items, but if you’ve done everything well, the final result will be more sales and less turnover.
Price segmentation strategy
After using your data to develop some concepts for various product sectors, you must choose how much to charge for those goods. Even while it would be alluring to set uniform pricing for all comparable goods, you’ll probably be losing money if you do so.
You’ll have a better understanding of how to price each product group for the greatest growth potential after doing a thorough study of willingness to pay and market realities.
Although implementing a personalized shopping strategy can be intimidating, BigCommerce makes it easy with its dynamic BigCommerce segment product feature. By leveraging audience segmenting techniques such as demographics, commerce behaviors, geo-location, and user psychographics to create distinct product experiences for your customers – you can easily create personalized offerings that increase engagement and result in higher conversions.