You can analyze your customers by applying custom Economic Segments. In ENVISION, you can divide your customers into the Grow, Retain, Service, and Maintain strategic segments, allowing you to dig deeper into each subset of your customer file. You also have the ability to analyze Economic Segments based on previously created target groups.
In this article:
Economic Segments
Inputs Required:
- An imported customer file opens in new window where the Value and Potential Fields are imported as Categorical variables and where the Consumption Fields are imported as Consumption variables.
- Value Fields: how much money a customer has with you/your organization, the Value column must contain the text values of Low, Medium-Low, Medium, Medium-High, and High
- Potential Fields: how much money customers are estimated to have, based on their geographic location, the Potential column must contain the text values of Low, Medium, and High
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Consumption Fields: Indicates that your field contains numeric data that can be measured (very often a dollar amount)
For example:
- A Trade Area opens in new window
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Select the Economic Segments Analysis tool.
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Select Economic Segments.
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Select the pages you wish to have in your final output by clicking the check mark.
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Click Next.
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Use the drop-down list to select your customer file.
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Use the drop-down lists to select the Potential and Value Attributes. You may also select any Consumption Attributes.
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Select the appropriate Trade Area(s) by clicking the check mark next to it.
Note: If the Trade Area you selected has no customers within it, the report will output will be blank.
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You can change the name of your dashboard if you would like. Once updated, click Create Dashboard.
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Navigate to the Results page to view your report.
The first page of your report will have a table divided into four quadrants.
- Grow: Customer base with low value and high potential
- Retain: Customer base with high value and high potential
- Service: Customer base with high value but not a lot of potential
- Maintain: Customer base with low value and relatively low potential
Economic Segments with Target Groups
Inputs Required:
- An imported customer file opens in new window that has been imported as Categorical Data and that contains Value and Potential Fields (treated as additional columns)
- Value Fields: how much money a customer has with you/your organization, the Value column must contain the text values of Low, Medium-Low, Medium, Medium-High, and High
- Potential Fields: how much money customers are estimated to have, based on their geographic location, the Potential column must contain the text values of Low, Medium, and High
-
Consumption Fields: Indicates that your field contains numeric data that can be measured (very often a dollar amount)
For example:
- A Trade Area opens in new window
- A Target Set opens in new window
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Select the Economic Segments Analysis tool.
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Select Economic Segments with Target Set.
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Select the pages you wish to have in your final output by clicking the check mark.
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Click Next.
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Use the drop-down list to select your customer file.
-
Use the drop-down lists to select the Potential and Value Attributes. You may also select any Consumption Attributes.
-
Select a Target Set by clicking the check mark.
-
Select the appropriate Trade Area(s) by clicking the check mark next to it.
Note: If the Trade Area you selected has no customers within it, the report will output will be blank.
-
You can change the name of your dashboard if you would like. Once updated, click Create Dashboard.
-
Navigate to the Results page to view your report.
The first page of your report will have a table divided into four quadrants.
- Grow: Customer base with low value and high potential
- Retain: Customer base with high value and high potential
- Service: Customer base with high value but not a lot of potential
- Maintain: Customer base with low value and relatively low potential