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In 2016, one of the largest fashion retail store in Bangladesh in operation for more than 3 decades was in need of a proper customer segmentation. Being in business for so many decades, the company values have stayed the same but the consumers have evolved drastically. In order to help our client understand their current consumers, effectiveness of their product line and possibility of future strategic frameworks, LightCastle formulated a nationwide consumer survey of existing customers of the brand to gauze consumer preference and reasons behind their continued loyalty towards the brand.
LightCastle mobilized a team of 15 enumerators in Dhaka, 5 enumerators in Chittagong and 3 enumerators in Sylhet. Data were collected using our proprietary Android app LightCastle Data to ensure the data accuracy and reliability. Finally, collected and verified data were analyzed using advanced analytics software to extract relevant key insights.
After analyzing the data collected, we used a combination of Demographic, Economic, Behavioral as well as Psychographic segmentation methods to develop a four major patterns system in our client’s customer base and from there deciphered four broad customer communities; the Esteemed, Succeeders, Aspirers and Explorers.
Based on our customer segmentation and in-depth analysis through various consumer matrix, our client is now set to revamp its product line to meet the demand of its most prevalent customer segment, capitalize on demand from its aspiring customer segment and gain higher market share in the fashion segment our client operates in.