🎓 Definition
New To Market is a segmentation type that Customers who never bought products in a certain category (Market) during a certain previous period of time, and then, start to buy products in this same category (Market) in a later period. Such a tracking is only possible with a Loyalty program so the concerned shoppers can be identified.
âť“What is used for
New To Market segmentation can be used in various cases. For example:
•  To measure the response rate of Targeted Offers
•  To measure the impact of an innovation, a promotion, event or the introduction of new products for a specific category, sub-category or Brand
🧪 Example of New to Market
Loyal Customers who never bought products in Diaper Category in August’22, but then buy Diapers products in this Market (this category) in November’22.
How is the "New To Market" segmentation tracked and identified within a Loyalty program? What specific data or metrics are used to determine if a customer is "New To Market" for a particular category?
The "New To Market" segmentation within a Loyalty program is typically tracked by analyzing a customer's purchasing behavior over specific periods of time. Specific data points such as purchase history, frequency, and category of products bought are evaluated to determine if a customer has previously not purchased products in a certain category but has started to do so in a later period. Metrics like the date of first purchase in the category and subsequent purchases can be used to identify these customers accurately.
Are there any best practices or strategies recommended for businesses to effectively target and engage with "New To Market" customers based on this segmentation? For instance, how can businesses tailor their marketing campaigns or promotions to appeal to this specific customer segment?
Businesses can employ several strategies to effectively target and engage with "New To Market" customers. One recommended approach is to tailor marketing campaigns and promotions specifically to this segment by highlighting the benefits and unique features of the products in the category they have recently started purchasing. Personalized offers, discounts, and recommendations based on their purchase history can also be effective in capturing their attention and encouraging repeat purchases. Additionally, engaging content and educational materials about the category can help in building trust and loyalty with these new customers.
What are the potential benefits or advantages for businesses in identifying and targeting "New To Market" customers? Are there any case studies or examples that demonstrate successful outcomes from leveraging this segmentation type?
Identifying and targeting "New To Market" customers can provide businesses with valuable insights into emerging market trends, customer preferences, and potential growth opportunities. By focusing on this segment, businesses can increase sales, expand their customer base, and improve overall customer retention. While specific case studies were not provided in the original blog post, many businesses across various industries have successfully leveraged "New To Market" segmentation to launch successful marketing campaigns, introduce new products, and drive revenue growth.
🖥️ Make it happen in Ulys Customer Intelligence
How to access New to Market in Ulys: 7 Simple Steps
Step 1: Select Switching Menu from Segmentation Menu Bar.
Step 2: Select Create a New Customer List.
Step 3: Select the scope you want to measure.
Step 4: Select New to Market from the Shopping Behavior.
Step 5: Select Customer profiling (Age, Gender, Ethnicity, Shopping Frequency, etc.). If the Personal Data Protection Act related to your Country allows you to store the Personal Data Information of your Customers and ONLY if you have the consent of your Customers to use their Personal Data.
Step 6: See the Segment Summary and save the Segment.
Step 7: Customer List is created and saved in the Ulys platform (Saved Segmentation Menu) and can be downloaded.
