From the course: Artificial Intelligence and Business Strategy
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Using AI for hyper market segmentation
From the course: Artificial Intelligence and Business Strategy
Using AI for hyper market segmentation
- Diversity is an innate feature of all natural phenomena, including us humans. We differ from each other by DNA, sex, race, ethnicity, age, nationality, socioeconomic status, family context, friendships, life experiences, you name it. For marketers, a direct implication of diversity is that markets are segmented and that companies should aim to develop tailored strategies for different segments. Marketers have long faced two major hurdles in implementing good segmentation strategies. One, lack of rich data on buyers. Two, very high cost of customization. Developments in information and production technologies have enabled companies to overcome these hurdles to some extent. Today, the rise of AI is pushing the envelope much further towards hyper segmentation whereby each buyer and each user could eventually become a segment of one. Let's see how. The majority of adults now have an online presence. While some data is…
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