Evaluation of Trends Followed by Specific Target Customers

Abstract

Nowadays, many organizations are opting for segmentation techniques to obtain useful insights about their customers to strengthen their business. Customer segmentation is the sub-division of a company's customers into discrete groups to make meaningful decisions and understand market potential. The idea behind segmenting customers is to decide how to relate to customers in each segment to maximize the value of each customer to the business. It is very crucial to identify the potential customers in order to have a more data-driven strategy to make an informed decision. Segmentation will allow various organizations to identify their most valuable customer segments and it will also help in increasing customer loyalty by tailoring their services for the customers. Therefore, the significance and purpose of our project ‘Customer Segmentation’ is to find hidden patterns of spending habits between the customers and the specific characteristics of the target group which will ultimately help us in gaining valuable insights through various visualizations.