Market Segmentation is the process of dividing a broad target market into smaller, more specific groups of consumers who share similar characteristics, needs, or behaviors, enabling businesses to tailor their strategies effectively.
This involves:
- Defining specific customer groups by focusing on factors like demographics, psychographics, geographic location, or behavior
- Examining the individual needs and preferences that set each group apart
- Creating tailored marketing strategies and offers that align with the preferences of each segment
By implementing market segmentation, businesses can improve customer satisfaction, create more targeted and efficient campaigns, and allocate resources strategically. This results in greater engagement, stronger customer loyalty, and improved returns on investment.
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Case Study
Manufacturing: Danby Accelerating Performance with SPIFFs
Appliances manufacturer Danby was looking to motivate its sales ecosystem in a meaningful way.
Together with 360insights, a channel strategy was developed and the right tactics were identified that would amplify their sales operations throughout their complex sales ecosystem, along with ways to maximize revenue and create connections between their channel and brand.
Discover how, with the right incentives program in place and an awareness of how and where it was allocating incentive spend, Danby was able to effectively optimize that spend to increase ROI.