Anchor Computer

Market Segmentation and Data Analysis for Century 21

Background

Century 21, a leading off-price retail company known for its diversified, high-end merchandise at discount pricing, aimed to refine its customer targeting strategy for a more focused and effective marketing campaign. The primary goal was to identify potential customers within specified zip codes who fit certain demographic criteria, with a particular interest in higher-income individuals.

Objective

The project aimed to provide Century 21 with a detailed count of potential customers within specified zip codes who meet the following criteria:

1.
Age 24 and above.
2.
Residing in the specified zip codes.
3.
Additionally, a subset with an income greater than $150K.
4.
Located within a certain radius near Century 21 stores.

Methodology

1. Data Collection:
  • Gathered demographic data to identify individuals aged 24 and above within the specified zip codes.
  • Used income data to further segment the audience, focusing on those with an annual income greater than $150K.
  • Incorporated geographical data to ensure the potential customers lived within a practical radius of Century 21 stores.
2. Data Analysis:
  • Applied statistical tools and techniques to analyze the collected data, ensuring accuracy and relevance.
  • Created detailed reports that segmented potential customers based on age, income, and proximity to store locations.

Incentive Strategy

To drive traffic and enhance customer engagement, Century 21 introduced a $21 incentive towards purchases. The strategy included:
  • Coupon Distribution: Potential customers received a coupon, which they could present at the point of sale.
  • Barcode Scan: The coupon included a barcode that, when scanned, provided a $21 discount on their purchase.
  • Applicability: The discount applied to a wide range of products, including footwear, apparel, makeup, and accessories.
Incentive Strategy

Result

By leveraging detailed market segmentation and data analysis, Century 21 was able to tailor their marketing strategies more effectively. The $21 incentive toward purchases significantly drove traffic to the store and improved sales performance!

The initiative reaffirmed Century 21’s position as a leading off-price retailer with a diverse range of high-end merchandise at discount prices.

Anchor can help you focus your marketing efforts on the right customers with the right message.

Call: 800-452-2357 or Email: marketing@anchorcomputer.com