Hello, thank you for taking the time to post your question!
Typically there isn’t one single strategy that is the “best” … oftentimes companies use a hybrid approach where they will combine various applications of the different types of techniques. What is best depends on that specific company’s goals and resources. So for example, the most advanced, insight-driven techniques like using psychographics to predict future behavior could be combined with demographic information in order to divide the market based on statistical data about the population.
Typically the hierarchy would involve moving from the most basic and easily observable characteristics to start filtering down your segment and then moving toward the more complex, predictive behaviors.
I hope that helps get you moving in the right direction! Feel free to reach out if you have any additional questions beyond that :)
