I my opinion the process of developing customer segmentation is different from creating personas.
Segments are different customer types based upon similar attributes such as demographics (and usually just cuts of your existing customer data). They are typically used to focus marketing spend.
Personas should also go into defining the customer's attitude, propensity to buy, purchase history, device usage, etc. They are there to shape the user experience by giving you (crude) stereotypes to build product/functionality and create content for.
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