To deliver coherent and personalized experiences in long-term conversations, existing approaches typically perform retrieval augmented response generation by constructing memory banks from conversation history at either the turn-level, session-level, or through summarization techniques. In this paper, we present two key findings: (1) The granularity of memory unit matters: Turn-level, session-level, and summarization-based methods each exhibit limitations in both memory retrieval accuracy and the semantic quality of the retrieved content. (2) Prompt compression methods, such as \textit{LLMLingua-2}, can effectively serve as a denoising mechanism, enhancing memory retrieval accuracy across different granularities. Building on these insights, we propose SeCom, a method that constructs a memory bank with topical segments by introducing a conversation Segmentation model, while performing memory retrieval based on Compressed memory units. Experimental results show that SeCom outperforms turn-level, session-level, and several summarization-based methods on long-term conversation benchmarks such as LOCOMO and Long-MT-Bench+. Additionally, the proposed conversation segmentation method demonstrates superior performance on dialogue segmentation datasets such as DialSeg711, TIAGE, and SuperDialSeg.