A richer understanding of customers
The segmentation brought together demographic characteristics, financial attitudes and behaviours to make different customer needs clearer.
Financial services / Consumer segmentation
Understanding different customer needs
A financial-services provider needed a richer understanding of existing and potential customers to make communications more relevant and inform product strategies. Demographics alone could not explain differences in financial needs, attitudes and behaviours.
The research framework
Researchcustomer understandingAnalysisneeds and behavioursSegmentspractical applications
Demographics, financial attitudes and behaviours considered together.
The starting point and the response
- 01Customer research
- 02Consumer segments
- 03Targeted communications
- 04Product strategies
More effective communications
The segmentation was used to focus communications more closely on customers and improve the relevance and targeting of messages.
Insight informing strategy
Wider knowledge of customers, considered alongside the segmentation, helped shape strategies at product level.
What we did
A substantial consumer research study informed a segmentation framework, combining demographic characteristics with financial attitudes and behaviours. The work explored relationships to product areas and potential applications in propositions, communications, adviser relationships and customer service.
The useful lesson
The value of segmentation lies in how it changes decisions: who you communicate with, what is relevant to them and how you shape your product strategy.
This is one selected assignment. We can discuss further relevant experience and the themes and outputs we are able to share.
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