Consumer Economic Cluster Market Segments

 

GISBanker- has the experience to achieve more Effective Marketing with Data-driven Solutions based on customer enhanced data and analysis.

Data-driven marketing solutions can help you customize the experience to achieve better customer engagement through the channels your customers prefer. Look to data-driven marketing solutions to help you develop targeted engagement strategies that can be executed consistently across channels. We provide customer data enhancement using third party data and then model that data create unique market segments for your institution. These segments correlate to specific products and services provided by your institution.

GISBanker has established relationships with several third party data providers, including Equifax, Claritas, Data Axle, Hoovers D&B, TransUnion, and Alesso Data.

Moreover, we have the experience and knowledge to select the best data for your project, and provide statistical and analytical assistance to help you create market driven segments, build profiles and models that describe your best customers and the relationship to your products and services.

In order to understand the target audience, we need to identify their demographics as well as their lifestyle patterns. As an example, we have used Equifax Economic Cohorts to append to customer records. This data contains critical household economic data including discretionary household income. With the Equifax data, there are 71 "Economic Cohorts" (market segments) with Key Indicators: Life stage, Income, Spending, and Credit. Each cluster will contain a Demographic Summary, Cluster Description, Economic Summary, Details Demographics Summary, Leisure and Interest Summary, Media Preferences, Attitude Summary and Life Style Summaries

Benefits

Our proprietary segmentation methodology will incorporate the third party data enhancement, combine it with in-depth geographic analysis, and target those market segments most likely to achieve your objectives. This can include cross-selling existing customers, identifying existing customers with the potential to increase sales, and building lists of non-customers who meet the market segment profile and geographic location. You will be better prepared to target your best customers for up-selling and to identify prospects who correlate with existing customers.

We will also provide you with a detailed report that shows which segment(s) have been targeted and that are more likely to respond to your marketing efforts.

Equifax Economic Cohorts® is a breakthrough household segmentation system that leverages unique and proprietary household economic information from Equifax to segment households by what matters most – a household’s likely economics. It includes a more accurate and complete picture of total income, total discretionary spending, credit capacity and usage, combined with all of the key demographic, behavioral and lifestyle attributes you expect from a first-class consumer segmentation system.

To learn for about the Equifax Economic Cohort Framework Click Here

We will identify your target market by analyzing existing customers, non-customers who meet your market profile, and those with the potential to purchase from you. We will then segment them based on geographic location, income level and other factors that can impact your ROI.

Market Segment using GIS Analysis

The following map is a banking example: after in-depth statistical analysis, correlating the market segment with account balance information and locational data and discretionary income data, shows the specific households of non-customers that are targets for this institution.

GISBanker helps you match customer data with the right third party data, synthesize and activate customer information, turn sophisticated insights into an understanding of customer needs and preferences, personalize the customer experience with the right messages in the right channels such as email, social media, and website, and with meaningfully measures of performance to optimize marketing spend and customer value.

We want to be your ally in increasing Marketing ROI and helping ensure you’re building profitable relationships with the right customers, and helping you increase customer engagement and loyalty.


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