Use Data Driven Segmentation for improved response rates and ROI
Fundamentally, market segmentation is the process of dividing a target market into smaller, more defined groups of customers that share similar characteristics such as demographics, interests, purchasing behavior, location, etc. Use segmentation to become a laser-focused target marketer.
Our GIS customer and player market segmentation is based on a data-driven approach that includes both internal and external information, such as:
- 1. Customer locational information
- 2. Profitability
- 3. Integration of third party data
- 4. Life cycle,
- 5. Discretionary income,
- 6. Enhanced geographic data
- 7. Economic Cohorts
Customer Data EnhancementCustomer data enhancement, often refereed to data enrichment, combined with a data driven market segmentation analysis, allowing clients to target specific customers, and non-customers, that match specific products, and services, based on characteristics you might not be tracking. This might include: life-cycle data, occupation, discretionary income, proximity to your office, profitability, and more.
Benefits of segmentation and data enrichment
Using a “data-driven” approach, means you make strategic decisions based on data analysis and interpretation. It helps clients better serve customers, increase sales, improve operations and identify new business opportunities.
Data enrichment can help you target potential customers and understand your best customers better than ever before. 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
Our proprietary segmentation methodology will incorporate the Equifax Economic Clusters, 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.
The following map is an example, after careful 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.
We help you enhance, synthesize and activate customer data, turn sophisticated insights into an understanding of customer needs, personalize the customer experience with the right messages in the right channels, and meaningfully measure performance to optimize marketing spend and customer value
To learn more about customer data enhancement and segmentation click this link: Customer Data Enhancement - If you are trying to talk to everyone, you're not talking to anyone - learn more
Business Composition Analysis
For the financial industry we also provide a clear insight into the composition of the business or commercial environment in which you compete. We conduct this analysis at the branch level and it includes:
- 1. Complete business profile based on third-party data sources,
- 2. Your institutions market share by industry,
- 3. Each branches primary service area,
- 4. Competition,
- 5. Gaps in your marketing area and opportunities.
As a result, our clients are able to target their best prospects and not waste their marketing and advertising resources.
For a sample of a business market summary click here or contact us today!
For more information click here
Our GIS analysis also helps financial institutions to fulfill some compliance requirements for CRA and HMDA.
When is a Primary Service Area (PSA)not an Assessment Area
Every business is in business to make money. This one of the reasons it is important to segment your customers into specific market segments. Each segment is correlated to products and services so that you can laser focus your marketing and advertising dollars, and efforts, on those segments that offer the greatest return on investment (ROI). OUR GIS based analysis enables you to fully understand the dynamics of the geographic markets you serve. Please review the following for OCC Guidelines for banks: learn more
HISBanker is known for its full services GIS (geographic information systems) support. We work with our clients to help them understand the dynamics of the markets they serve. We are ready to assist in developing these understandings and addressing the strategies and programs necessary to leverage your position in the market and to take full advantage of your market dynamics to increase your "share of wallet".
Our mission is to help your business grow. We are here to increase Marketing ROI, maximize returns and give you the insight to make smarter decisions.
If you are interested in knowing more about our service, please contact us here:
Steve Bouton, Director (619))917-7596 for more information. Or Click here to email for more details