A global customer analytics and advisory firm, Quantzig, that delivers actionable analytics solutions to resolve complex business problems has announced the completion of their latest engagement on building a comprehensive customer segmentation strategy for a banking services provider. The study offers a detailed analysis of the challenges faced by a banking services provider in analyzing customer behavior patterns while adapting to the recent developments in the industry. It also provides vital insights on how customer analytics strategies can help any company address such issues.
A unique #customersegmentation strategy empowers banking services providers to develop insight-driven selling and cross-business unit collaborations with over a 45% increase in the wallet share: https://goo.gl/VUXKeL
Customer segmentation has become an integral part for companies in the banking sector to sustain themselves in the marketplace. In recent times, it is the key growth strategy for businesses to segment their customer base and devise strategies as per the needs of the customers. Since the need to develop customized marketing programs and enhance wallet share through the existing customer base is continuously increasing, companies are required to identify a comprehensive customer segmentation approach that can provide deeper customer insights and enhance their organizational capabilities.
The Business Problem: The client is a well-known multinational banking services provider in the United States with 3000+ branches spread across the state. It offers services that cover investments, mortgage, payment services, government entities, business organizations, and financial institutions. Despite analyzing customer behavioral patterns and incorporating them successfully into upstream business operations, new changes in the field of e-banking services were increasingly posing challenges for the client, especially in terms of improving their customer experience. They wanted to acquire younger customers, redesign their internal business operations and devise more targeted approaches to enhance wallet share. They also felt the need to devise an advanced customer segmentation strategy that can help them connect with multi-channel customer segments and identify innovative ways to address their needs. Such challenges compelled the client to leverage Quantzig’s expertise in developing a customer segmentation strategy that can drive better revenues and strengthen customer relationships.
Knowing where your customers are in the buying process is as important as knowing who your customers are. Get in touch with our experts and know how our customer segmentation models can help you build such customer analytics capabilities and improve marketing decisions.
“Devising an effective customer segmentation strategy is vital for companies to drive top-line revenue growth, avoid maverick spend, and improve customer satisfaction,” says an expert from Quantzig.
The Solution Offered:
The customer segmentation experts at Quantzig conducted a detailed analysis of various customer segments and adopted a comprehensive approach comprising of four phases to address the needs of the client. The customer segmentation strategydeveloped by the experts at Quantzig helped the client to generate near-term profitability apart from building long-term customer relationships. This enabled the client to develop insight-driven selling and cross-business unit collaborations with over a 45% increase in the wallet share. The development of a unique customer segmentation strategy also assisted them in creating a communications strategy that can deliver unique marketing messages for each target audience. The engagement also helped them leverage demographic and market data and gain a comprehensive view of the marketplace. This further benefitted them in developing complete customer profiles and pursuing targeted opportunities.
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Quantzig’s customer segmentation strategy helped the client to:
- Maximize their wallet share by 45%.
- Achieve a three-fold increase in customer acquisition and retention rates.
- Want to know whether your customer segmentation strategies are in line with the requirements of the banking industry or not? Request for more information now!
Quantzig’s customer segmentation strategy offered predictive insights on:
- Reducing customer churn by 20%.
- Enhancing customer satisfaction levels by 70%.
- Inefficient customer segmentation strategies can decrease sales significantly. Request a free demo to know how our customer analytics strategies can help you increase sales.