Customer Segmentation in BFSIPosted by ujwal on July 25th, 2019 Customer Segmentation is being increasingly recognized by leading marketers to be a vital component of the financial marketing landscape. Every Financial Services brand has its own unique marketing objectives and needs. With respect to these needs, marketers are focused on capturing customers from specific sectors in the industry. These sectors include banking, insurance, securities, etc. Financial marketers have certain target audiences within these sectors to whom they want to market to. To cater to these audiences, they need to duly sort them into groups or segments based on their shared attributes. Types of Customer SegmentationNormal Segmentation:Segments created here are based on certain customer attributes. These include:
The above segments are a set of rules that segregate users into specific buckets. Financial marketers target each bucket with personalized offers through various online channels such as programmatic ads, browser push notifications, e-mail, etc. For example, users with the highest propensity to buy a certain product are categorized into a segment called excellent leads. Users with medium buying propensity can be sorted into another segment called mediocre leads. Users who have zero propensity to buy the product can be put in a segment called bad leads. After these algorithms are set in place, returning website users are sorted accurately into these segments. This happens in real-time as and when a returning user visits the website. Like it? Share it!More by this author |