Segmentation Strategies: Defining Your Existing and Potential Customers
Each customer is an individual. When it comes to spending habits, credit propensity, investable assets and spending styles, lumping all your customers into one marketing strategy can do them — and your business — a disservice. Instead, segmentation strategies that categorize existing and potential customers based on their spending, saving, credit and asset characteristics can help ensure you get the right offer to the right group at the right time. Whether you’re looking to cross-sell to your existing client database or to expand with new customers, segmentation can help you create targeted marketing solutions for efficient and timely growth.
For existing customers
When you already enjoy a healthy customer portfolio, your main concern isn’t only keeping those existing customers happy but making sure first that they come to you for new products and services and, second, look to you for solutions before going to one of your competitors. Putting segmentation strategies in place can help you achieve both goals and continually keep your customers’ individual needs in mind.
With intelligent data from Equifax, you can easily categorize your existing customer portfolios into segments based on spending habits, lifestyle changes, assets and other demographic information for smarter, in-budget marketing that targets their current needs. Take existing customers who tend to spend online. By grouping similar customers together, you can send out offers for products such as online ID protection.
For new customers
When competing for new business, remember that potential customers are usually attracted to timely, organic marketing methods. A renter, for instance, will likely toss an offer for a home equity line of credit. By gathering intelligence about potential customers, you can choose to send offers and marketing materials that closely match each defined segment, whether it’s researching a riskier group of borrowers or tailoring online messages to match a preset demographic.
Segmentation strategies allow you to better define your potential customer so you can offer a more personal marketing experience. While you might not be able to get to know each customer or potential portfolio personally, creating intelligent segments can help you reach your client base with the offers and products that they need the most. It’s a tailored, personal strategy that can create relationships with the best quality customers while helping you dial in on the individual needs of your client base.