Customer Segmentation
How well do you know your customers? Do you know enough to meet your regulatory commitments or to deliver against commercial objectives for the business? Have you defined your customer cohorts? Do you understand who your customers are and what motivates them? Are you delivering the outcomes they expected when they started their journey with you? Do they need targeted support? Are they likely to take advice?
We have combined over a decade of qualitative conversations and behavioural insight with data analytics and AI to bring colour and depth to customer profiling. Our proprietary data platform, CitizeniQ, can be mapped to your customer base to fast-track customer engagement strategies for retention and increased share of wallet.
We have a number of ‘out of the box’ segmentations to support the most common challenges in our sector. From financial literacy, potential for vulnerability to attitudes towards sustainable investing, retirement planning and ground-breaking work on engaging women with investing.
Alternatively, we can deliver end to end bespoke segmentation solutions. From design to quant analysis, persona development, market sizing and full customer mapping.
The real power lies in our ability to harness multiple perspectives to really understand your target audience, their relationship with money, where they are in their financial journey and the nudges that will encourage them to act.
Context
A major brand with presence across channels wanted to prioritise investment in segments with the highest commercial potential but they lacked granular behavioural data.
Our approach
We created an 8-segment model based on savings attitudes and behaviours, mapped the customer base to the segments using CitizeniQ, and validated with existing transactional behaviours. 74% prediction accuracy on segment across the whole UK market with no questionnaires or PI data.
Outcome
Sized the market for deeper penetration in existing customer base and for new to franchise acquisition. Informed marketing campaign activity and prioritisation of proposition development.
Value to client
Data-led foundation to growth strategy identifying high-opportunity groups.
Our latest research into the attitudes of the 55-75-year-old cohort has shone a clear light on a worrying lack of preparation for retirement that is impacting those reaching retirement age.
Our Great Retirement Study demonstrates that there is no playbook for how to approach retirement as flexi-retirement, ill health and a lack of DB pensions lead to broadening inequalities in the at-retirement generation – those with choice, and those without.
Context
A client wanted to increase take-up of their sustainable fund range during the tax year-end campaign. They lacked a clear understanding of customer motivations.
Our approach
Using TWC’s Responsible Investment segmentation, we identified the most prevalent attitudes in their customer base, identifying key barriers to take-up and messages that were most likely to land. Letters were tested with two segments under system and budget constraints.
Outcome
Achieved 20% year-on-year growth, the most successful Tax Year End campaign to date. Insights from pre- and post-campaign testing validated the segmentation approach.
Value to client
Higher ROI for campaign – increasing engagement among passive audiences to deliver better outcomes.