Better identify and market to a niche group of members that were not being adequately served.
The team wanted to better meet the needs of its members and transition from a product-based to
a needs-based approach for its sales and marketing efforts.
They had previously relied on various segmentation schemas including age range, credit-worthiness, and income estimates, yet had not achieved desired results.
Combine internal analytics with asset-based segmentation to deliver the right message to the right member at the right time.
The Business Performance Management team leveraged the Financial Cohorts® asset-based segmentation system to:
Better identify profitable members that were likely to have between $100K and $500K in investable assets
Determine likely product needs which could be used to develop tailored marketing campaigns
- Conduct trend analysis and uncover new opportunities for growth
Targeted members deliver over 100% lift in deposit, investment, and loan balances
Group 1 achieved over 100% LIFT for key metrics
The marketing team conducted a test campaign to two groups:
Note: Results may vary based on actual data and situation.