What the Client Wanted
A fintech industry player – a leader in the Asian market wanted to understand customer characteristics to segregate the customers in terms of need-based and value-based segments.
Quantzig’s customer segmentation solution helped the fintech industry client gain a deeper understanding of their customers’ preferences. This subsequently helped them improve customer service and enhance customer loyalty and retention rate by 20%.
Summary of The Global Fintech Industry
Typically, fintech industry players use computer programs and other technologies to support or enable financial and banking services. Broadly, fintech can be defined as a technological innovation in financial services. Companies functioning in the fintech industry typically exist to provide or improve upon the existing financial infrastructure. The most significant opportunity presents itself in the fintech industry’s ability to disrupt the global financial services industry. As a result, major participants in the fintech industry are actively seeking new technology solutions to remain relevant and gain competitive advantages. Additionally, their willingness to adopt new technology provides a boost to startups looking to engage in this industry.
Rules and regulations: The most substantial risk is the regulation surrounding the fintech industry. Financial services are heavily regulated and fintech industry players are getting more attention from policymakers. Additionally, governments at all levels have taken an increasing interest in the financial services industry, post the global financial crisis. Old and new policies will have a significant effect on the success and failure of new companies.
Participant uncertainty: Although many banks are actively seeking newer and improved technologies to replace the outdated current technology, there are often massive complications in this transition. These complications can discourage industry participants and are crucial risks that need to be considered.
About the Client
An American company headquartered in California. The company operates worldwide and specializes in the online payments system. Its annual revenue is over USD 13 billion.
The fintech industry player wanted to develop a robust marketing strategy to target specific segments in the Asian market. As a result, the client needed to gain a deeper understanding of the company’s most profitable customers and adequately allocate its resources in a timely and efficient manner. Moreover, the primary concern of the fintech industry client was to gain an impression on who wants to buy the products and gain actionable insights to improve performance against the competitors.
Summary of our customer segmentation solution
To gain in-depth insights into our customer segmentation solutions for fintech industry players
With the help of Quantzig’s customer segmentation solution, the fintech industry client gained a deeper understanding of their customers’ preferences. This helped them discover the value of each segment and accordingly tailor marketing efforts. Furthermore, the fintech industry client, with an aim to tap Asian market segments, maximized cross and up-selling opportunities and encouraged the customers to subscribe to more products and services.
Customer Segmentation Insights
Quantzig’s customer segmentation solution helps companies in the fintech industry to divide customers into measurable segments based on their needs, behaviors, and demographics. Additionally, companies in this sector can determine the profit potential for each customer segment and subsequently allocate marketing resources and maximize selling opportunities. Lastly, leading fintech industry firms can stay ahead of competitors and incorporate new services to meet customer expectations more efficiently.
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The client: A leading media services provider, Size: >$15 million in revenue, Area of engagement: Customer Segmentation
A media service provider is an organization that complements its business processes by adding a set of media services. The services include access to the internet, streaming media, and other value-added services. Media services providers (MSP) also enable an application to control media for a particular transport mechanism.
Additionally, media services can be offered through various mediums including video, audio, and even text media, all of which are used in communications, business, and entertainment. It starts right from the conception of ideas through to the final broadcast, including the design of content, and production.
The Business Challenge
The client, a leading media services provider, approached our team of experts to help them gain better insights into the customer’s needs and preferences. The client also wanted to gain a better understanding of customer behavior by grouping them into various segments. The media services provider was also looking at devising strategies to identify customers with the highest likely lifetime value or conversion rate. Moreover, they wanted to target best prospects and maximize customer retention.
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The Solution and the Business Impact
The customer segmentation solution offered by the experts at Quantzig helped the media services provider to employ the best statistical technique for customer segmentation. It also helped them break down their potential customer base into smaller sub-segments. Moreover, leveraging Quantzig’s customer segmentation analytics aided the client in developing separate marketing programs that are designed to appeal various customer segments. This also helped them develop a customized and more focused marketing message.
Customer Segmentation Solution Predictive Insights
Customer segmentation is the most important area that directly impacts the profitability of any organization. This is because it helps in focusing a marketing campaign on customers that are most likely to respond, rather than targeting customers with irrelevant campaigns. Moreover, to maximize distribution strategies and value of the content, organizations need to understand their customer base. Quantzig’s customer segmentation solution plays a crucial role in bringing a uniform understanding across different departments. Therefore, customer segmentation should be implemented in business processes to make an impact on the overall business efficiency.
Here are a few media trends that are bringing about disruptions in the global media services industry:
- Targeted advertising: Organization today, opt for targeted advertising strategies to maximize ROI by targeting the potential customer segments. It also helps firms to gain a better understanding of their target market; thereby, achieving better results with the advertising campaigns. It also enables companies to target end-users based on data that relates to the
- Implementation of augmented and virtual reality: To differentiate themselves from their competitors, leading media services providers are incorporating advanced technologies such as virtual reality and augmented reality. Also, these technologies are gaining traction due to their ability to enhance the storytelling capability.
- Wireless network technologies: Leading media services companies are focusing on leveraging the use of technologies such as 5G wireless network technology to maximize the capability of their services.
To succeed in this digital era, media services providers must consider implementing strategies to serve the end-user segments based on their needs and preferences. This necessitates the need for leveraging customer segmentation to target potential customers.
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LONDON: Quantzig, a global analytics services provider, has recently completed their latest customer segmentation solution for a pharmaceutics products client. As the access to healthcare is increasing, prominent businesses are planning to manage healthcare funding and take effective measures to reduce the price gaps between local and international brands. Additionally, factors such as the rise of aging population, urbanization, changing lifestyles, and increasing incidences of chronic diseases are expected to drive the growth of the pharmaceutical products space.
“Customer segmentation helps pharmaceutical products suppliers to divide their customer base into sub-segments to tailor their marketing efforts adequately. Furthermore, customer segmentation also helps businesses gain a deeper understanding of their customers’ preferences and needs to maximize cross-selling opportunities..” says an industry expert from Quantzig.
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The customer segmentation solution helped the pharmaceutical products client to identify methods to improve product and service opportunities and establish better relationships with their customers. Also, the pharmaceutical products supplier was able to predict the most profitable customer segments and allocate their capital resources efficiently.
Additional Benefits of Customer Segmentation Solution
- Differentiate customers based on their economic value
- Identify the most lucrative opportunities and consequently increase revenues on investment.
- To know more, request a free proposal
To know more about how our customer segmentation solution helped the Pharmaceutical products client
LONDON: Quantzig, a global analytics services provider, has announced the completion of their latest customer segmentation solution for a banking sector client. The banking sector is highly fragmented and includes segments such as retail banking, corporate and investment banking, and asset and wealth management. The rising middle-class population and escalating household incomes in emerging markets are likely to increase the opportunity for players in the global banking industry.
“A reliable customer segmentation solution can help banking sector clients to decide on what data to be collected and efficiently gather data from sources. Furthermore, customer segmentation also helps banking companies to establish effective communication with their customers,” says an expert at Quantzig.
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The solution offered helped the banking sector client to gain a value-based segmentation in terms of the revenue. Additionally, the client was able to identify the most and the least profitable segment to build and maintain the relationship with them.
Additional Benefits of the Customer Segmentation Solution
- Identified new services at comparatively lower costs and improved service offerings to meet customer expectations.
- Analyzed the profit potential of each segment by understanding its revenue and cost impact
- To know more, request a free proposal
The client: Banking services player, Size: >1 billion in revenue, Area of engagement: Customer segmentation
Despite the eroding profitability of banks across the globe, banking industry companies are looking for promising solutions to manage reputation risks and meet regulatory compliance. Even in times of uncertainty, the banks are taking necessary measures to optimize their businesses and improve financial performance. The banking industry, at large, is highly fragmented and comprises of segments including retail banking, corporate and investment banking, and asset and wealth management. The global banking sector is dominated by Europe, which accounts for 43% of the total market share, owing to the rising per capita income and increasing customer savings. Also, the rising middle-class population and escalating household incomes in emerging markets are likely to increase the opportunity for global banks. Although the banking sector is witnessing promising growth, several factors may play a prominent role in hindering the growth of the market.
- Technology management: With the recent innovations taking place in the banking sector, it becomes imperative for the banks to increase their infrastructure capabilities and capital to ensure the operation runs smoothly. For the same, organizations need to simultaneously devise new solutions to maximize value creation, while minimizing internal disruption. Moreover, with the growing competition in the banking space, leading banks have to refine and modernize their existing models to spur agility and remain competitive in the marketplace.
- Mitigating cyber risk: The instances of cyber risks have been increasing in the banking space with the growing adoption of technologies. As cyber risk is a top concern for banking services providers, firms in the banking industry are facing pressures to improve the efficiency of their cybersecurity to enhance their business process and make firms more resilient and responsive to the market’s needs.
- Regulatory recalibration: Today, the banking sector is witnessing fluctuations in their regulatory environment and leading banking organizations need to meet the compliance expectations to improve their operational integrity and meet the regulatory compliance goals. Moreover, baking services providers need to ensure that the regulatory compliance is aligned with the business strategy.
To address these challenges and offer reliable solutions to the customers, organizations are utilizing customer segmentation solutions. Customer segmentation is the practice of dividing customers into specific groups based on their interests and spending habits. A reliable customer segmentation solution can help businesses decide on what data to be collected and efficiently gather data from sources. Moreover, customer segmentation also helps businesses establish effective communication with the customers.
The Business Challenge
The highest growth in the banking services space was registered by Latin American banks, who are anticipated to grow at a CAGR of 28.1% in 2007.
A renowned banking services provider with a considerable number of services spread globally wanted to profile customers into specific groups to design their marketing efforts to meet the business requirements. The client wanted to gain a deeper understanding of their customer preferences and needs and better serve their target customers. With the help of Quantzig’s customer segmentation solution, the client wanted to identify the key differentiators that divide the customers into specific groups and segregate the customers based on their geography, psychography, and behaviors.
By segmenting the customers into specific groups, the client also wanted to seek ways to effectively allocate their marketing resources and maximize the cross-selling and up-selling opportunities.
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Customer Segmentation Solution Benefits:
With the help of the customer segmentation solution offered by Quantzig, the client was able to identify the potential customer segments and relatively allocate resources to target individual customers. Moreover, the client also sought ways to identify new services at comparatively lower costs and improve service offerings to meet customer expectations. The customer segmentation solution also offered the client the benefits to divide customers into measurable segments based on their needs and behavior and stay ahead of the competitors and their service offerings. The engagement further allowed the banking services provider to determine the profit potential of each segment by analyzing its revenue and cost impact.
Customer Segmentation Predictive Insights:
The customer segmentation solution offered by Quantzig sought ways for the banking services provider to gain a value-based segmentation in terms of the revenue. The client was further able to determine the most and the least profitable segment and maintain relationships with them. In addition, the solution helped the banking services client target niche customer segments depending on the companies’ needs.