Customer Segmentation Analytics Opened up New Growth Avenues for a Banking and Insurance Company to Improve Customer Acquisition by 2X – Quantzig’s Latest Success Story

The client is a multinational banking and insurance services provider headquartered in Wexford, Ireland. The client is well-known for offering a wide range of services that include deposits, loans, financial planning services, investments, pension cash management, online banking, foreign exchange, interest rate risk management, and mobile and tablet banking services. The banking and insurance company was looking for customer segmentation analytics solutions to connect with multi-channel customer segments and more precisely identify potential customer segments. Hence, they approached Quantzig to leverage its expertise in offering customer segmentation analytics solutions to drive revenue generation by growing their wallet share from existing as well as new customer groups.

Companies in the banking and insurance sector face several predicaments in developing a customer segmentation strategy to target the most profitable customer segments. The challenges these companies face can be attributed to several factors such as the growing need to develop customized marketing programs, design products and services to effectively address customer needs, and reduce customer churn rates. Today customers are digitally empowered, and therefore, traditional customer segmentation strategies used by banking and insurance players will no longer help. To gain strategic advantage, banking and insurance companies need to enhance their organizational capabilities and customer acquisition strategies.

Customer segmentation in banking can help you gain a 360-degree view of customer behaviors and devise suitable strategies to categorize them into homogenous segments. Request a FREE proposal to gain in-depth insights into our customer segmentation analytics solutions.

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Business Challenge

As one of the leading banking and insurance companies in Ireland, the client was successfully able to incorporate actionable insights from their customer behavioral patterns into their upstream and downstream business operations. However, with the increasing developments in the field of e-banking services, the banking and insurance company was not able to bring about improvements in their customer satisfaction and service levels. Also, owing to their huge customer base across Europe, they were facing challenges in identifying opportunities for revenue growth.

Additionally, the client found it challenging to differentiate the customer servicing experience and design product bundles to more effectively address customer preferences. The banking and insurance company was looking for customer analytics solutions to connect with multi-channel customer segments and more precisely identify potential customer segments along with ways to market and serve them. Hence, they approached Quantzig to leverage its expertise in offering customer segmentation analytics solutions to drive revenue generation by growing their wallet share from existing as well as new customer groups.

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Solutions Offered and Value Delivered

To help the banking and insurance company tackle the above-mentioned challenges, our customer segmentation analytics experts adopted a comprehensive approach that comprised three phases. The first phase focused on a detailed analysis of the competitive forces and different customer groups across Europe. In the second phase, Quantzig’s experts focused on establishing meaningful customer segments by assessing demographic datasets available with the client. The third and the final phase revolved around developing a unique customer segmentation strategy that helped the client to create effective marketing strategies and unique communication strategy for each target audience.

Quantzig’s advanced customer segmentation analytics solutions can help you unveil meaningful and measurable segments based on customer needs and interests. Request a FREE demo below.

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The solution offered helped the client to gain several benefits by establishing customer analytics as a true business discipline. Also, by leveraging Quantzig’s customer segmentation analytics solutions, the client was able to capture the full potential of their customer base by catering to their customers’ needs in a consistent, professional manner at every touchpoint. Additionally, they were able to gauge the profitability based on parameters such as customer lifetime value, customer churn rate, and customer loyalty.

The streamlined approach to customer segmentation analytics also helped the client to witness:

2X improvement in customer acquisition rates
Significant decrease in customer churn rates
42% increase in customer satisfaction levels

Benefits of Customer Segmentation Analytics

CUSTOMER SEGMENTATION ANALYTICS CS INFOGRAPHIC

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Weekly Round-Up: 5 Customer Segmentation Success Stories That You Wouldn’t Want to Miss Out

LONDON: Quantzig, a leading analytics services provider, has announced the release of their new storyboard on the importance of customer segmentation. These success stories explain how customer segmentation analysis can help companies to devise customized approaches that satisfy the needs of different customer groups and drive customer loyalty and profitability.

With the proliferating marketing platforms today, customer segmentation has become a pre-requisite for those who wish to improve sales, reduce attrition, and boost profitability. Customer segmentation analysis is a key that helps companies to comprehend their customers buying preferences and influence their behavior. By using a robust customer segmentation strategy, businesses can gain actionable insights into various customer groups. Also, leveraging such insights can help businesses to improve customer retention and loyalty.

Quantzig’s customer segmentation analysis solutions have helped several Fortune 500 companies to precisely predict and deliver relevant offers that attract rather than alienate customers. Below, we have summarized some of Quantzig’s success stories that highlight how customer segmentation analysis has helped companies to gain a leading edge in today’s competitive marketplace.

Our analytics experts can help your business grow using targeted customer segmentation analysis solutions. Want to know how? Get in touch right away!

#1. How customer segmentation analysis guided a leading manufacturer in designing a new product launch strategy? Understanding the behaviors of the existing and potential customer base is not very easy for businesses. Are you finding it difficult to understand customer behaviors? If yes, then take a look at our latest success story where a leading manufacturer faced a similar issue and approached Quantzig to leverage its expertise in offering customized analytics solutions to address customer-centric issues. Our analytics experts adopted a comprehensive three-pronged approach to help the client develop a new customer segmentation strategy and predict the future value of customers. Want to know more? Here is the full story.

Designing a New Product Launch Strategy with the Help Customer Segmentation Analysis – A Case Study by Quantzig

#2. Quantzig’s customer segmentation model helped a retailer excel in the competitive landscape: Quantzig’s customer analytics solutions are revolutionizing the way businesses operate. Don’t you agree? This success story is an excellent example. A Fortune 500 electronics retailer was facing issues in managing attrition rate and preventing its potential customers from opting out of the conversion funnel. They were looking for solutions to predict customer behavior and effectively engage them well in advance for improving sales. Quantzig with its team of analytics experts built a consolidated data visualization platform and leveraged the use of analytical dashboards for effective customer segmentation analysis and decision-making. This helped the client to analyze the key drivers of customer satisfaction and devise suitable strategies to counter the decline in sales. Read the complete story here.

How Customer Segmentation Helped an Electronics Retailer To Gain a Leading Edge in the Smart Wearables Segment

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#3. Customer segmentation solution enhanced customer retention rate by 20% for a fintech firm: Developing a robust marketing strategy to target specific customer segments is essential if you are trying to establish your business in any specific region. A US-based Fintech company was finding it difficult to segregate the customers in terms of need-based and value-based segments in the Asian market. Quantzig’s customer segmentation solution helped the client to discover the value of each segment to tailor their marketing efforts. Furthermore, these solutions helped them maximize cross and up-selling opportunities and encourage customers to subscribe to more products and services. As a result, the client realized a significant improvement in their customer retention rate, which increased by a whopping 20%.

Customer Segmentation – How A Leading Fintech Industry Player Enhance Customer Loyalty and Retention Rate By 20% in the Asian Market

#4. How can customer segmentation solutions improve business operations? Are you wondering how to identify and implement appropriate customer segmentation models to profile and retain valuable customers? Our customer segmentation solutions can help as it helped one of the leading vegan food distributors based out of the United States. The company was facing issues in predicting the total future value of its business and approached Quantzig to leverage its customer analytics solutions. Our experts helped the client to gain an in-depth understanding of how their best customers are segmented within the global food industry and enabled them to scale their business operations. Here is the link to the full story.

Customer Segmentation for A Leading Vegan Food Products Manufacturer Helps Scale Their Business Operations

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#5: Customer segmentation models helped a client to win over the global customer groups: Predicting the profitable customer groups is a daunting task for businesses. But customer segmentation analysis can help in dealing with such issues efficiently. This is clearly evident in this success story where the client, a warehouse logistics solution provider, was facing similar predicaments. Quantzig’s customer segmentation solutions helped them to develop a well-aligned business plan to deliver sustained growth and empowered them to attract and win over global customers.

Customer Segmentation Helps a Warehouse Logistics Solution Provider Win Over the Global Customer Groups

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Designing a New Product Launch Strategy with the Help Customer Segmentation Analysis – A Case Study by Quantzig

The client is a tech giant based out of Canada. With years of expertise and specialization in the smartphone segment, the client wished to assess customer perceptions through a customer segmentation strategy, prior to the launch of their new product.

The Business Challenge

It’s no secret that for businesses today, a few customers are more valuable than the others. But to truly understand the customer and succeed in the long run, it’s essential to distinguish these differences and devise customized approaches that satisfy the needs of different customer groups. Today, as tech giants all over the world compete to drive customer loyalty and improve profitability, what differs is how well each of them comprehends their customers buying preferences and how they leverage this information to influence their behavior.

Customer segmentation analysis turns out to be the key to building that understanding. Through customer segmentation analysis businesses can not only gain detailed insights into various customer groups but can leverage such insights to improve customer loyalty and retention. Also, with the proliferation of marketing platforms available today, customer segmentation is more of a necessity for those who wish to grow sales, reduce attrition, and increase profitability.

Contact our customer analytics experts to know how we can help your business grow using targeted customer segmentation analysis solutions.

The client, a leading tech giant was planning a new product launch strategy with respect to the 5G spectrum and its related opportunities in Canada. Prior to this launch, the client methodically wanted to understand their brand’s perception and how they could leverage new technologies to understand customer sweet spots that are specific to 5G and the foldable screen technology.

Top Challenges Faced by the Client

The three-fold challenges faced by the client included:

Problem Statement 1

The client needed to adopt a sophisticated approach to understand the behaviors of their existing and potential customer base.

Problem Statement 2

Though the new product launch strategy looked promising, the client had to gain in-depth insights into customer needs and preferences. Also, they wanted to develop a customer segmentation strategy to maximize the performance of all customer segments.

Problem Statement 3

The client also needed to optimize marketing strategies and engage customers through the right channel. This was a major predicament as it required the client to devise a long-term, holistic approach encompassing enterprise-level capabilities, technology, analytics, and customer data management skills.

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Solution Offered and Value Delivered

To gain the desired insights and to support the information needs of the client, our customer segmentation analysis experts at Quantzig adopted a comprehensive three-pronged approach.

Phase 1: Understanding customers

The initial phase of this customer segmentation analysis engagement focused on analyzing the different customer behaviors and their preferences, in order to divide them into different groups based on their behavior and preferences.

Phase 2: Analyzing brand perception

The second phase of this customer segmentation analysis engagement revolved around analyzing the customer’ brand perception and their

Phase 3: Aligning marketing communications with a new customer segmentation strategy

The primary objective of this customer segmentation analysis engagement was to develop a new customer segmentation strategy to analyze different customer groups and offer tailored solutions to meet their needs. The customer segmentation analysis solutions not only offered a snapshot of the current value of their customers but also helped them predict the future value of a customer.

Customer Segmentation Analysis Steps

customer segmentation analysis

Customer Segmentation Made Easy with Quantzig's Customer Segmentation Analysis Solutions

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By acquiring deeper insights around their customers, the client was better positioned to develop tailored marketing strategies that aligned to their customer behaviors and preferences. Also, by leveraging customer segmentation analysis solutions in conjunction with behavioral models the client successfully gauged the impact of segmentation over a longer horizon, along with the time it took to influence customer behaviors and drive meaningful results.

The customer segmentation analysis solution also enabled the client to:

Effectively deploy marketing dollars to maximize ROI from the most profitable customer segments.
Leverage a more cost-effective marketing approach through tailored strategies, aimed at increasing sales, improving cross-shopping, and driving profits.
Gauge the effectiveness of marketing campaigns by determining which offers and channels drive the best performance for each customer segment.