Trying to gain market share or share of wallet using traditional demographic segmentation and product selling is no longer driving meaningful gains in targeting, channel optimization or growth in today's highly fractured and rapidly growing digital marketplace.
In fact that vital data analytics is today often guarded by a handful of internal analysts, instead of shared among empowered employees in a robust business intelligence strategy.
Join Ben Stangland, Principal, VP and Analytics Strategist, and Charlotte Boutz-Connell, Director of Client Experience, for a deep dive into how a strategic approach to target audience segmentation can position your financial institution for the healthiest growth in your history – and engage your entire organization into deep alignment in the process.
No one can afford to be all things to all people one day longer. But organizations struggle to define where to get started in this major organizational journey amidst an army of IT, mobile, channel, customer experience, branch and growth strategies—that are rarely well-aligned.
Success does not come from a mobile or tech "silver bullet." It requires a cultural shift that refocuses all your teams to work collaboratively and fully aligned behind focused Persona targets and well-linked strategies.
Organizations must identify, geo-target and acquire exactly the right profitable lifestyle (and generational) segments that are growing in your market. That includes identifying exactly the right micro markets (using big data and algorithm scoring models) with the propensity to build deep relationships over a lifetime.
And finally, you must have an organization-wide strategy to fully optimize, personalize and retain those prized relationships via rich and highly brand-integrated experiences and content strategies; or risk losing them. The warning signs abound in organizations:
- Business development teams pursue high volume acquisition strategies without visibility to the impact on overall profitability.
- Branch networks are aging out of relevance, as legacy neighborhoods decline and dated branch models don't meet rising consumer expectations for rich experiences.
- Media buyers renew long-term contracts without vital insights into a dynamic and highly targeted digital media landscape.
- Front line staff lack vital data insights or well-defined Persona Maps to guide intelligent questions to drive meaningful relationship building conversations.
The power of a data-driven lifestyle segmentation strategy, paired with an analytics-based persona mapping strategy, can help you align your entire organization around attracting and serving the audiences most critical to your profitability and future growth.