Many marketers are asked to create campaigns that fit the entire prospect landscape, but the larger the financial institution, the more difficult this task becomes. Every region has different needs, buying habits, and ways of doing business. Geographic segmentation takes into consideration the way people communicate within regions and communities. With this kind of market analysis insight, you can move forward with confidence and ensure a high engagement rate from the start.
WordCom’s Market Analysis adds this data to help create an effective marketing strategy. Focusing more on the local, geographic segmentation is one of the most effective types of market segmentation.
Using location data is a marketing strategy used to target products or services at people who live in, or work in, a particular location. For financial institutions, we most commonly look at drive times to a physical branch. More customers are adopting e-services, but we still find that the convenience factor of having a branch conveniently located nearby is one of the defining variables in acquisitions. This data—based on geographics—works on the principle that people in that location have similar needs, wants, and overall, like behaviors. By understanding how to communicate to people in these areas, financial institutions can target more relevant marketing messages and match the best products to the prospects, who are then aware and more likely to respond.
WordCom’s Market Analysis report gives the location intelligence for market planning, site selection, and prospect segmentation. This data can then be used along with internal data gained from current customers with map-based analytics to help you identify top-performing markets, pinpoint the right growth sites, find where your target customers live, and share the analysis across your organization using powerful infographic presentations.