Beyond Demographics: Understanding Financial Behaviors to Improve Targeted Campaigns

For banking marketers, targeting based solely on demographics can paint an incomplete picture. Customers who appear similar on the surface might have vastly different financial needs and priorities. By going beyond demographics and understanding financial behaviors, you can better reach customers with relevant messaging that speaks to their current life stages and financial goals.

Consider two customers who share the same demographic profile—both are in their mid-40s, college-educated, live in suburban neighborhoods, and have similar incomes, three kids, and even a family dog. 

Despite these surface similarities, their financial needs may differ significantly. Here’s how diving deeper can reveal these differences and inform more targeted campaigns:

Why Behavioral Insights Matter

By identifying these underlying behaviors, you can segment audiences more accurately and offer tailored messaging that resonates with each customer’s unique situation. Brian, with ongoing expenses and a need for credit, will benefit from personalized offers on loans and financing options. Meanwhile, John, focusing on maximizing and growing wealth, will respond better to wealth management or investment-related products.

This tailored approach helps bridge the gap between who your customers appear to be and who they truly are. By leveraging data on financial behaviors, WordCom enables banking marketers to better understand these differences, thereby creating meaningful connections and boosting campaign effectiveness.

Takeaway: Understanding your customers’ behaviors goes beyond simple demographics—let’s leverage behavioral insights to connect with the right message at the right time.

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