Align can help you develop a systematic approach to transforming your marketing and sales approach from “all things to all people” to identifying and targeting specific, higher profit customer groups by:
Developing a practical market segmentation scheme to guide overall planning and execution
Generating market data and mapping the segmentation profile of your market footprint and up to 5 individual branches
Examining your current customer base and uncovering the “core segment groups” that are self-selecting your institution
Providing guidance on marketing techniques to effectively market and sell specific segments
Delivering periodic support on the use of your market segmentation framework and feedback on proposed target marketing campaigns
Why Do You Need a Market Segmentation Framework?
The success of any “market-driven” business development initiative hinges on how well a company can identify prospects’ desires and organize its resources to satisfy them profitably. In today’s increasingly competitive market, it is extremely difficult, inefficient and expensive to grow market share by employing mass-marketing … trying to be “all things to all people.” Instead, properly segmenting the market – identifying groups with similar needs and behaviors for purchasing financial services and their convenience preferences for product delivery – is the key to effective, efficient marketing.
The largest financial institutions have become highly skilled in developing complex models to segment and sub-segment groups for targeted advertising, direct mail, affinity marketing and customer cross-sell initiatives. The good news is that smaller institutions with fewer marketing resources can compete with the national players in their local markets with effective segmentation strategies of their own, and in doing so capture a greater market share of key customer groups.
What Can You Expect Us to Deliver?
In developing a market segmentation framework, Align provides a practical and easily understood method that can be consistently employed from the CEO to the teller in the branch.
Your institution will be better able to identify the most attractive groups, position product and service offerings that appeal to their financial service purchase behavior and convenience preferences, and increase the return on marketing investments in advertising and sales promotions. Your institution will rely less on “mass marketing” and more on thoughtful niche targeting and delivery.
Align will facilitate a full-day, on-site presentation of its findings and a round-table discussion with the sponsoring executives and key managers to discuss in detail the Market Segmentation Framework developed for the institution.