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Industry News Customer segmentation analysis spreads beyond finance 2010-02-22 Financial industries have a critical need for customer segmentation analysis, to use data about customers and make sure they are approaching marketing and customer relations in the best, most productive possible ways. As proof of both its importance in the financial sector and its applicability to other fields, a recent Nielsen report finds that companies selling consumer goods have been able to attain annual growth of up to 20 percent using customer data and targeted marketing. The study, by a subsidiary of the Nielsen Company, used data about sales from companies to determine the effectiveness of what it calls "micro-targeting" in marketing. The report goes on to offer advice on implementing practices based on customer segmentation analysis. First of all, a strategy should begin with a determination of objectives, whether it is sales, awareness or a different kind of goal. The next step is to identify target segments - this does not always mean the most profitable segments, as lapsed users or other groups can be the segments most deserving of attention. Finally, after crafting target-oriented messages, organizations should figure out where to best locate these messages and monitor their effectiveness closely. Executive consultant Graham Roberts-Phelps has been cited in nPost as pointing out that surveys have found keeping one existing customer to be five to seven times more profitable than finding new ones. Understanding diverse customers and how to reach them seems to be an important part of conducting good business. 
Under 50 investors offer lucrative opportunity to financial services firms
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