For any organization to sustain growth and achieve long-term success, developing a robust marketing strategy is paramount. Before promoting products to the target audience, it is crucial to gain a comprehensive understanding of potential customers and their shared characteristics. This is where Customer Profiling in Banking becomes essential. Customer profiling involves categorically defining customers for targeted marketing and advertising purposes. By segmenting audiences effectively, banks and financial institutions can tailor their advertising efforts to specific market segments, thereby improving product outreach and driving profitability.
To effectively target ideal customers, organizations must classify them based on their preferences, lifestyles, life stages, and distinct attributes or traits. Additionally, customer segments can be further defined using factors such as demographics, socioeconomic status, and product portfolios. With extensive experience in conducting impactful Customer Profiling in Banking studies for leading Fortune 500 companies, Infiniti’s experts deliver strategic insights that enable organizations to better understand their consumers and anticipate dynamic demand-supply shifts in the competitive financial market.
The Client Challenges
Key challenges
- Difficulty in exploring and enhancing their position in the Ukrainian market.
- Limited market share in terms of both transactions and revenues.
- Intense competition from other leading players in the market.
- Lack of understanding of emerging market dynamics and the current market scenario.
- Need for actionable insights to improve competitive positioning and market penetration.
Our Research Methodology
To provide a comprehensive view of the current market landscape, Infiniti’s customer profiling experts employed a strategic blend of quantitative and qualitative methodologies. This approach included intercept surveys and focus group discussions to gather actionable insights. Additionally, our industry specialists designed targeted questionnaires featuring relevant topics tailored to qualified respondents, ensuring data accuracy and relevance for informed decision-making.
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Our Solution Helped the Client
- Gain a greater understanding of the sender money transfer consumers
- Assess the current sending behavior, attitudes, motivations, brand choice, and usage
- Develop a marketing strategy to increase trial to become the preferred send supplier of money transfer services
- Understand the behavior of average senders across the corridors
Impact Delivered
Identification of Money Transfer Methods and Key Drivers
The client gained a clear understanding of the methods used by senders to transfer money and the primary reasons motivating these transactions.
Comprehensive Demographic Profiling
The engagement provided detailed insights into the senders' demographic attributes, including age, income level, and education, enabling better segmentation and targeting.
Transactional Behavior Analysis
The study revealed critical aspects of money transfers, such as frequency of transactions, average transaction value, duration spent on transactions, and currency preferences.
Identification of Key Decision-Makers
The client successfully identified the leading decision-makers influencing remittance-related decisions in the market, enhancing their strategic outreach.
Unlock actionable insights with expert customer profiling in banking. Discover how to elevate your marketing strategies and drive growth…
