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How do you align banking client segmentation with your business strategy?

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Client segmentation is a key element of any banking business strategy, as it helps you identify and target the most profitable and loyal customers, tailor your products and services to their needs and preferences, and optimize your marketing and sales efforts. However, aligning your client segmentation with your business strategy is not a one-time exercise, but a dynamic and ongoing process that requires constant monitoring, evaluation, and adjustment. In this article, we will discuss how you can align your banking client segmentation with your business strategy in four steps: defining your strategic objectives, segmenting your clients based on relevant criteria, assessing the value and potential of each segment, and developing and implementing segment-specific strategies.

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Dave McNab CPA, CA

Founder & Customer Success Exec. @ FlowTracker Analytics Inc.

1 Define your strategic objectives

The first step to align your client segmentation with your business strategy is to define your strategic objectives clearly and explicitly. What are your vision, mission, and values as a bank? What are your financial and non-financial goals and indicators? What are your competitive advantages and differentiators? How do you want to position yourself in the market and in the minds of your customers? By answering these questions, you will have a clear direction and purpose for your client segmentation, and you will be able to align it with your overall business strategy.

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Dave McNab CPA, CA

Founder & Customer Success Exec. @ FlowTracker Analytics Inc.
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You don't. Your business strategy should be aligned to your business client segmentation, not the other way around. Without putting the customer first, your strategy is just a reflection of your beliefs.

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2 Segment your clients based on relevant criteria

The next step is to segment your clients based on relevant criteria that reflect their characteristics, behaviors, needs, and preferences. There are many ways to segment your clients, such as demographic, geographic, psychographic, behavioral, or attitudinal criteria, or a combination of them. The key is to choose the criteria that are most relevant and meaningful for your business strategy and your value proposition. For example, if your strategy is to focus on high-net-worth individuals, you may segment your clients based on their income, assets, lifestyle, and financial goals. If your strategy is to offer personalized and customized solutions, you may segment your clients based on their preferences, expectations, and satisfaction levels.

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3 Assess the value and potential of each segment

Once you have segmented your clients, you need to assess the value and potential of each segment, and prioritize them accordingly. The value of a segment is the current and future profitability that it generates for your bank, while the potential of a segment is the growth opportunity that it represents for your bank. You can use various tools and models to assess the value and potential of your segments, such as the customer lifetime value (CLV), the customer profitability analysis (CPA), the customer loyalty matrix (CLM), or the growth-share matrix (GSM). By assessing the value and potential of your segments, you will be able to identify the most attractive and strategic segments for your bank, and allocate your resources and efforts accordingly.

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4 Develop and implement segment-specific strategies

The final step is to develop and implement segment-specific strategies that match your business strategy and your value proposition. Segment-specific strategies are the actions and initiatives that you take to attract, retain, and grow your clients in each segment, such as product development, pricing, distribution, communication, service, and relationship management. Segment-specific strategies should be based on the insights and data that you have gathered from your client segmentation, and should aim to deliver value and satisfaction to your clients, while achieving your strategic objectives and goals. Segment-specific strategies should also be monitored and evaluated regularly, and adjusted as needed, based on the feedback and performance of your segments.

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5 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Daniel Adjetey Adjaye

Sales | Marketing | Financial Inclusion | Blog | Product Management
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Also, you must note that the characteristics of some segments may change over time. You must be cautious of that and be ready to reconsider the strategies specific to their segments. For instance, students may have been onboarded with the expectation that they would be interested in personal banking products like salary backed loans when they start work. However, monitoring could lead to the observation that a good percentage of them rather prefer business shortly after graduation. You must be positioned to align in time. Else, they may look elsewhere for solutions.

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How do you align banking client segmentation with your business strategy?

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1 Define your strategic objectives

2 Segment your clients based on relevant criteria

3 Assess the value and potential of each segment

4 Develop and implement segment-specific strategies

5 Here’s what else to consider

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