Our client, the wealth management arm of a professional association, needed to develop a new segmentation of their clients based on attitudes and motivations, assess the size of each segment, profile each segment and add a segment flag for all members of the profession in their database.
After undertaking an initial qualitative phase comprised of 5 group planning sessions with internal stakeholders, we conducted a survey of 1560 association members. The two-step cluster analysis we then applied to the data yielded 5 behaviour-based segmentation approaches.
Engaging multiple areas of inquiry (general and investing attitudes and motivations, technology use), we were able to develop a segmentation approach to complement the existing segmentation approach that is based on lifecycle. The new segmentation will help support customer acquisition, cross-selling, etc.