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Customer Segmentation Done Right !

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Hanna W

on 4 November 2013

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Transcript of Customer Segmentation Done Right !

Customer Segmentation Done Right !
Customer Segmentation Done Right
Author: Hanyu Wang , Marcin Marszalkowski
Date : 04.11. 2013
designed by Péter Puklus for Prezi
Customer/Market Segmentation
Related to marketing
Dividing customers into smaller groups
Different strategies for different segments/sub-segments
Segments must be: Possible to measure , Large , Homogenous groups , Possible to reach
Benefits of Segmentation
If done properly:
• Easier to advertise
• Easier to form a strategy
• Potential for costs reductions
Typical ways of Segmentation
• Geography
• Demographics: Age , Gender , Race , Nationality
• Behavior
• Revenue
3 most critical models drive RBC's business
Segmentation
“ The goal for segmentation is to put customers in homogeneous groups based on common needs and wants that you can act on with a common solution "
Profit potential
Current profitability
Life stage
Life Stage Model
5 Strategic Life-Stage Segments:
Youth : < 18 years old
Getting started : 18-35 years old
Builders : 35-50 years old
Accumulators : 50-60 years old
Preservers : > 60 years old
Subsegment
1. " Snowbird package"
travel health insurance
easy access to Canadian funds
online consolidated account review
real-time transfers
the ability to leverage a Canadian credit history to secure mortgages in the U.S.
a toll-free number for cross-border banking questions
2. RBC access USA package (students+executives)
Larry Selden, professor of finance and economics at Columbia Business School
Case Study :
The Royal Bank Way
Royal Bank of Canada (RY on TSX and NYSE) and its subsidiaries operate under the master brand name RBC.

One of Canada's largest banks as measured by assets and market capitalization
One of North America's leading diversified financial services companies
Employ approximately 80,000 full- and part-time employees

Author: Hanyu Wang
Marcin Marszalkowski
Date: 04.11.2013

1. Article "Customer Segmentation done right "

2. http://www.rbc.com/aboutus/index.html

3. http://netmba.com/marketing/market/segmentation

4. http://www.tutor2u.net/blog/index.php/business-studies/comments/qa-what-is-market-segmentation

5. http://www.investopedia.com/terms/m/marketsegmentation.asp

Resources
Full transcript