… for a bank marketing-campaign to target the right customers

Bank

Business Challenge

  • A bank with more than a million accounts wanted to select customers for a marketing campaign — to increase debit card transactions
  • They wanted to segment their customers before selecting the campaign target audience

Analytics Approach

  • Recency, Frequency and Monetary (RFM) segmentation based targeting was used
  • RFM value variables were created from 12 month transaction history
  • Consolidated RFM score was developed and used to generate 5 RFM segments
  • Segments were profiled on behavior and transaction levels to determine ideal target segments

Impact

  • We targeted the mailer on the low and medium RFM segments – this led to significant incremental lift on debit card transactions

Propen to buy- Bank mkting