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Marketing Segmentation Enhances Financial Services Marketing Effectiveness

To operate efficiently and cost-effectively in today's competitive marketplace, financial marketing professionals must ensure that all promotional and communications initiatives specifically address marketplace needs and priorities. Suasion Resources works with our financial services clients to develop market segmentation strategies that will help them concentrate their resources on those target market segments that offer the greatest opportunities to realize a significant return on their marketing investment.

To develop a market segmentation strategy, we first determine a given number of target market segments based on selected segmentation variables and criteria. We then select one or more priority groups to target as the immediate marketing focus. Since it is impossible to pursue every market opportunity, the practical alternative is to make strategic choices based on customer needs, distribution channel considerations, competitive opportunities, corporate objectives, and our client's financial, technical and marketing resources. Our final step is to determine how to position the client—and its products and services—in each selected market segment.

Market segmentation is both a science and an art. Suasion Resources works with each client to determine the segmentation approach best suited to helping them meet their objectives.