South Carolina Federal Credit Union wanted to overcome the limits of traditional segmentation measures to better identify and market to a niche group of members that were not being adequately served within its target market and shift from a product-based to a needs-based approach for sales and marketing efforts.
The credit union leveraged Financial Cohorts, an asset-based segmentation system. It groups households by likely total assets and financial and behavioral characteristics, in order to better segment its members.
As a result, the credit union was able to better penetrate a sub-segment of its Mass Affluent market through enhanced communications and one-on-one sales touches. It saw over 100% lift in deposit, investment, and loan balances.
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