For the sustenance of every organization, creating an effective marketing strategy becomes essential. Before marketing the products to the target audience, it is vital to understand the potential customers and their similarities. Customer profiling is a process of describing a customer categorically for marketing and advertising purposes. Furthermore, it has also been noted that targeting advertisements to a specific market segment can help companies and marketers enhance their product reach and increase profits.
To effectively target the ideal customers, it is essential to categorize customers based on their preference, lifestyle, stage of life, attributes, and traits. Moreover, the customers can also be classified in terms of demographics, socioeconomic status, and product portfolio. With years of experience in carrying out effective customer profiling studies for various Fortune 500 companies, Infiniti’s experts offer strategic insights to help companies understand their consumer and the dynamic demand supply shifts within the market space.
The Business Challenge
A global money transfer company was facing challenges exploring and enhancing its position in the Ukrainian market. The client wanted to gain higher market shares in terms of both transactions and revenues and compete with the other leading players in the market. The key focus of this customer profiling engagement was to understand the emerging dynamics across the market place and the current market scenario.
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Our Research Methodology
To gain a holistic overview of the current market landscape, Infiniti’s customer profiling experts followed a combination of approaches, such as intercept surveys and focus group discussions, for quantitative and qualitative assessments. In addition, the industry experts also developed specific questionnaires comprising of suitable topics by eligible respondents.
Our Solution Helped the Client
- Gain a greater understanding of the sender money transfer consumers
- Assess the current sending behavior, attitudes, motivations, brand choice, and usage
- Develop a marketing strategy to increase trial to become the preferred send supplier of money transfer services
- Understand the behavior of average senders across the corridors
Benefits of Our Integrated Approach
In a span of twelve weeks, the client was able to identify the methods used by senders to send money and the key reasons for sending. The customer profiling engagement also assisted the client in understanding the demographic profile of the senders by covering their age, income level, and education. The customer profiling study also helped the client identify the reasons for sending money in terms of the frequency, average amount, the length of time spent, and currency of the transaction. Moreover, the client was also able to identify the leading decision makers with regards to remittance in the market.