Segmentation Applications in Banking - Data Mining Techniques in CRM: Inside Customer Segmentation - page 283

The profiling procedure described above concluded with the naming of the
derived clusters as follows:
• Segment 1: Depositors-investors
• Segment 2: Young active customers
• Segment 3: Borrowers-credit card users
• Segment 4: Full relationship customers.
THE MARKETING PROCESS
The revealed clusters passed the initial evaluation as they were considered mean-
ingful and representative of the natural groupings underlying the particular bank's
''Mass'' customer base. Although the information used for profiling the clus-
ters allowed for a thorough interpretation in terms of their behavior, it did not
cover qualitative characteristics, such as the customer share, the satisfaction level,
and the attrition risk of the customers. This information could not be extracted
from the data residing in the organization's mining data mart and data ware-
house. It could only be retrieved through marketing research. Therefore the
marketers decided to collect and analyze relevant data to gain further insight into
the revealed clusters that could help them to design and deploy more effective
marketing plans.
A representative sample of each ''Mass'' behavioral segment was selected and
included in the marketing research that aimed at collecting additional information.
The respective results complemented the behavioral characteristics of the segments
and the entire profiling information was finally integrated into the summarizing
tables that follow.
The enrichment of the behavioral segments through marketing research is
a generally recommended approach. The results can be leveraged to provide a
deeper understanding of the data mining segments by investigating qualitative
dimensions such as needs/intentions/attitudes/opinions/perceptions/satisfaction.
This information can shed more light on the characteristics of the identified groups
and also verify the data mining findings.
Setting the Business Objectives
The process of setting the business objectives and creating the marketing plan for
each identified segment should take into account all its defining characteristics.
Therefore all relevant findings, including the available results from marketing
research surveys, should be put together and integrated into a complete profile for
each segment.