How Marketers Can Build Industry-Leading Customer Segmentation Strategies

How do you define data accuracy in your customer segmentation strategy?
What makes personalization truly work?
How do you remain authentic with consumers?

Marketing leaders from across industries tackled these and other pressing questions during a wide-ranging discussion about what the future holds for customer segmentation, and how the right data can drive profitable acquisition campaigns as well as robust cross-selling efforts.

“You can use the term personalization, but what we really mean is: how do we help you become relevant?”
— Matt Lohman, Managing Director, Verisk Marketing Solutions

Keep reading to explore some key themes and actionable insights or watch the full session now.

Following the Customer’s Journey

When it comes to consumer data, there’s more than one way to build a strong customer segmentation strategy — but the components and challenges remain similar.

“I always start with looking at [the single source of truth] through the eyes of the customer, and what is important along the journey that I’m creating for whatever product or initiative that we’re launching.”
—Vince Monticello, Marketing Director CRM, Ally

Panelists discussed how many large companies see consumer data as a large circle or a wheel. At the center is the consumer and everything about them—all the different pieces of information that marketers are seeking to understand. The spokes of the wheel, in turn, give marketers all the attributes of demographics and geography as well as the different identity or contact points. But to make it a wheel, it must be complete.

In this same vein, they discussed the “Four C’s”: Is the data compliant, correct, current, and complete? Such considerations are essential when sourcing data and bringing in segmentation data and identity attributes for a truly holistic view.

“I think the part that we are still missing is, once you get all or most of the information or whatever information you need, what do you do with that information?”
—Jalaj Jha, EVP & Chief Marketing Officer, Wells Fargo Home Lending

Defining Data Accuracy for Improved Customer Segmentation

Getting to accurate data starts with an understanding of what marketers are using their data for. Are they using it strictly for segmentation or taking it further, such as applying data points to bring creative messaging to life? It’s about what you’re giving to a customer, panelists said. They also considered the question of generic messaging versus a more relevant and personalized experience, which often comes down to confidence in data.

Finding Personalization with Authenticity

The industry is increasingly focused on personalization, which revolves around making messages as relevant — and authentic — as possible for the customer. If the offer is not relevant enough, then personalization is not doing its job.

In the mortgage industry, for example, it’s not enough to tell a customer in the market for a home what the day’s mortgage rate is — it needs to be in their exact ZIP code. But relevance is also about the emotional appeal — another aspect of taking that holistic view.

The right degrees of personalization and authenticity can only happen with the right testing, panelists agreed. Marketers have to make sure they know what they are measuring as part of a solid and ongoing “learning mentality,” whether it’s for one or many campaigns.

A long-term focus is critical. Consistent, measurable, and continuing customer metrics cannot be sacrificed for short-term “grabs” at leads or other small wins.

Get The Data To Level-up Your Own Customer Segmentation Strategies

For over 30 years, the teams at Verisk Marketing Solutions (formerly Jornaya & InfutorData) have built and grown a robust identity graph featuring current data from over 250 million adults and 120 million households in the U.S, with the highest standards for data security and privacy. This data helps power personalized marketing and precise advertising audiences for leading brands and media & AdTech platforms.

Get the data you need to drive profitable growth. Explore our suite of solutions and connect with our team to discover your way to better data and improved performance.

• Real-Time Decisions
• 1st Party Enrichment
• Data Licensing & Syndication

Watch the full discussion now or connect with our sales team to learn more.