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Article
Publication date: 1 June 1996

Raj Singh Minhas and Everett M. Jacobs

Banks and building societies typically focus on geographic, demographic, socio‐economic, and psychological characteristics to segment the market for financial services…

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Abstract

Banks and building societies typically focus on geographic, demographic, socio‐economic, and psychological characteristics to segment the market for financial services, although these are not efficient predictors of future buying behaviour. To correct this shortcoming, benefit segmentation by factor analysis has been used for the first time to group building society customers in relation to their particular attitudes and behaviour. Identifies eight benefits (listed in order of their popularity): personal service, investment, limited banking, accessible cash, cash card, advice, money management, and full banking. Incongruities between certain of the benefits, and the differing customer profiles for each benefit segment were analysed. Makes suggestions on how building societies and banks could use benefit segmentation to improve the effectiveness and efficiency of their marketing strategies.

Details

International Journal of Bank Marketing, vol. 14 no. 3
Type: Research Article
ISSN: 0265-2323

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