Access Bank’s Product Segmentation Strategy

Access Bank

Services: MARKETING, INSIGHTS & INTELLIGENCE

Access Bank is a multinational commercial bank owned by the Access Bank Group. Established in 1989, the bank provides a wide range of financial services, both retail and corporate to customers around the country. The Bank has its headquarters in Lagos, Nigeria and has more than 800 branches spread across the country. With an aggressive growth strategy, the company has consistently out-performed targets and continues to serve as a benchmark for excellence in the delivery of financial services in Africa.

What We Did
The Bank approached us through its partners to undertake an extensive market research and segmentation exercise to guide the launch of a new financial product. The Bank sought to understand the underlying behaviour of its vast customer base to select the sweetest segments to test the product. We began by articulating our hypothesis and proceeded to collect and analyze large volumes of data from a large pool of data sources.

Results
Using our segmentation framework, we delivered a thoroughly incisive market segmentation strategy that drove much further than essential demographics. We enabled the Bank modify their pricing strategies to meet the needs of each identified segment. The product was successfully launched and helped the Bank establish various segmentation strategies and differentiate its promotions based on geography, distribution and price.

       

Comments are closed