BANK CUSTOMERS' SEGMENTATION: PROBLEMS AND MARKETING SOLUTIONS
Author: Assoc. Prof. Galina Mladenova, PhD (University of National and World Economy, Sofia)
Market segmentation provides bank managers capabilities to develop appropriate strategies based on a thorough understanding of constantly changing customer needs and behavior. The current article clarifies some of the issues that arise in the process of bank clients' segmentation. The article proves the importance of the segment analysis in marketing decision process: the segmentation and careful targeting the customers is a key factor in achieving client-centricity in retail banking. Clientcentric banks develop comprehensive marketing approach based on understating of the needs of each customer and using technology to personalize their offers and communications and to create a superior customer experience.