B2B Payments Platform Leverages Customer Segmentation to Improve Customer Retention and Share of Wallet
Situation: A business services B2B payments platform faced ever-increasing competition. Their vision was to be a dominant player in this space through more targeted customer acquisition, maximizing retention, and capturing a greater share of wallet. To accomplish this, it needed a better understanding of its customers. The client engaged BIE to develop customer segmentation and a new customer journey.
Some of the key focus areas included: product prioritization, customer messaging and engagement across different client profiles
Actions: BIE mapped the customer engagement process across all touchpoints to assess the current marketing, sales, and customer services approach. It also analyzed customer data and conducted internal stakeholders and customer interviews. From there, BIE was able to segment the customer base and provide robust customer profiles. Using the new segmentation, BIE was able to make recommendations on a marketing approach and product mix tailored toward the new profiles.
Result: BIE delivered targeted customer profiles and an improved customer journey with a refined marketing and account management process which shortened the sales cycle, improved customer retention, and captured a greater share of the customer’s wallet.