Otto, Philipp E., Davies, Greg B., Chater, Nick and Stott, Henry (2009) From spending to understanding : analyzing customers by their spending behavior. Journal of Retailing and Consumer Services, Vol.16 (No.1). pp. 10-18. doi:10.1016/j.jretconser.2008.04.001

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Abstract

In customer segmentation, a common strategy is to use individual differences as a predictor of future behavior. Recent advances in data management in large financial institutions give an unprecedented and potentially powerful source of data for identifying such differences. We show that spending data can substantially help target the direct marketing of financial products, and constitutes new information, not captured by demographics. In particular, a systematic combination of this independent source and more traditional measures can enhance the predictive power of marketing research and improve the relationship with customers as illustrated in a direct mailing selection method which substantially raises response rates.

Item Type:	Journal Article
Subjects:	H Social Sciences > H Social Sciences (General)
Divisions:	Faculty of Social Sciences > Warwick Business School > Behavioural Science Faculty of Social Sciences > Warwick Business School
Journal or Publication Title:	Journal of Retailing and Consumer Services
Publisher:	Pergamon
ISSN:	0969-6989
Official Date:	January 2009
Dates:	Date Event January 2009 Published
Volume:	Vol.16
Number:	No.1
Number of Pages:	9
Page Range:	pp. 10-18
DOI:	10.1016/j.jretconser.2008.04.001
Status:	Peer Reviewed
Publication Status:	Published
Access rights to Published version:	Restricted or Subscription Access

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