Mova Insights Inc. - Integrated Business Analytics for small- and medium-sized business

Mova Credit Card Customer Segmentation: Description

Cluster Credit Card Customers into Segments

Mova Credit Card Customer Segmentation is a data analysis and planning tool:

  • Successful segmentation clusters customer data into groups that have the same traits or characteristics.
  • Gain a better understanding of customers’ needs and wants.
  • Use segmentation to improve business competitiveness, plan effective marketing, and grow revenues.

Run Mova Credit Card Customer Segmentation

Select the number of clusters for the K-Means method from the list below:

  

More clusters gives more customer segments and a more detailed profile of each segment. Fewer clusters gives fewer customer segments and less detailed profile of each segment.

It’s easy. It’s free. No signup or registration. The app takes ten (10) seconds to run. Please be patient.

Why segment customers?

  • Customers use credit cards in different ways for different purposes, such as purchase convenience or installment financing. Customers vary in their profits to the company. Customers vary in their response to marketing activities.
  • Not knowing which customers will be profitable or responsive can waste marketing resources and reduce profitability.
  • A successful segmentation identifies groups of customers that have common behaviors.

Use Customer Segmentation for:

  • Marketing effectiveness: Divide a large customer base into specific groups for profiling and targeting. Gain insights into customers and their behavior. Test new product development and pricing. Possibly identify new segments or traits.
  • Marketing efficiency: Each segment has a different value to the company. Allocate marketing and sales resources to each segment according to its value and customers’ response.
  • Behavior-based segments: The clustered segments are based on the actual behavior of all the customers. Not on an estimate of their behavior based on demographics, needs or other segmentation scheme.

How Mova Credit Card Customer Segmentation works

  • This application uses a public dataset of credit card customer behavior.
  • It segments the customers based on their behavioral activities such as account balance, purchases and payments.
  • The K-Means cluster analysis identifies statistical patterns that are hard to detect intuitively. You select the number of clusters and see how meaningful and useful each segment (cluster) will be for business purposes.
  • The application cleans and transforms the data into a more usable form. li>
  • It shows the correlation matrix of the features.
  • Places each customer in the most appropriate cluster.
  • The application analyzes the clusters and identifies significant common features in each cluster.
  • It displays box plot charts that show the significant features in each cluster.

Use Mova Credit Card Customer Segmentation to:

  • See how groups of customers share common behaviors.
  • View the features in each customer segment.
  • Understand different and similar traits among the segments.
  • Compare the levels of behavior between the segments.
  • Plan business and marketing activities for each segment.

Mova Credit Card Customer Segmentation: Sample Report

Sample output report from Mova Credit Card Customer Segmentation

Mova Credit Card Customer Segmentation shows scatterplot of the first two Principal Component clusters. Mova Credit Card Customer Segmentation shows the correlation between the 17 behavioral features. Mova Credit Card Customer Segmentation shows boxplots of the 17 behavioral features.