Marketers routinely make use of demographic-based segmentation as a means of targeting customers of financial services. This article builds on growing evidence that a demographic-based approach is ill-founded. Using a large sample we investigate whether demographic information is of use in segmenting customers and find little support for existing practice. Implications for researchers and managers are discussed.
- marketing research
Piercy, N., Campbell, C., & Heinrich, D. (2011). Suboptimal segmentation: Assessing the use of demographics in financial services advertising. Journal of Financial Services Marketing, 16(3-4), 173-182. https://doi.org/10.1057/fsm.2011.21