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Equifax launches consumer segmentation tool

Equifax has today (8 December) launched a consumer segmentation tool which is aimed at enabling investment professionals to more accurately target consumers.

It works by grouping postcodes into similar characteristics based on evidenced investment activity, household composition, life stage and affluence, and is based on more than £345bn of sales of life, pension and investment products.

Equifax Investor Profiles then groups consumers into 12 distinct and separate ‘clusters’ for improved return on investment on direct-to-consumer marketing expenditure.

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The firm said that each segment has been profiled across a range of financial criteria, such as the complexity of investment need and the likelihood of purchasing different types of financial services products.

Equifax also claimed its consumer segmentation tool predicts postcode wealth by to 17 per cent better than other segmentation tools, based on actual wealth and investment purchase behaviour.

Paul Birks, decision solutions director at Equifax, said: “Wealth and investment product providers are looking to target consumers who are becoming increasingly aware of the need to make provision for their future financial well-being.

“We believe actual consumer investment purchase behaviour at postcode level is the best way to achieve the most complete understanding of customers. By combining consumer segmentation with our investment sales data sets, it allows differentiated sales, marketing and services to be targeted and delivered.”