From spending to understanding: Analyzing customers by their spending behavior |
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| Authors: | Philipp E Otto Greg B Davies Nick Chater Henry Stott |
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| Institution: | 1. Department of Experimental Biomedicine and Clinical Neurosciences, Human Physiology Section “Giuseppe Pagano”, Laboratory of Behavioral Physiology, University of Palermo, Palermo, Italy;2. Human Behavior Laboratory, University of Iceland, Reykjavik, Iceland;3. Department of Physiology and Biochemistry, Faculty of Medicine and Surgery, University of Malta, Msida, Malta;4. School of Biosciences, Cardiff University, Cardiff, UK;1. University of Tennessee at Chattanooga, 615 McCallie Ave 300 Fletcher Hall 406-E, Chattanooga, TN 37403, United States;2. Fuller E. Callaway Professorial Chair, CIBER, Georgia State University, 35 Broad Street Atlanta, GA 30303, United States |
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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. |
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