Reveiew of The Global Customer Segmentation Framework Nigeria by Don Odedeyi Abiodun

It's been a while.

Recently, I was at the launch of The Global Customer Segmentation Framework Launch at the Lagos Business School, Lekki, Lagos.

The Global Customer Segmentation Framework is a research that took an in-depth look into how best to service customers, have a real impact on their wellbeing and further enhance financial inclusion Nigeria (see downloadable pdf of the research at the end of this writeup).

The programme was meant to help organization to do the following Design product(s) and services, Improve product strategy and design, Help to target specific market with tailored product(s) that have direct impact to their needs.

The research considered customers’ (a)customers target by us and their basic characteristics, (b) How our customers react and (c) Why they do what they do and how they change overtime.

According to the facilitator, the overall goal of this is to create financial tools and strategies that enable customers to *manage their day-to-day expenses (with regards to timing; we are there when they need things), *build financial reserves and *cultivate new opportunities (loan, expansion, investment etc). The way this works (and how it can have a go-round effect) is that customer’s needs are met without loss of time.

The research shows that

Nigeria has an estimate population -      198,000,000 (198 million) people

Mobile penetration                         -           83 per 100 people

                                                                        Out of this, Basic phone – 69%

                                                                        Smart Phone – 37%

Owned Bank Account                   -           49%  = 97,020,000 (97 million)

Have Mobile Account                    -           8 % =15,840,000 (15.8 million)

The research divided the Nigeria market into six segments with analysis of what can make them patronize an organization.

1. Vulnerable believers

Lower middle-class, religious and predominantly rural with limited education.

They use financial services infrequently and struggle to pay bills. Low future aspirations, consider themselves dependable and less open

2. Resilient savers

Primarily men and found across all socio-economic groups. They are responsible for household financial decisions, save frequently and use savings as a way of managing emergencies. More impulsive than average.

3. Dependent individualists

Lower middle class, mostly female with the second lowest level of education of all segments. They are the least impulsive, rely on others to make financial decisions and support during emergencies. Have lower than average trust in banks and social networks

4. Digital youth

They are young and well educated, frequent users of technology. The wealthiest segment but with high income volatility.

5. Confident optimists

The most deliberate and open segment with strong belief and trust in their community. Largest users of mobile money. Well educated with high self-esteem with a positive view of the past and future.

6. Skeptical cultivators

They distrust banks and their broader community and are most likely to trust only those they’ve known long.

They have the lowest self-esteem but high self-confidence and sense of control. They struggle with planning but excel in savings.

For companies and individuals whose productivity is dwindling, this report present a valuable market focus strategy to Know Your Client.

You can download the report from the link below;
Review the complete research via http://sustainabledfs.lbs.edu.ng/FI-Resources/Nigeria_Customer_Segmentation_Framework.pdf

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