With branches in urban, exurban and rural settings, Westoba serves a highly diverse membership, with different financial needs and challenges. To simplify its messaging and help members and staff understand its product lineup, Westoba needed to plug its research gaps to answer questions that it couldn’t effectively address with its own data. The project began with hygiene of the Westoba member files, which involved removing invalid postal codes and retired businesses. Once that was completed, we integrated data from across departments to develop a single view of its membership.
With the groundwork in place, custom segments were developed to capture all of Westoba’s members and Manitoba’s households. The 10 resulting segments describe their demographics, lifestyles, finances and social values. Personas were developed for key segments to highlight the products and services that the members prefer. These personas led to differentiation in advertising strategies between urban and rural markets.
An interactive dashboard was developed to help Westoba socialize the segments and personas across its entire operation. The dashboard summarizes the essential learnings for the front-line staff. The new data-driven insights are being used to influence everything from product development to marketing strategy. At the branch level, Westoba was able to analyze the market and inform their retention and acquisition strategies. In other areas, it helped the credit union optimize and target its direct-marketing initiatives by knowing which regions offer the greatest return.