Kiwi Wealth are focused on creating better financial futures for Kiwis by helping people get informed about how they can grow their wealth. This customer-centric offering needed to be backed up by data, so that it can be tailored to each customer’s specific needs. To understand customers as more than just a number, it helps to segment customers with like-minded individuals.

DOT designed a segmentation algorithm to group customers based on their financial confidence and life stage. This was based on research-based personas, and incorporated not only customer data held by Kiwi Wealth, but also additional data from DOT’s Dynamic Deprivation Index product and the Census, to get a fuller picture of the customer’s life and circumstance. The segmentation algorithm defined persona centres within multidimensional space, and mapped every customer to a persona.

The segmentation was able to be used straight away to tailor messaging in marketing campaigns, enabling Kiwi Wealth to deliver the right message to the right customer at the right time. Kiwi Wealth were able to track performance in acquisition and churn of each segment to evaluate the effectiveness of its campaigns and offerings.