An Appraisal of Data Analytics in Customer Segmentation and Marketing Strategies: A Case Study of Banks in Sokoto State
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Background of the Study
Data analytics refers to the use of advanced analytical techniques and technologies to process and analyze large volumes of data, extracting valuable insights to inform business decisions. In the banking sector, data analytics is crucial for understanding customer behavior, preferences, and needs, which enables banks to segment their customers and tailor marketing strategies more effectively (Mba et al., 2024). Customer segmentation, a key aspect of marketing strategies, helps banks categorize customers based on demographic, behavioral, and transactional data, allowing for personalized marketing campaigns and improved customer retention (Okunola & Fadeyibi, 2023).
In Sokoto State, where banks are facing intense competition, the ability to effectively use data analytics for customer segmentation and marketing strategies is becoming increasingly important. However, despite the growth of data-driven marketing strategies, many banks in Sokoto State have yet to fully exploit data analytics tools. This study aims to evaluate how banks in Sokoto State utilize data analytics for customer segmentation and its impact on marketing strategies and overall performance.
Statement of the Problem
While data analytics has the potential to enhance customer segmentation and marketing strategies, many banks in Sokoto State face challenges such as data quality issues, lack of skilled personnel, and limited integration of analytics tools within their existing systems. This study will explore how banks are leveraging data analytics to segment their customers and improve marketing strategies, as well as the obstacles preventing them from fully realizing the benefits of data-driven marketing (Aliyu & Sani, 2023).
Objectives of the Study
1. To evaluate the role of data analytics in customer segmentation in banks in Sokoto State.
2. To examine the impact of data analytics on marketing strategies in banks in Sokoto State.
3. To identify the challenges faced by banks in Sokoto State in utilizing data analytics for customer segmentation and marketing.
Research Questions
1. How does data analytics influence customer segmentation in banks in Sokoto State?
2. What impact does data analytics have on the marketing strategies of banks in Sokoto State?
3. What challenges do banks in Sokoto State face in utilizing data analytics for customer segmentation and marketing?
Research Hypotheses
1. H₁: Data analytics significantly enhances customer segmentation in banks in Sokoto State.
2. H₂: The use of data analytics has a significant positive impact on the marketing strategies of banks in Sokoto State.
3. H₃: Banks in Sokoto State face significant challenges in utilizing data analytics for customer segmentation and marketing.
Scope and Limitations of the Study
This study will focus on banks in Sokoto State and will evaluate their use of data analytics for customer segmentation and marketing. Data will be collected from bank managers, marketing staff, and data analysts within the banks. The study may be limited by the availability of data and the willingness of banks to disclose information on their data analytics practices.
Definitions of Terms
• Data Analytics: The process of examining large sets of data to uncover hidden patterns, correlations, and insights that can inform decision-making.
• Customer Segmentation: The process of dividing customers into groups based on common characteristics, behaviors, or needs to tailor marketing efforts.
• Marketing Strategies: The plans and actions that businesses take to promote their products and services, often involving targeted marketing campaigns.
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