An Appraisal of Data Analytics in Customer Segmentation and Marketing Strategies: A Case Study of Banks in Sokoto State
- Project Research
- 1-5 Chapters
- Abstract : Available
- Table of Content: Available
- Reference Style:
- Recommended for :
- NGN 5000
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.
Related Project Materials
The Impact of Nostalgia Advertising on Millennials: A Case Study of Coca-Cola Nigeria in Kwara State
Background of the Study
Nostalgia advertising refers to marketing campaigns that evoke memories from the past to create...
Optimization of Bioinformatics Pipelines for Large-Scale Genomic Data Processing: A Case Study of Usmanu Danfodiyo University, Sokoto State
Background of the Study :
The exponential growth in genomic data, driven by advances in sequencing technologies, has necess...
The Impact of Green Entrepreneurship on Rural Economic Development in Nigeria
Background of the Study
Green entrepreneurship, which focuses on environmentally sustainable business practices, has gai...
The impact of teacher qualification on students' academic performance in secondary schools in Sabon Gari LGA, Kaduna State
Background of the study
Teacher qualification remains a pivotal factor influencing student outcomes, particularly in second...
EXPLORING THE BENEFITS OF EARLY CHILDHOOD EDUCATION ON CIVIC ENGAGEMENT
ABSTRACT: Exploring the benefits of early childhood education on civ...
An Investigation of Online Fraud Prevention Systems on Safeguarding Transactions in Banking: A Case Study of Citibank Nigeria
Background of the Study
Online fraud prevention systems are crucial in safeguarding digital transactions in the increasingly complex land...
Comparative Study of Edge Computing and Cloud Computing for University Network Infrastructure: A Case Study of Taraba State University (Jalingo LGA, Taraba State)
Background of the Study
The rapid growth of digital services in higher education institutions like Taraba State University (TSU), located in...
The Effect of Public Sector Auditing on Budget Performance in Nigeria: A Case Study of Lagos State Government
Background of the Study
Public sector auditing plays a critical role in promoting transparency, account...
EARLY CHILDHOOD EDUCATION AND THE DEVELOPMENT OF SUSTAINABLE CONSUMPTION
ABSTRACT: This research explores the role of early childhood education in developing sustainable consumption habits among young children. Earl...
An Evaluation of Maternal Healthcare as a Fundamental Human Right in Funtua, Katsina State
Background of the Study
Maternal healthcare is a critical component of healthcare systems, and access t...
