Great-West Selects Cohorts Segmentation SystemLooking Glass Inc. announced yesterday that Great-West Life & Annuity Insurance Company in Greenwood Village, CO, has selected its Cohorts household-based consumer segmentation system.
Great-West will adopt Cohorts' Proof of Concept service to analyze a sample of the company's customer portfolio. The Cohorts POC analysis will enable Great-West to identify key customers within the test group, including their purchasing habits, channel behaviors, demographics, and lifestyles. Cohorts, Denver, CO, will then work with Great-West to target messages to these consumers.
The Cohorts POC effort is expected to improve Great-West's ability to retain and grow the lifetime value of its customers through more effective communications and promotions. Increasing the lifetime value of customers is a standard measure of marketing success in the financial services sector.
"The Cohorts POC test package brings a bottom-line benefit to versioning our direct marketing campaigns," said Cherie August, marketing manager at Great-West. "Once we learn what works, our next step is to integrate Cohorts solutions across all our bank partner direct mail programs."
Based on household-level information, Cohorts divides U.S. households into groups that share distinct demographic, lifestyle, and consumer behavior characteristics.