Consumer Behaviour Profiling and Target Market Selection in Nigerian Retail Banking: A Professional Application Study

This study investigates consumer behaviour profiling methodologies and their application in target market selection for retail banking products in Nigeria, with specific reference to commercial banks operating in Ibadan, Oyo State, and Akure, Ondo State, South West Nigeria. Target market selection grounded in rigorous consumer behaviour profiling is a foundational management task that determines the relevance, efficiency, and effectiveness of bank marketing strategies. Despite advances in data analytics and customer relationship management, many Nigerian retail banks continue to rely on rudimentary segmentation approaches that fail to fully capture behavioural nuances. The research adopts a mixed-method design with quantitative surveys of 160 bank marketing managers and qualitative interviews with 20 consumer banking heads. Quantitative data are analysed using descriptive statistics and factor analysis, while qualitative responses are coded thematically. The study evaluates profiling dimensions including transactional behaviour, product usage patterns, channel preference, and lifecycle stage, assessing how effectively these inform target market decisions. Preliminary findings suggest that lifecycle-stage profiling and product usage pattern analysis generate the most actionable target market insights but are the least consistently applied in practice. Recommendations address retail banking strategists, CRM teams, and banking school curricula developers on integrating advanced consumer profiling into standard marketing management practice. Keywords: consumer behaviour profiling, target market, retail banking, Oyo State, marketing management