Customer Relationship Management (CRM) is a backbone of any business that is focused on getting the best of analytics from its data and follow structured process of doing business. With the help of strong CRM software, companies keep a track of customers. Even if they did not generate any immediate revenue, but they can mine such prospective customers.
There may be various reasons for a company not being able to get revenue for a prospect. Like the person had come for Personal Loan Or Mutual Fund Investment. But due to some or the other reason got lost. Now suppose there is potential in that person to buy a Car Insurance or General Insurance. But in the absence of a robust CRM, such Personal loan or Mutual fund seeker will be lost forever.
CRM helps companies in keeping a track of such customers. It does not miss them on important occasions like new product launches or pitching for existing products. Ownership of customer data makes it more economical for companies to run such campaigns. They can build trend analytics and have focused pitch.
Other important aspect of CRM is process implementation. When a company has CRM, it can define and implement process for customer interaction at very less cost. With the help of good reporting, it can track performance of its employees. This way cost of serving customers can be checked and slippages can be tracked. Moreover when everyone follows same process, person dependency is reduced and induction of new team members becomes easy.
Earnwealth.in has an in-house CRM software. This software has been recently introduced. From the day one is a hit among the employees who were maintaining Excels for customer tracking. Management at Earnwealth.in is benefited from the reports that are being created, since the reports are standard and reliable, they can plan better.
By MUHAMMAD ANAS Y
Banks needs to step up the digital game
With digital platforms are enjoying increasing customer trust and reliance, banks need to respond by improving their digital marketing capabilities — nurturing a digital brand image that places them top of mind for customers. Customer adoption of digital banking has gone beyond online transactions to an increased number of digital purchases of banking products.
In Asia, customers rely quite heavily on the internet to evaluate banking products such as credit cards and auto loans, and to compare products, benefits and prices before purchase.… For banks, a focused digital marketing effort will involve building up their online brand and presence and investing in customer acquisition campaigns and engagement through social media, internet advertising and other media.
Done well, digital marketing can help banks acquire customers at a lower cost than traditional marketing. A range of initiatives…can be monitored using advanced analytics to understand audience responses, why some campaigns work and why others do not.
US-based bank Capital One has rapidly scaled up its digital marketing capabilities, running multiple digital campaigns in A/B testing mode to improve reach and conversion. For example, the bank conducts tens of thousands of data experiments each year, offering credit cards with different interest rates, incentives and marketing techniques.