customer value maximization for a global bank in india
TRANSCRIPT
Customer Value Maximization for a Global Bank in India
Assignment BackgroundThe GoalThe ScenarioCustomer Value Maximization ApproachThe Measure phaseThe Manage phase – Activities & Areas ImpactedThe Manage Phase – Teams ImpactedThe Maximize phaseConclusion
Assignment Background
The client is an Indian arm of the world’s leading bank. Banking space in India is
highly competitive with a large number of players aggressively serving clients to
ensure they remain bank's customers. This resulted in increased transactions
between the customers & the bank and a lot of those transactions were happening at
high cost channels such as branch, ATM and Call Center. The client was a pioneer in
using the digital channel for sales and service and wanted to cannibalize high cost
channel transactions and move them to the low cost channel viz., Digital.
The Goal
To deepen engagement on digital channel
and make it channel of customer choice
The Scenario
Display Advertising
eDM
Search Marketing
Print / TVC
Poor Engagement
Poor Lead Conversion
Poor Media Effectiveness
RESULTING IN
Tactical Operations Outcomes
Customer Value Maximization Approach
By making interventions on,
Through objective measures, a
snapshot of client’s marketing
effectiveness on many levels and
dimensions was constructed and
this helped us objectively
demonstrate the effectiveness of
the client’s current marketing
programs.
Based on the current state and
desired end state, the road-map
which involved a re-architecture
of strategy and re-alignment of
resources was developed and
interventions were made to
catalyze the marketing growth
engine.
This was the high value growth
phase where all possible marketing
variable combinations are tweaked
on a concurrent basis to produce
the optimal spend to impact
outcomes. Learning was constantly
updated for ongoing maximization.
MEASURE MANAGE MAXIMIZE
In order to achieve client’s goal, Xerago deployed its proprietary Customer Value Maximization framework, which involved the following 3 stages:
Process Media Creative Technology
The Measure phase
• No synchronization of efforts among offline and offline channels as offline channels were usage focused and online was acquisition focused.
• The offline marketing activities did not complement the online marketing efforts
• The quality of media was poor and there were not enough targeted customer catering media
Parameters X-rayed
Channels
Evaluation Results
Marketing Programs
Media Mix
The Manage phase – Activities & Areas Impacted
Process Overhauls:Lateral movement of traffic within the portal along with a concurrent usability-led exercise led to reduction of bounce rate and opening up of more access points of web pages and sections. An average of 120 changes a day is being carried out.
Creative Interventions:Concurrent measurement of inventory and performance-led creative rotation coupled with routine revamp & one-off rebranding exercise covering 700+ Static pages helped raise the User Ex bar on the portal. Created a plethora of stand-alone digital service portals and optimized landing pages for media campaigns
Media Interventions:Content vocabularies, inventory build-outs across multiple media formats like text, static and interactive visuals, HTML, Flash streaming content, RIA, and Videos for the entire digital footprint were produced that encompassed the portal, 3rd party sites, landing pages, eDMs and search campaigns.
Technology InterventionsPlatforms cut-over of CMS i.e. Interwoven across generations, enabling servers and support surround systems like HBX, Web Trends, LMS etc. were managed across ITO / Tech vendors and Data Center. Integrated creative tracker with Digital Asset Management System for portal inventory optimization
The Manage Phase – Teams Impacted
Channel
Product
Marcomm
Compliance
Branch
Call Center
TEAMS IMPACTED
The Maximize phaseXerago setup a concurrent framework to measure the effectiveness of the interventions made to
ensure desired results are delivered. This was achieved by establishing benchmarks for various
interventions and real-time optimization of the efforts. Below are the outcomes.
40% acquisition on digital
120 changes happening every day with a drive to increase usage.
20% increase in cost save through high cost channel cannibalization.
20% increase in portal usage
Created a Centre of Excellence and successfully replicated the model
across 13 countries.
More About the Client:
The client is the world's largest financial services network, spanning 140
countries with approximately 16,000 offices worldwide. The company
employs approximately 260,000 staff around the world, and holds over
200 million customer accounts in more than 140 countries. The client’s
business is divided into four major business groups: Consumer Banking,
Global Wealth Management, Global Cards, and Institutional Clients
Group. As a market leader with double-digit market share in every
market that it operates in, the group has a philosophy to use cutting edge
and next gen technology to service its customers, hence the Digital
channels are primary for every initiative.
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