Call Us 📲8800102216📞 Call Girls In DLF City Gurgaon
Making the Most of Multi-Channel Strategies
1. How to Get the Best Sales &
Marketing to Work for You!
Making the Most of Multi-
Channel Strategies
Frost & Sullivan
Sales & Marketing Executive Summit East 2006
Boston Marriott Quincy
2. Agenda
• Marketing to a New Type of Consumer
• Trends & Challenges in Multi-Channel Marketing
• NetBank Case Study
• Recommendations for Integrating Online & Offline Channels
• Questions & Answers
3. Marketing to a New Type of
Consumer
• Since 1997, traditional marketing mediums like TV, newspapers &
magazine reading has declined 13%.
– Internet usage increased 214% since 1997
• Internet veterans spent 10 more hours online compared to new
Internet users
– 84 percent of these extra online hours were spent on professional and
personal work.
• 20 million wireless consumers evaluate carriers or manage their
wireless accounts online
• 75 percent of auto buyers research their choices online
• 60 million consumers researched a financial product or managed an
account online last year.
4. Marketing to a New Type of
Consumer
• The Internet has liberated a new type of consumer
– Technologically savvy
– Know their value to marketers
– Looking to own a piece of the action
– They love to control and not to be controlled
• Online shopping is forcing companies to re-think their marketing,
sales, service and business practices
• Two-way permission based marketing is the only strategy to reach
the new consumer
5. Trends & Challenges in Multi-
Channel Marketing
• Online sales are expected to rise to 329 billion by 2010
• More retailers are offering consistent price on the Web and in stores
– Integrating on and offline channels is still elusive for many
• Marketers and retailers are failing to understand consumers cross-
channel behaviors
– “Channel Vision”
– “Stove piped” and Fragmented
• Price is a big motivator for the online shopper
– But price & product alone does not create a sustainable competitive
advantage
6. Trends & Challenges in Multi-
Channel Marketing
• Marketing in the Clutter
– Irrelevant and non-persuasive messaging
• Catering to regional consumer wants
– Regionalized pricing, inventory management and competitive pressure
is the main reason why there is a disconnect between the Web & offline
experience
• Catalogs have lost some ground as the principal marketing tool
– Consumers use catalogs for shopping not necessarily for buying
• Lack of understanding consumer purchasing behavior
• Lack of a true 360 degree view of the consumer
7. About NetBank
Retail Banking
Small Business
Banking
Business Finance
Dealer Financial
Services
NetBank Payment
Systems
NetServ
QuickPost
PowerPost
NetBank Funding
Services
Meritage Mortgage
Market Street
Mortgage
Beacon Credit
Services
Banking
Financial
Intermediary
Transaction
Processing
8. The Retail Banking Landscape
• Sluggish deposit growth impacted by an inverted yield curve
• Organic customer growth
• Growing acceptance and higher expectations of online banking
capabilities
• Data security and ID theft issues creating customer cynicism
• Irrational money market deposit rates
9. NetBank’s Response to a
Challenging Landscape
• Focused value proposition
• Brand differentiation
• Expanded website and online capabilities
– Alerts and notifications
• Inbound Marketing Initiative
• Improved customer service
– Comparative Differentiator
10. NetBank’s Response to a
Challenging Landscape
Customers CAGR% X-Sell CAGR %
Base-Line 270,428 – 1.75 –
Grow Customers
w/o X-Sell Growth 1,142,857 27% 1.75 0%
Grow X-Sell
w/o Customer Growth 270,427 0% 7.42 27%
Do Both 500,000 11% 4.00 15%
Solving for NIBT in Evolutionary Financial Framework
11. Develop tactics to close the
expected-vs.-actual gap
(incorporate VOC and
benchmarking)
1a. Review SLAs with hosting vendor
1b. Minimize size of graphics to speed page loads
Determine actual
customer experience
Determine critical customer
touch points
(aka, “Moments of Truth”)
from customer’s viewpoint
“Interest Me” “Meet My Initial Need”
“Keep Meeting
My Needs”
Develop reward & recognition
for achieving or exceeding
expected customer experience
Develop appropriate set of rewards and recognition (for example: HERO)5
4
3
2
1
1a. Website available = x%
1b. Website satisfaction = y
2. Recognition factor = z
1a. Website available
> 99.99%
1b. Website satisfaction
> 4.5
2. Recognition factor > x
1. Marketing web site
2. Advertisements
Crafting the Customer Experience: Customer Experience or Value Stream Mapping Example
Document Expected Customer
experience (incorporate VOC
and benchmarking)
Sales Fulfillment Service
Process
1. Apply by phone
2. Apply by website
3. Get notification of decision
4. Close financial transaction
1. Account issue raise by phone
or email
2. Complain by web mail
3. Receive solution to complaint
4. Hear about other products
5. Take part in surveys
1a. Average hold time < 2 min
1b. Application time < 10 min
2a. Website available > 99.99%
2b. Application time < 15 min
1a. Average hold time < 2 min
1b. 1st time resolution > 95%
12. Inbound Marketing Strategy
Relevant : 5X Better
Number
of
Customer
Interactions
Time
Event-Triggered
Outbound Campaigns
Guided Inbound
Intrusive: 1-2%
Highly Targeted: 10X
Better
13. Inbound Marketing Strategy
• Evaluated data
• Determined best method for interacting with the customer
• Evaluated our sales/marketing approach
• Developed a plan
• Implemented a phased plan
• Monitor activity and tweaked
14. Inbound Marketing Strategy
• Customer segmentation
– Segments based on age (7), balance (56), tenure (2), product
combinations (24), transactional data (6)
– Created customer value index
– Further refining data with demographic appends
• Multi-product relationships are more profitable and have lower
attrition (4x less)
• Transaction-based relationships offer better cross-sell potential
• Direct sales offer highest rate of closure
15. Inbound Marketing Strategy
Call Center Channel
• Inbound calls
– Turn service calls into sales opportunities
– Guided closings based on:
• Offers already made
• New offers available
• Outbound Calls
– Event-based calls
– Integrated with other campaigns
16. Inbound Marketing Strategy
Call Center Channel Results
• New customer boarding (Q2 results)
• 43.6% conversion rate for new products sold
• Increased products/household from 2.11 to 2.55
• 10% conversion rate -- unfunded accounts to funded
17. Inbound Marketing Strategy
Outbound Email Channel
• Focused on branding, clear and concise messages
• Promotions, surveys, newsletters and notifications
• Targeted campaigns based on analysis of customer data – more
campaigns to smaller groups
• Integrated with call center activities
19. Inbound Marketing Strategy
Secure Bank Mail Channel
• Variety of banner ads on secure bank site
• Current configuration displays based on customer profile (product
profile)
• In process of moving to arbitration model
21. Inbound Marketing Strategy
Next Steps
• Phase II implementation
– IVR, ATM and Direct Sales
• Additional data appends
• More analysis and refinement of offers
• Tighter integration of offers across all channels
• Continue to expand creative library and personalized campaigns
22. Recommendations for Integrating
Online & Offline Channels
• Recognize that your customers are your scarcest resources
– Engage your customer and be honest about your offerings
• Develop a strategy around your data
– Integrate Customer Data Integration (CDI) & Master Data Management
(MDM) as part of your holistic CRM & SFA strategy
– Must have a single version of the truth concerning the consumer
• Develop a true 360 degree view of your consumers and integrate
disparate transactional systems
• Invest in change management and knowledge sharing
23. Recommendations for Integrating
Online & Offline Channels
• Integrate business processes across your enterprise
• Align Marketing & Call Center Operations
– Strategy Articulation & Value Stream Mapping
– Consistent communications
– Inbound marketing programs
• Add incremental value to your customer that goes beyond price &
product
– What is your “comparative” differentiator?
• Break down the silos within your organization
24. Recommendations for Integrating
Online & Offline Channels
• Track & understand online customer behavior using Web analytic
tools
– Track visitor segmentation to understand how prospects/visitors behave
differently from the overall target audience
– Interact with personas, their needs, and motivations, and uncover new
selling opportunities.
• Allow customers to collaborate on your brand
– Example: Ban & ABSOLUT
– Blogs and Search Engine Marketing (SEM)
25. Recommendations for Integrating
Online & Offline Channels
• Focus on the “emotive” side of the consumer experience
– Focus on an in-depth understanding of what the consumer values most
not just “operationalizing” the consumer experience
• Implement personalized and relevant messaging across all channels
26. Questions & Answers
Art Hall
VP, Sales & Customer Care Operations, NetBank
President, CRM Association (CRMA), Atlanta Chapter
1015 Windward Ridge Parkway
Alpharetta, Georgia 30005
Phone: (678) 942-7537
ahall@netbank.com
