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Managing CRM of economic crisis
Overview
During the current global economic crisis, good customer intelligence and an effective CRM strategy can reduce the costs of keeping existing customers (and also attracting new ones). Ultimately, this will help banks to remain competitive and to maintain or even increase their profitability.
To achieve this, three issues that still need to be addressed are
• Culture. CRM must have management support and employee involvement (which requires training and motivation).
• Analytics. Banks need to collect high quality customer data from various sources and then analyse it to define targets, customer habits, etc.
• Operation. The data can be used for planning campaigns, contacting the customer proactively and identifying the most effective distribution channels. Banks need to measure the results and their impact on customer loyalty.
With an ever-increasing pressure to keep costs down, perhaps banks need to focus more on their existing customers (exploring cross-selling possibilities, etc.) than recruiting new clients.
Key issues
The other key issues that will be explored by the conference include
• CRM focal points. With projects being shelved and budgets and resources cut, what should we focus on and what should we stop? We’ll explore ideas for segmentation, models, events, sequencing and technique roll-out.
• Involving end users? CRM projects sometimes fail because the end users don’t use the systems provided. How can we get them involved, train them and reward them?
• Customer experience management. This is an emerging area within the CRM community. What should we be doing to implement and enhance the customer experience and what should we be measuring?
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