Partner & Customer Engagement

OBE Session 6

O.P.Wali
Omnichannel Strategy
• Across Customers
• Across Products
• Across Lifecycle
• Product
• Customer usage
….
• Conflict
Where do we start?
• Strategize around eco-system
• Resource vs market views
• Thinking systematically
• leverage digital technologies, build competitive advantage and achieve
profitable growth.
• Digital Selling shift
• Pool sales & marketing together vs sales “owns” the customer relationship
and marketing provides messaging and content
• Pre-launch , launch and post launch development
Where do we start?
• Reimagine processes / Experience makeover: Innovate and enrich customer
experiences
• Offer data-powered solutions rather than individual products and services
• Use data for customer profiling, segmentation and journey mapping to uncover
underserved customer needs
• Innovation strategies that address the needs of multiple decision makers and
influencers.
• Leverage micro moments
• Snackable content
• Test & learn
• Experience mgmt. and transformation teams
• Key employees & customers
Customer Engagement
• Inbound vs outbound
• Regal Bank ,established as private sector bank in 2012, operates in
corporate, retail banking and asset management with around 1100
branches in India.
• Last two years, it is going aggressive in digital banking.
• In 2018, it decided to increase its customer base of Saving Account
holders multifold including places where it doesn’t have a physical
presence.
• Get more customers with higher RoI
• Industry standard of CLV of Saving Account holder Rs. 40000 over 5
year life time.
Operation Outbound Marketing
• Online Incentive for online new account opening – Gift worth 2000-
2500 rupees.
• Retention rate of online customers acquired inorganically i.e.,
through display ads and search ads is 55-60%
• Only 80% applications approved by bank after submission of
application form online. Around 1/3rd. Leave after that without
depositing initial minimum amount necessary to activate the account.
• Based of some of these facts and data in the accompanying excel
sheets, assess the lifetime worth of online customer acquired through
outbound marketing. Which search sites and display networks should
be in high priority? Give reasons.