In the s, the database marketing evolved which aided bigger firms rather than the small firms. In the s, the customer relationship management was like a machine that helped in exchanging the information from both the sides; during the same time, it started various programs like getting the bonus points on credit cards.
In the s, Internet helped to a larger extent in the expansion of customer relationship management. At present, expanding the business and making the business is genuinely a challenging thing and CRM plays an important role in overcoming those challenges and making the business successful.
The CRM is capable of achieving the following things:. The analysis of customer information may connect with the single or many of the below analysis:. The basic key elements of customer relationship management are as below:. Disadvantages of Customer Relationship Management:.
One quick way to encourage advocacy and community is by creating a discussion board or forum in your website. This is a form of social proof.
A community will give your customers the opportunity to discuss important topics and ask questions about your products and services. This medium can further be engaged with news about new product features, promos, and acquisitions. You can even add fun to the discussion by rewarding your most active members, and giving away access to your premium coaching courses or programs at half the price or even free. Go ahead and address it openly. That way, users will learn, appreciate, and build confidence in your brand.
Digital marketing influencers have found that consumer word of mouth is a powerful tool in growing sales, it generated 2x the sales gotten from paid advertising. Consumer advocacy is designed to nudge the customers from the inside — letting them know the need to spread the good news. According to Eitan Fogel in an interview with BusinessInsider. Personalization has long been a critical component of customer relationship management and customer service.
The value of personalization is enormous. Personalization can be done at different levels. Yes, you can personalize your emails.
You can also personalize your communications, by creating custom content that engages your customer in each stage down the funnel. Even in live chat, customer service emails, or FAQ pages, you can tour the personality route — just to make your customer happy.
Make sure that personalization is an integral part of it. This lets them know that the merchant or brand is trustworthy. Unfortunately, most marketers are aware of the benefits of personalization in customer retention, but just a few of them practice it.
Learn to personalize without borders. So the customer support team actually found the shoes at a local mall, purchased them, and personally delivered it to her at her hotel room, for free. Guess which company she recommends when her friends ask her where they can buy shoes.
In this era where brands are busy chasing after new leads, the last thing they need is a complaint. Truth be told, attending to customer complaints would waste your time. Nevertheless, complaints still remain a vital tool in enhancing the growth of a business. Start today. Effective customer service rely heavily on how fast the problem is resolved.
Complaints should be a priority that needs urgent attention in your business. Answer the question now. Your firm should be able to resolve complaints from all sources email, offline, social media, phone calls, etc.
The truth is, there are no credible company or brand that customers will purchase from without reading reviews. Online shoppers still read reviews about the iPhone 6, Amazon Kindle, and so on. Generally, consumers are always cautious and curious about online products, especially digital products, like software, online courses, ebooks, plugins, etc.
Both customer reviews and testimonials are powerful tools to retain your customers. From small startups to huge Fortune companies, these 17 customer retention strategies have been implemented — and the results intrigued even the pros. Stay put. By the way, which of these customer retention strategies have you implemented, and how did it work for you?
Sign in. These are the 3 most important goals of every business. We all love surprises. Set customer expectations Give your customers something to look forward to. Better yet, you can deliver in 25 minutes time. You must not go below expectations.
Build trust through relationships Successful businesses are built on trust. And there are only two persons in your business: You and the customer. The commitment of your customers will be firm when trust increases. Use automation to re-engage customers Automation is allowing some of your routines to be handled automatically be a software. Automation will set you on a faster pace more than your competitors. See proof below: The idea here is to use automation to re-engage your customers.
Here are the 5 essential KPIs for effective customer engagement: i. Leverage customer feedback surveys Surveys are powerful tools for building customer engagement. Take a look: Truly, hearing from customers directly to know how they feel about your products and services is a great way to cement the bond that already exist. Develop a frequent communication calendar A communication calendar is what you use to keep in touch with your customers at regular intervals.
The programmed sequence of events is essential for pre-sales, sales, and post-sales processes. Overdeliver on your promise Because a promise is a debt.
Measure customer lifetime value Do you see your customers as one of your biggest assets? Learn from customer complaints Hey, you need to run away from customers who complain, right? Train your customers with educational emails Sending email newsletters is still the 1 customer retention strategy that works.
Use live webinars to educate and inspire customers GoToMeeting. They help you host your webinar from start to finish. Successful brands online started out with webinars. HubSpot simplified this process into 3 vital stages: Awareness, Evaluation, and Purchase. Create a community and customer advocacy program One quick way to encourage advocacy and community is by creating a discussion board or forum in your website.
All of these discussions are working together to help your customers become brand ambassadors. Word of mouth can spread faster than speeding bullet, if you orchestrate it from the onset. For example, Banks and other financial institutions are currently using this technique. Most firms that have recorded great success all have what we call customer care departments. Your customer care department should be trained, flexible, welcoming, and have an open policy.
Use unbiased customer reviews and testimonials Use the resources that you already have to retain your customers. Customer reviews. These products have different repurchase cycles which make it very difficult for the dealer to have a whole of customer perspective on retention.
Sometimes companies are not clear about whether an individual customer has defected. This is because of the location of customer related data, which might be retained in product silos, channel silos or functional silos. It is known to be a bank for high end customers. In it changed its name to IDBI bank ltd. IDBI has more than branches across India.
Federal bank is a scheduled commercial bank which was started in It has a strong base of NRI customers. It has a presence in both south and west. It was one of the first banks to start core banking. Federal bank has branches across India. Ageas is a Belgium-Dutch multinational insurance company. After its creation in , Fortis expanded its offerings to include private and investment banking and asset management, establishing subsidiaries around the world.
As on March 31, , the company has issued nearly 7. IDBI Federal Life Insurance has total assets under management of 4, crore and a robust capital base of over crores, as on March 31, The Bank offers its customers an extensive range of diversified services including project finance, term lending, working capital facilities, lease finance, venture capital, loan syndication, corporate advisory services and legal and technical advisory services to its corporate clients as well as mortgages and personal loans to its retail clients.
To know more, visit www. It has a strong network of over 1, branches and 1, ATMs spread across India. The bank provides over four million retail customers with a wide variety of financial products. Federal Bank is one of the first large Indian banks to have an entirely automated and interconnected branch network.
In addition to interconnected branches and ATMs, the Bank has a wide range of services like Internet Banking, Mobile Banking, Tele Banking, and Any Where Banking, debit cards, online bill payment and call center facilities to offer round the clock banking convenience to its customers. The Bank has been a pioneer in providing innovative technological solutions to its customers and the Bank has won several awards and recommendations.
Ranked among the top 20 insurance companies in Europe, Ageas has chosen to concentrate its business activities in Europe and Asia, which together make up the largest share of the global insurance market.
These are grouped around four segments: Belgium, United Kingdom, Continental Europe and Asia and served through a combination of wholly owned subsidiaries and partnerships with strong financial institutions and key distributors around the world.
Ageas is the market leader in Belgium for individual life and employee benefits, as well as a leading Non-Life player through AG Insurance. Ageas employs more than 13, people in the consolidated entities and over 30, in the non-consolidated partnerships, and has annual inflows of more than EUR 23 billion.
Due to its growth in population, Indian insurance industry has got ample opportunities to expand and introduce different products which attracts the individuals to invest. The insurance market in India has witnessed dynamic changes which has attracted a number of global insurers. Private insurance companies have joint ventures with foreign insurance companies who have their presence across the world. Thus, IDBI Federal has to introduce variety of insurance products and market their products aggressively in an innovative way.
This is because they are in competition with other insurers for the same customers. Thus, the major area of concern of the study is how IDBI Federal should distinguish itself in terms of reaching customers through various promotional strategies, so that customers respond to the promotional strategies of the company Vis--vis those of competitors. They position the ads and articles in such a way that it catches the eye of the reader as soon as they start reading the newspaper See appendix for the articles.
As of now, the total number of hoardings which are put up in Hyderabad region counts to a good 17 number. The total expenses spent by the company for this promotional activity is Rs4 lakh. Its given in magazines depending upon their sales and reputed magazines like Outlook, Money etc. The advertisement is given every month at least once in any magazine. A Viral campaign is also run on the Internet by wherein flash videos of working of products are explained in a very humorous manner.
Building an engagement process around the solution being offered gives an additional boost to this cause. Spelling Bee was a specially created spelling contest created to connect with children.
This is a sort of channel marketing which IDBI Federal had adopted to create awareness as well as to educate the future generation about the company and the importance of saving. They believe that such financial literacy among the under banked population will help bring a holistic change in the way people perceive and understand financial products and their utility at various stages in their life.
Companies have taken necessary steps to introduce simplified insurance products and started designing the benefits that suit the specific needs of policyholders. This has forced companies to have a higher degree of transparency on policy terms which will make the customer understand the product and itsbenefits without any ambiguity.
It is therefore important for the companies to invest not just in expansion and distribution but also in client servicing and processing.
Many customers are discouraged from buying insurance due to the anticipated complexity involved in settlement of claims. Such things are very important to be communicated to the prospective customers so that they understand the products of the company and the benefits and features of the products.
Thus, having proper promotion means that take the products to the customer in a much quicker and transparent way has become an important factor for companies like IDBI Federal, to stand ahead of other players. This has created a necessity to study the promotional strategies of IDBI Federal in order to improve the same so that they reach the customer in a better way.
Objectives and Importance of the Study 1. To find out whether the current promotional strategies are effective in creating awareness among people. To find out what type of ads the customers like with respect to insurance products. It offers guaranteed return on investment along with life insurance cover. If you are looking for a safe and steady approach to meet your dreams, you need a plan that will give you steady and assured returns that are not dependent on market conditions.
Unlike other investment alternatives, it allows you to ensure that your goals of wealth creation are achieved even in the event of serious illness, accident, disablement and death. They allow you to create, build and manage wealth by giving several choices and great flexibility so that your plan meets your specific needs.
You can decide how you wish to save so that it suits your savings habit. You can choose how your money is invested so that you can grow wealth as per your investment preferences. What is even better, Wealthsurance protects your wealth plans with life insurance benefits so that your wealth-building efforts remain unaffected in unforeseen events and your financial goals can still be achieved.
But you also appreciate the fact that the growth potential of the Market comes with the accompanying risk of volatility. Your new home is the fulfillment of a long-cherished dream. Only you know the careful planning that went into its choice. And only you understand the hard work that went into arranging the financing including the home loan.
Truly, your home is your best gift to your family. Just imagine what would happen, if due to an unfortunate event, you were not around.
The entire burden of your home loan would have to be borne by your family. But you can ensure that they inherit a home and not a home loan. We understand the importance of protecting your home loan and the powerful IDBI Federal Homesurance Protection Plan can help you insure your home loan at a reasonable cost. However, there are times when you ask yourself - What if something were to happen to me? What would happen to my loved ones?
Different people have different needs and seek different things from an insurance plan. Some look for a large cover option at a low cost, while others seek return of premium on maturity of the policy.
There are some who may want their plan to keep in touch with inflation, while others may seek flexible premium payment options.
Like educating your child, or planning for her marriage, or providing financial security to a loved one, or ensuring a comfortable retirement income. Or you may just want to ensure a future additional income stream. How can you be confident of achieving these goals? You need a plan that allows you to save regularly to reach your objective2. You want the plan to give you assured income payments that are not dependent upon vagaries such as the stock market3.
You want the plan to work and your goals to be achieved even if anything happens to you.
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