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| Strategic Marketing |
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| Informed product and credit policies can be put into place by analyzing your existing customers. You can increase revenues by focusing on the right customers, and being aware of the risky and frequently switching ones. |
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| This kind of Information can be extracted and mined accurately only when data is in a consolidated form. This enables analysis at a customer level and not an account level, helping you to decide which customers to retain, whom to spend more money on and what segments pose higher risk. Once this analysis is in place, every marketing dollar gets spent on the right individual and yields higher returns in the long run. |
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| Analysis of financial, geographic and demographic profile by individuals and households leads to: |
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Ascertaining the average number of members per household. |
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Building Loyalty profiles of customers both through number of accounts held and number of members/ household holding accounts. |
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Establishing gaps which could be exploited for relationship marketing to Individuals and households in a geographically focused manner. |
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| Micro-level Marketing |
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| Availability of consolidated customer data also makes many marketing operations far more effective. |
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| For instance, mailers can be targeted to prospects who stay in a particular location rather than mailing to all residents of a particular postal code. The latter is often wasteful as there are both prospects and non-prospects being targeted. Such location wise targeting is possible only if data is available where every location is described in a separate field and in a standardized way. |
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| Life-cycle Marketing |
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| The financial needs of an individual vary depending on her life-stage. As a child, she usually has an account opened in her name as a minor, as a college-going teenager she possibly avails of an education loan, and as a working adult she probably acquires debit and credit cards along with a new bank account. Then follows the car loan, home loan, children's education loans, marriage loans and finally investment of retired funds. |
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| In order for the marketer to effectively market based on the above, consolidated information of the individual's total product-holdings with the bank is the first requirement. The second is the availability of consolidated information at the household level, of which the individual is a part. |
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| For example: If an individual already has a savings account, credit card and ATM card, and if her credit profile is satisfactory, the logical next step would be to market her a car loan. Secondly, if she is part of a household that also owns a minor account, then marketing a child’s savings plan or education loan would also be effective. |
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| This same information can be used by advisory services as well. |
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| With Ixsight, you obtain data of a quality that lends itself to customer analysis and enables you to adopt the most effective marketing strategies. |
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